This classification will enable you to analyze your top or bottom 10 customers and/or vendors. WAVE does not do this automatically for you. TIP: Remember to take the time to setup your customer and vendor list then assign each transaction to a customer or vendor. Now, because I can't do a formal bank or credit card reconciliation, I have to come up with a process to determine if my bank or credit card accounts are still in balance and if I have captured my sales tax correctly. so I've been having to manually adjust the expense amount so the total includes sales tax instead of adding sales tax on. When it didn't, I had to go back in and edit each transaction through the "Expense" menu.Īs I've been doing this, it adding the sales tax to the total the total. I've been approving transactions thinking it would have saved my sales tax preference. When you enter your expenses into wave, make sure you have gone in and selected the sales tax applicable. All the agreements with the exception of the Scotiabank had very easy to read electronic online access agreements which stated clearly that you are now responsible for losses if you have shared your access information with a third party aggregator service as it is contrary to your agreement to keep your password absolutley confidential. an approved third party aggregator service.Īfter talking with one bank, I looked online for all of the Big 5 access agreements. It would be nice if WAVE would work directly with the banks to be included in their agreement. Given this, I recommend you download your transaction file from the bank so you are not sharing your access information and upload to WAVE. but it does mean you are not covered for fraud or anything else as you have "shared" your account information with a third party. They are aware at this point that people are allowing third parties read access. I contacted one of the charter banks to determine if granting importing access violates their electronic online agreement. Have you used or tried Wave Accounting? I would be really, really, really interested to know what you think of the application. otherwise they will be in trouble during an audit when they can't produce the required documentation. Wave needs to find a way to let these entreprenuers attach eReceipts to the imported business transactions. Downloading transactions does NOT take care of the paperwork needed by CRA during an audit. It doesn't let you do formal bank reconciliation.Ģ. I think I will try it out but two negatives I see right off the top are:ġ. I was impressed with the product as presented. but the core package will always be free. such as payroll for $3/employee coming shortly. In the future, apps will be added that are not free. It tracks income, expense, accounts receivable and payable, and foreign currencies. It will separate personal and business expenses for you and can handle multiple businesses. The bank feeds are encrypted and read only so Wave would never be able to move or transfer money. It has the ability to directly connect with your bank to import and automate data entry, or you can upload a bank statement. the ones who use shoebox accounting or Excel spreadsheets to manage their bookkeeping. Their target market is early stage businesses. I attended a webinar this past week about the free cloud application Wave Accounting.
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