The Profit & Loss has the summary of expense totals for the year. If you want to see all of the individual transactions, the General Ledger report would show that.
Thank you for the video. I'm glad I found your channel. Can you please help me figure out how to record business expenses paid with personal funds in Wave?
This is just what I needed. I just do expense recording for our business someone else does the real work. But I was wondering there was a plain report to print at end of year just for total of expense?
How do you enter Payroll (not processed in Wave)? I download the transactions from the bank - when I go to categorize the expense for a payroll check as a split transaction, it won't let me enter taxes withheld as a negative.
You could enter a journal entry instead. If the journal entry doesn't auto-match to the downloaded transaction, you would have to delete the downloaded transaction to avoid duplicates. I have a payroll video playlist on TH-cam. I also have a payroll journal entry template on my website - newberryaccounting.com/downloads/. You might find these helpful.
you have a video on how to do Product Item Expenses like cost to purchase the Product from Manufacture, to shipping material, & shipping cost to the product sales made?
Hi Michelle, thank you for your videos. I have an issue where I have transactions from one business showing up on another when I pull the P&L report and I do not know how to remove it? I have 2 small business' I keep track of in Wave... thanks! Greg
There isn't a way to separate them on the P&L. I would recommend setting up a second Wave business and keep the two businesses in separate accounts. In the top right hand corner you can click on your business name, and there might be an option "Switch businesses" and an option somewhere to create a new business. If you don't want to go way back in time and start over, what you could do is choose one of the businesses and create separate categories that are solely for that business. For example if one of your businesses is real estate, you could create "Real Estate Income" and "Real Estate Expenses" categories and use those only for real estate transactions. Everything else would be the other business. It's still going to be combined with your other business, but at least you would have separate totals to pull out of the data.
Thanks Michelle for your response !! I just went and archived the other business just because it has minimal transactions compared to the other one... I did have separate accounts for them and they were fine but for what ever reason this past week things got messed up and transactions started intermingling between business'... Thanks!! @@michellenewberry
Thank you for the video. Do you have a video on reconciling? I was told that is the next step after going through transactions. I was never able to get my account to connect, so I have to upload my monthly statements manually.
You would have to put the check number in the description and then you can search for it using the general search feature at the top of the list of transactions. Wave doesn't have a designated check number box.
I have researched and have yet to find out exactly how or what to do . With Etsy and wave as far as adding .. or how to add taxes .. or even if we're supposed to? How does that look? To prepare ahead of time for taxes . For current bookkeeping. Will you do a video on this or answer for me please? Thanks so much 💓
You typically wouldn't make entries for anticipated income taxes, but would make entries for a tax payment or tax bill. How you actually record tax payments depends on your business type. For example if you're a sole proprietorship, income taxes paid are not a business expense and would be considered a Draw if paid from the business bank account. If you want to simply have money available for taxes at year-end, you could set up a separate savings bank account designated for taxes and move money to savings periodically.
@@michellenewberry thank you, I thought I had to actually enter information in to wave or for taxes on a form to complete taxes. I'm filing as a sole proprietorship. Thank you
Unfortunately I can't make that type of video because it would require a real wave payments account with real credit card transactions. I always use sample/fake data for videos.
To edit an expense, you would click on the drop down arrow on the right side of the transaction and choose "Edit more details" and then choose "Split transaction". From there you can split an expense into more than one category. However most people don't separate sales tax from the rest of the expense if it's something being purchased like office supplies. I'm not sure if that's what you are trying to do but wanted to mention that. You could always ask your tax preparer if you aren't sure.
Hi, do you know how to split a transaction into 1/2 personal and 1/2 business? For exemple: I have a Spotify account for 1/2 business and 1/2 personal use. I can't figure out a way to do this - only split within business expense categories.
If the business is paying the total expense and it is an expense in a business checking/credit card account, you would simply split the expense transaction between business and personal. You'll see the split option in the expense screen. You would have one line for the business expense category (office expenses or software or something like that) and on the other line choose "personal expense or withdrawal" and then choose an Equity account. I plan on making a more extensive and better Wave expenses video in the next few months, and I'll be sure to mention that situation.
Thank you. I'm a self employed independent contractor (not an LLC) and learning Wave... I'm a bit confused about the categories here - when I make the split and select "personal expense or withdrawal" the dialog box says "All personal transactions must flow through a liability account for proper bookkeeping." But you think it should be an equity account? If so, under "Business Owner Contributions and Drawings"? I really appreciate your help! @@michellenewberry
I greatly appreciate this video, will be looking at your other videos
Glad it was helpful!
So nice to learn from you, thank you. Is there a way to create a report and print it of the expenses for a year?
The Profit & Loss has the summary of expense totals for the year. If you want to see all of the individual transactions, the General Ledger report would show that.
@ thank you Michelle
How do I put in or calculate the miles driven?
Wave doesn't have a miles tracking feature. I would suggest using an app such as MileIQ or a spreadsheet to track the mileage.
Thank you for the video. I'm glad I found your channel. Can you please help me figure out how to record business expenses paid with personal funds in Wave?
The easiest thing to do is record a journal entry with a debit to the expense and a credit to the Draw account.
This is just what I needed. I just do expense recording for our business someone else does the real work. But I was wondering there was a plain report to print at end of year just for total of expense?
The Profit & Loss report shows income and expenses. You could export that report to CSV/Excel and then edit the report to only look at expenses.
@@michellenewberry ok I see that now 😂. Thank you so much !!
@@thewitcheslilypad You're welcome! Ask questions anytime.
Do you have a video that goes over paying dividends in wave?
Do you mean dividends to shareholders? I don't have one yet but plan on making one soon.
How do you enter Payroll (not processed in Wave)? I download the transactions from the bank - when I go to categorize the expense for a payroll check as a split transaction, it won't let me enter taxes withheld as a negative.
You could enter a journal entry instead. If the journal entry doesn't auto-match to the downloaded transaction, you would have to delete the downloaded transaction to avoid duplicates. I have a payroll video playlist on TH-cam. I also have a payroll journal entry template on my website - newberryaccounting.com/downloads/. You might find these helpful.
you have a video on how to do Product Item Expenses like cost to purchase the Product from Manufacture, to shipping material, & shipping cost to the product sales made?
I don't have a video with that much detail at the moment.
Hi Michelle, thank you for your videos. I have an issue where I have transactions from one business showing up on another when I pull the P&L report and I do not know how to remove it? I have 2 small business' I keep track of in Wave... thanks! Greg
There isn't a way to separate them on the P&L. I would recommend setting up a second Wave business and keep the two businesses in separate accounts. In the top right hand corner you can click on your business name, and there might be an option "Switch businesses" and an option somewhere to create a new business. If you don't want to go way back in time and start over, what you could do is choose one of the businesses and create separate categories that are solely for that business. For example if one of your businesses is real estate, you could create "Real Estate Income" and "Real Estate Expenses" categories and use those only for real estate transactions. Everything else would be the other business. It's still going to be combined with your other business, but at least you would have separate totals to pull out of the data.
Thanks Michelle for your response !! I just went and archived the other business just because it has minimal transactions compared to the other one... I did have separate accounts for them and they were fine but for what ever reason this past week things got messed up and transactions started intermingling between business'... Thanks!! @@michellenewberry
Thank you for the video. Do you have a video on reconciling? I was told that is the next step after going through transactions. I was never able to get my account to connect, so I have to upload my monthly statements manually.
I don’t have a reconciliation video for this software yet.
Where do you put the check number and can you search by check number?
You would have to put the check number in the description and then you can search for it using the general search feature at the top of the list of transactions. Wave doesn't have a designated check number box.
I have researched and have yet to find out exactly how or what to do . With Etsy and wave as far as adding .. or how to add taxes .. or even if we're supposed to? How does that look? To prepare ahead of time for taxes . For current bookkeeping. Will you do a video on this or answer for me please? Thanks so much 💓
You typically wouldn't make entries for anticipated income taxes, but would make entries for a tax payment or tax bill.
How you actually record tax payments depends on your business type. For example if you're a sole proprietorship, income taxes paid are not a business expense and would be considered a Draw if paid from the business bank account. If you want to simply have money available for taxes at year-end, you could set up a separate savings bank account designated for taxes and move money to savings periodically.
@@michellenewberry thank you, I thought I had to actually enter information in to wave or for taxes on a form to complete taxes. I'm filing as a sole proprietorship. Thank you
Do you have a video that walks through reviewing wave payments and credit card payments in detail?
Unfortunately I can't make that type of video because it would require a real wave payments account with real credit card transactions. I always use sample/fake data for videos.
Thanks for the video! What about taxes out of the amount? how do you edit it to show what you paid in taxes
To edit an expense, you would click on the drop down arrow on the right side of the transaction and choose "Edit more details" and then choose "Split transaction". From there you can split an expense into more than one category. However most people don't separate sales tax from the rest of the expense if it's something being purchased like office supplies. I'm not sure if that's what you are trying to do but wanted to mention that. You could always ask your tax preparer if you aren't sure.
Hi, do you know how to split a transaction into 1/2 personal and 1/2 business? For exemple: I have a Spotify account for 1/2 business and 1/2 personal use. I can't figure out a way to do this - only split within business expense categories.
If the business is paying the total expense and it is an expense in a business checking/credit card account, you would simply split the expense transaction between business and personal. You'll see the split option in the expense screen. You would have one line for the business expense category (office expenses or software or something like that) and on the other line choose "personal expense or withdrawal" and then choose an Equity account. I plan on making a more extensive and better Wave expenses video in the next few months, and I'll be sure to mention that situation.
Thank you. I'm a self employed independent contractor (not an LLC) and learning Wave... I'm a bit confused about the categories here - when I make the split and select "personal expense or withdrawal" the dialog box says "All personal transactions must flow through a liability account for proper bookkeeping." But you think it should be an equity account? If so, under "Business Owner Contributions and Drawings"? I really appreciate your help! @@michellenewberry
Thank you for the video. Just want to ask, what access was this? Is this admin or accountant?
This would be admin access.