How can you tie related business expenses to a specific government grant in WAVE?

TDuvall

I received a grant from the State of Kansas (USA). It is taxable so I coded it as revenue. My question has to do with tying all of associated business expenses covered by the grant together. (For example: 500.00 Coded to Vehicle Expense, 200.00 Coded to Web Expense, and 100.00 Coded to Office Supplies Expense) I want a way to tie them all back to the grant so that I could run a report on the expenses. I know that I could put "State of Kansas Grant 3003" in the description line of each transaction, then get a list by searching for "State of Kansas Grant 3003", but I'm hoping there is a better way. I'm usually pretty good at work arounds, but on this one - any ideas would be appreciated.

KristinaS

Following this! Another argument for Subaccounts Wave...

AlexL

Hey @TDuvall , there's a few different things that I'd like to address while responding to your post. First off, how did you record this grant? Although every grant is handled differently, we do have a handy Help Center article which will break down exactly how this grant should be recorded under the circumstances that it is indeed Covid-19/EIDL related. Check it out in the link above!

Now on to addressing your question, @KristinaS is right in saying that this would be best handled with some sort of sub-accounting or sub-categorization in Wave but as it turns out this isn't something that we support at the moment.

With that being said, as a workaround I'd advise that you add some sort of signifier to the description of these transactions so that you know where these amounts are coming from. If you're following the steps on recording a grant from the Help Center above, because it's already being handled through a categorization, having additional information in the description will help you decipher where the money went. As an alternative workaround, you could always add additional info in the Notes section of the transaction, although this isn't as readily accessible as the description itself.

Lastly, I would highly recommend that you reach out to a CPA/accountant to ensure that there isn't more that needs to be done to categorize these so that when you are filing your taxes, everything is still looked after on your end.