accounting_help
Discussion List
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Hi, I am hoping there is some helping hand here! Thanks Wave for developing this free accounting system! I am a new user and would like to find out more about the system. I record payment after the invoice is created. However, when I go to accounting transaction look for the payment, the description appears as invoice payment only. There is no fu…twinklm 11 views 1 comment 0 points Most recent by ConnorM May 27, 2020 2:40PMAccounting Technical Support
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Non-recoverable Sales Tax (PST) is acting like a recoverable sales tax, but only for Asset PurchasesHi there, I live in BC where we have both two sales taxes: GST (recoverable) and PST (non-recoverable). When I record an EXPENSE using Wave (see my Shopify transaction), you can see only GST is marked as recoverable, even though I accounted for both taxes in my entry. For expenses, my sales taxes are behaving as expected. However, when I re…youngstreet 661 views 8 comments 1 point Most recent by AlexL May 27, 2020 2:27PMAccounting Technical Support
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Hi, when we started our business the bank we chose only provided us with a debit card that didn't work 9 out of 10 times due to heavy fraud protection (we had to call the bank to unlock the card) so we made many purchases for internet services via a personal credit card. I have all the receipts saved as PDF for these charges. Imported all the cha…RoBeCo 91 views 3 comments 0 points Most recent by Mikeg May 27, 2020 12:19AMAccounting Technical Support
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Make it easier to navigate to Wave Community and lessen the need for live chat by providing a direct link to the community forum right from Wave (already signed in, ready to post)
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How do I handle transactions if I have multiple businesses but are using the same accounts (credit card and bank)? For example, I imported my credit card to both businesses/accounts in Wave. Do I delete the transaction in one account, keeping it only in the appropriate account? Or, do I refrain from deleting and categorize them appropriately?rosemaryhitchens 291 views 3 comments 0 points Most recent by EmmaP May 1, 2020 3:16PMAccounting Technical Support
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How should I handle cash back rewards from the credit card I use for my business? The cash back reward gets automatically applied to my balance, reducing what I owe. I don't want to chart it as Income. Should I create a new chart of account in the Assets or Equity section specifically for the cash back reward? Any other suggestions?BernieB 2.3K views 7 comments 0 points Most recent by Kristian_G April 28, 2020 7:21PMAccounting Technical Support
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I buy ingredients in bulk and use them over time. When asked for Expense Account one of the options that comes up is Ingredients under Assets which I then select. One product won't let me do this as the Expense Account list does not include the Asset option. This means that I can't register the purchase of this product on Wave. Why is this happ…Annllien 31 views 4 comments 0 points Most recent by Barsin April 22, 2020 8:22PMAccount Settings Technical Support
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Hello, I am a single-member LLC operating as an S Corporation. I use Wave for accounting and separate software to run payroll - I am the only person on the payroll. When pay day rolls around there are two transactions posted to my business account - one is for my net salary/wages and the other is for both the employer and employee taxes. Employe…jayjay16 252 views 3 comments 0 points Most recent by jayjay16 April 14, 2020 11:33PMAccounting Technical Support
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Hi All, Does anyone know if Wave has a phone number of someone I can reach out to directly. I just went to login to my Wave account to invoice a client and all of a sudden I'm seeing that my IP has been banned. Here's what I'm suspecting: I have Sonic Fiber internet and last night there was a huge outage across northern California related to DH…Alexis 21 views 0 comments 0 points Started by Alexis April 9, 2020 7:29PM Accounting Technical Support
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Hi Community! I run a boutique Vacation Rental Management Business and I want to set up my accounting correctly in Wave. We currently manage 6 properties, and plan to grow to 30 in one year. To be clear we do not own the properties, we are simply managing all aspects of them. My expertise is with operations, not booking keeping therefore I nee…Stephen_QQ 91 views 2 comments 0 points Most recent by Clickbookkeepers April 8, 2020 2:39PMFind a Wave Pro
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I am a qualified accountant and Wave Pro based in South Africa. Feel free to contact me on 0845822243 or info@gsaccounting.co.zagipsymalan 21 views 0 comments 0 points Started by gipsymalan April 8, 2020 9:57AM Pro Network Listings
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I work as an online Bookkeeping, Remote Bookkeeper, Off-Shore & Freelancer to clients from all walks of life. 🔹I am very passionate about showing the discrepancy in results, 💡Inquisitive to learn and grow. I facilitate the primarily for US-based companies all Accounting&Bookkeeping up to taxation right from the scratch with the best fit …Veera_Gogasani 41 views 0 comments 0 points Started by Veera_Gogasani April 4, 2020 9:32PM Pro Network Listings
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We have a vehicle that was originally purchased prior to starting the business. Once the business started, it was used for the business. I have transferred the remainder amount of the loan at the time of starting the business. Some payments are being made directly from the business account while some payments are still being made from a personal a…SouthlandOutdoor 111 views 5 comments 0 points Most recent by magicwill April 2, 2020 8:11PMFind a Wave Pro
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Today, traditional accounting solutions such as bookkeeping and taxes are no longer sufficient to meet the realities of SMEs. With the popularity of digital technology and the emergence of new business models, it is essential for any company to develop innovative competitive advantages. To do so, the first step is to assess the company's financial…Liem_123 101 views 0 comments 0 points Started by Liem_123 March 26, 2020 6:10PM Pro Network Listings
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We have had a few pieces of equipment get stolen off of our landscaping trailer, I'm not sure how to go about accounting for this. Also, we have a couple pieces of equipment that have been sold after purchasing, how do we account for the sale of such pieces?SouthlandOutdoor 771 views 22 comments 0 points Most recent by Mikeg March 20, 2020 8:27PMAccounting Technical Support
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Hello, My business has a piece of real property as an asset that is being developed- there are expenses such as building material costs, permits & Govt fees & such that need to go to increasing the basis value of the asset, how do I enter this in Wave so that it comes out on the Balance sheet & P&L correctly??Bookkeeper1 101 views 7 comments 0 points Most recent by Bookkeeper1 March 4, 2020 1:31AMAccounting Technical Support
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Hello, I hope this is the correct category for my question. How do I account for services rendered that were donated? We are working with a non-profit that provides free cleaning to cancer patients. We did the work and they will provide us with a donation receipt in the amount we would normally have charged. Do I create an expense account title…AnthonyG 131 views 15 comments 0 points Most recent by EmmaP March 2, 2020 4:00PMAccounting Technical Support
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Not sure if this is the correct area for this question. I just purchased multiple assets that will need depreciated. Is it best to put them all in 1 depreciating asset account with 1 corresponding Depreciation account and just put all the entries there? or should I create a new account for each asset with it's own depreciating account and an acc…Farmer_Frank 21 views 1 comment 0 points Most recent by Mikeg February 28, 2020 2:36AMAccounting Technical Support
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Hi everyone, I'm a new Australian-based small business owner and I'm struggling with a problem with Wave. Everything has been working well, however I have noticed that my 'All Accounts' balance is inaccurate because it contains duplicate transactions. For example, my 'Payments by Wave' page will show "Invoice payment for Invoice 5" and …brightstar123 381 views 4 comments 0 points Most recent by Carver0611 February 28, 2020 12:25AMAccounting Technical Support
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I am just converting my hobby of raising honey bees into a business. So I need to know how to classify purchases I have made for bees and the actual hives themselves. From live bees, to the wooden boxes what type of accounts do I put them in? The Wooden ware has a life expectancy of 20 years so would need to depreciate it. Bees, 1 year...Farmer_Frank 71 views 1 comment 0 points Most recent by EmmaP February 20, 2020 9:39PMAccounting Technical Support
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Hi all! I thought I would have found this topic in the archives but my search didn't turn up anything that helped. I have a C-Corp w/ an S-Corp tax designation that received a Federal Tax Refund from the IRS for last year. I'm doing the 2019 Acct Recs and I'm not sure how to treat it. I was going to create a new account with just that title &quo…Pop_BookKeeper001 501 views 4 comments 0 points Most recent by Mikeg February 18, 2020 7:01PMAccounting Technical Support
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Hello! I am having trouble understanding how to handle repayments for expenses paid by Shareholders before forming the company and I am afraid that I may have already made some mistakes. This is what I've done so far. In chart of accounts, I've created the following accounts: * Under Liabilities & Credit Cards / Due to You and Other Business…MaxAR 321 views 3 comments 0 points Most recent by Mikeg February 15, 2020 12:18PMAccounting Technical Support
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Hi Folks... I'm new to using Wave and have figured everything out but one thing: where in the world do I log professional development courses that I have purchased to grow my own skills? I've created a category for it so it can be posted correctly, but I'm not sure if I would enter it under Purchases-"Receipts" or Purchases-"Product…jacki0486 51 views 3 comments 0 points Most recent by EmmaP February 13, 2020 3:51PMAccounting Technical Support
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I have a company that has 4 owners. I have set up the 4 Owner's Investment and Draw accounts for each owner to properly track investments and draws, but I'm hesitant to set up Retained Earnings into 4 accounts if the profits will not automatically be allocated to each owner account. Will I have to do a journal entry at the end of the year move pro…S_Coleman 361 views 3 comments 0 points Most recent by Mikeg February 12, 2020 9:36PMAccounting Technical Support
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I am a TV writer in Quebec in need of a Wave friendly accountant to prepare the Revenu QC and CRA tax return of myself and my boyfriend. You can email me at pennylaurence@hotmail.comPenelopeLaurence 31 views 0 comments 0 points Started by PenelopeLaurence February 6, 2020 10:14PM Find a Wave Pro
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Hi, I have uploaded a receipt from the app and approved it and it is now in done status and I can see them in the back office. So this is great. BUT I can't find this record in my accounting -> transaction, it is not recorded there. I am new to wave for according my research and from what I understand when a receipt is done, it should appear i…chrisswintoo 41 views 2 comments 0 points Most recent by chrisswintoo February 6, 2020 9:37PMAccount Settings Technical Support
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As our business has grown WAVE has grown with us! Ease of invoicing has made it so smooth for our website design and SEO company to invoice clients. We love the new you WAVE, looking good! - Susan WebMax dot CA (We are happy to assist any micro or small business - ask away!)
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Hi everyone, I am in the UK and I am looking for some urgent support - happy to pay. I am preparing my business for sale so I am getting my books in order from May 2018 to date. Everything has been perfectly reconciled but I have some questions about: The use of inter company loan as a way of accounting for payments into my business account tha…
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Hello, I am looking for a bookkeeper who is experienced with using Wave to help me get started with organizing, transferring and cleaning up my hard-copy bank / credit card / business transaction statements that I have been keeping since March 2018. I have tried to enter the data myself but as user-friendly as Wave is, I am having trouble with t…
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In old system, after entering Journal transaction details we used to delete Bank Transaction row. But I am not getting in new system for Journal transaction. Still I need delete bank transaction row or just keep it. If keep it, what category it belongs? Journal transaction Bank TransactionSri 51 views 2 comments 0 points Most recent by Barsin December 31, 2019 5:46PMAccounting Technical Support
