I greatly appreciate this video, will be looking at your other videos
@michellenewberry
2 ай бұрын
Glad it was helpful!
@CherryAnnDancil
2 ай бұрын
Thank you for the video. Just want to ask, what access was this? Is this admin or accountant?
@michellenewberry
2 ай бұрын
This would be admin access.
@Justice964.
6 ай бұрын
How do I put in or calculate the miles driven?
@michellenewberry
6 ай бұрын
Wave doesn't have a miles tracking feature. I would suggest using an app such as MileIQ or a spreadsheet to track the mileage.
@thewitcheslilypad
6 ай бұрын
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?
@michellenewberry
6 ай бұрын
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.
@thewitcheslilypad
6 ай бұрын
@@michellenewberry ok I see that now 😂. Thank you so much !!
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?
@michellenewberry
8 ай бұрын
The easiest thing to do is record a journal entry with a debit to the expense and a credit to the Draw account.
@ardishalvorsen5835
17 күн бұрын
Where do you put the check number and can you search by check number?
@michellenewberry
17 күн бұрын
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.
@DreamAestheticsArt
3 ай бұрын
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 💓
@michellenewberry
3 ай бұрын
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.
@DreamAestheticsArt
3 ай бұрын
@@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
@user-xw7iu9fp3r
7 ай бұрын
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.
@michellenewberry
7 ай бұрын
I don’t have a reconciliation video for this software yet.
@chris-dempsey
5 ай бұрын
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.
@michellenewberry
5 ай бұрын
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.
@chris-dempsey
5 ай бұрын
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
@TeamTaylor732
5 ай бұрын
Do you have a video that walks through reviewing wave payments and credit card payments in detail?
@michellenewberry
5 ай бұрын
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.
@mmaxcarver
7 ай бұрын
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
@michellenewberry
7 ай бұрын
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.
@mmaxcarver
7 ай бұрын
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
@user-pt4rz7vk7h
10 ай бұрын
Thanks for the video! What about taxes out of the amount? how do you edit it to show what you paid in taxes
@michellenewberry
10 ай бұрын
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.
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