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CEO: Kirk Simpson

Wave Financial Inc. FAQs

Wave Financial Inc.'s Frequently Asked Questions page is a central hub where its customers can always go to with their most common questions. These are the 209 most popular questions Wave Financial Inc. receives.

Frequently Asked Questions About Wave Financial Inc.

API Reference

Note:
Not every object is directly accessible via the root Query type. In particular, objects whose content vary
per each Business are usually accessed by nesting inside a Query on Business. For example,
List Customers is available through the Business object's customers field.
Schema Types
Table of Contents
Query
Mutation
Objects
Account
AccountArchiveOutput
AccountConnection
AccountCreateOutput
AccountEdge
AccountPatchOutput
AccountSubtype
AccountType
Address
Business
BusinessConnection
BusinessEdge
BusinessSubtype
BusinessType
Country
Currency
Customer
CustomerConnection
CustomerCreateOutput
CustomerDeleteOutput
CustomerEdge
CustomerPatchOutput
CustomerShippingDetails
Estimate
InputError
Invoice
InvoiceApproveOutput
InvoiceConnection
InvoiceCreateOutput
InvoiceDeleteOutput
InvoiceEdge
InvoiceItem
InvoiceItemTax
InvoiceMarkSentOutput
InvoiceSendOutput
Money
MoneyDepositTransactionCreateOutput
MoneyTransactionCreateOutput
OAuthApplication
PageInfo
Product
ProductArchiveOutput
ProductConnection
ProductCreateOutput
ProductEdge
ProductPatchOutput
Province
RecurringInvoice
SalesTax
SalesTaxArchiveOutput
SalesTaxConnection
SalesTaxCreateOutput
SalesTaxEdge
SalesTaxPatchOutput
SalesTaxRate
SalesTaxRateCreateOutput
Transaction
User
Inputs
AccountArchiveInput
AccountCreateInput
AccountPatchInput
AddressInput
CustomerCreateInput
CustomerDeleteInput
CustomerPatchInput
CustomerPatchShippingDetailsInput
CustomerShippingDetailsInput
InvoiceApproveInput
InvoiceCreateInput
InvoiceCreateItemInput
InvoiceCreateItemTaxInput
InvoiceDeleteInput
InvoiceMarkSentInput
InvoiceSendInput
MoneyDepositTransactionCreateDepositInput
MoneyDepositTransactionCreateFeeInput
MoneyDepositTransactionCreateInput
MoneyDepositTransactionCreateLineItemInput
MoneyTransactionCreateAnchorInput
MoneyTransactionCreateInput
MoneyTransactionCreateLineItemInput
MoneyTransactionCreateSalesTaxInput
ProductArchiveInput
ProductCreateInput
ProductPatchInput
SalesTaxArchiveInput
SalesTaxCreateInput
SalesTaxPatchInput
SalesTaxRateCreateInput
TransactionCreateSalesTaxInput
Enums
AccountNormalBalanceType
AccountSubtypeValue
AccountTypeValue
BalanceType
BusinessSubtypeValue
BusinessTypeValue
CountryCode
CurrencyCode
CustomerSort
InvoiceSendMethod
InvoiceSort
InvoiceStatus
OrganizationalType
ProductSort
Schema
TransactionDirection
TransactionOrigin
Scalars
Boolean
Date
DateTime
Decimal
Float
HexColorCode
ID
Int
JSON
String
URL
Interfaces
BusinessNode
Node
Query
The schema’s entry point for queries.
Field
Argument
Type
Description
currencies
[ Currency !]!
List currencies.
currency
Currency
Get a currency.
code
CurrencyCode !
Code of currency.
countries
[ Country !]!
List countries.
country
Country
Get a country.
code
CountryCode !
Code of country.
province
Province
Get a province.
code
String !
Code of province.
businesses
BusinessConnection
List businesses.
page
Int !
1-based page number to retrieve.
pageSize
Int !
Limit on how many items each page should return.
business
Business
Get a business.
id
ID
ID of business.
- If defined, it will fetch that business.
- If not defined and the access token is restricted to a single business, it will fetch that business.
- If not defined and the access token can access multiple businesses, it
will fetch the user's default business. To set a default business see
https://support.waveapps.com/hc/en-us/articles/208621226.
accountTypes
[ AccountType !]!
List types of accounts.
accountSubtypes
[ AccountSubtype !]!
List subtypes of accounts.
user
User
The currently authenticated user.
oAuthApplication
OAuthApplication
Get the current OAuth application.
Mutation
The schema’s entry point for mutations.
Field
Argument
Type
Description
accountCreate
AccountCreateOutput
Create an account.
input
AccountCreateInput !
accountArchive
AccountArchiveOutput
Archive an account.
input
AccountArchiveInput !
accountPatch
AccountPatchOutput
Patch an account.
input
AccountPatchInput !
customerCreate
CustomerCreateOutput
Create a customer.
input
CustomerCreateInput !
customerPatch
CustomerPatchOutput
Patch a customer.
input
CustomerPatchInput !
customerDelete
CustomerDeleteOutput
Delete customer.
input
CustomerDeleteInput !
productCreate
ProductCreateOutput
Create a product.
input
ProductCreateInput !
productPatch
ProductPatchOutput
Patch a product.
input
ProductPatchInput !
productArchive
ProductArchiveOutput
Archive a product.
input
ProductArchiveInput !
salesTaxCreate
SalesTaxCreateOutput
Create a sales tax.
input
SalesTaxCreateInput !
salesTaxPatch
SalesTaxPatchOutput
Update a sales tax.
input
SalesTaxPatchInput !
salesTaxRateCreate
SalesTaxRateCreateOutput
Set a new rate on a sales tax.
input
SalesTaxRateCreateInput !
salesTaxArchive
SalesTaxArchiveOutput
Archive a sales tax.
input
SalesTaxArchiveInput !
invoiceCreate
InvoiceCreateOutput
**BETA**: Create an invoice. Requires `isClassicInvoicing` to be `false`.
input
InvoiceCreateInput !
invoiceDelete
InvoiceDeleteOutput
**BETA**: Delete an invoice. Requires `isClassicInvoicing` to be `false`.
input
InvoiceDeleteInput !
invoiceSend
InvoiceSendOutput
**BETA**: Send an invoice. Requires `isClassicInvoicing` to be `false`.
input
InvoiceSendInput !
invoiceApprove
InvoiceApproveOutput
**BETA**: Approve an invoice. Requires `isClassicInvoicing` to be `false`.
input
InvoiceApproveInput !
invoiceMarkSent
InvoiceMarkSentOutput
**BETA**: Mark the invoice as sent. Requires `isClassicInvoicing` to be `false`.
input
InvoiceMarkSentInput !
moneyTransactionCreate
MoneyTransactionCreateOutput
**BETA**: Create money transaction. Requires `isClassicAccounting` to be `false`.
input
MoneyTransactionCreateInput !
moneyDepositTransactionCreate
MoneyDepositTransactionCreateOutput
Create a money transaction.
DEPRECATED
Not available for public use at this time.
input
MoneyDepositTransactionCreateInput !
Objects
Account
A unique record for each type of asset, liability, equity, income and expense. Used as part of a Chart of Accounts.
Field
Argument
Type
Description
business
Business !
Business that the account belongs to.
id
ID !
Unique identifier for the account.
name
String !
Name of the account.
description
String
User defined description for the account.
displayId
String
User defined id for the account.
currency
Currency !
Currency of the account.
type
AccountType !
Account type.
subtype
AccountSubtype !
The account subtype classification based on type.
normalBalanceType
AccountNormalBalanceType !
Credit or Debit.
isArchived
Boolean !
Indicates whether the account is hidden from view by default.
sequence
Int !
Numerically increasing version, each representing a revision of account data.
As soon as something modifies an account, its sequence is incremented.
AccountArchiveOutput
Output of the accountArchive mutation.
Field
Argument
Type
Description
didSucceed
Boolean !
Indicates whether the account was successfully archived.
inputErrors
[ InputError !]
Mutation validation errors.
AccountConnection
Account connection.
Field
Argument
Type
Description
edges
[ AccountEdge !]
List of accounts from the Chart of Accounts.
pageInfo
PageInfo !
Information about pagination.
AccountCreateOutput
Output of the accountCreate mutation.
Field
Argument
Type
Description
account
Account
Account that was created.
didSucceed
Boolean !
Indicates whether the account was successfully created.
inputErrors
[ InputError !]
Mutation validation errors.
AccountEdge
Account edge.
Field
Argument
Type
Description
node
Account
An account from the Chart of Accounts.
AccountPatchOutput
Output of the accountPatch mutation.
Field
Argument
Type
Description
account
Account
Account that was patched.
didSucceed
Boolean !
Indicates whether the account was successfully patched.
inputErrors
[ InputError !]
Mutation validation errors.
AccountSubtype
Account subtype.
Field
Argument
Type
Description
name
String !
Account subtype name.
value
AccountSubtypeValue !
Account subtype value.
type
AccountType !
Account type for the subtype.
AccountType
Account type.
Field
Argument
Type
Description
name
String !
Account type name.
normalBalanceType
AccountNormalBalanceType !
Normal balance type of the account type
value
AccountTypeValue !
Account type value.
Address
An address.
Field
Argument
Type
Description
addressLine1
String
Address line 1 (Street address/PO Box/Company name).
addressLine2
String
Address line 2 (Apartment/Suite/Unit/Building).
city
String
City/District/Suburb/Town/Village.
province
Province
State/County/Province/Region.
country
Country
Country.
postalCode
String
Zip/Postal Code.
Business
An organization and legal entity made up of an association of people.
Field
Argument
Type
Description
id
ID !
The unique identifier for the business.
name
String !
The name of the business.
isPersonal
Boolean !
Is the business a personal one with limited functionality compared to regular businesses.
organizationalType
OrganizationalType
The organization type of the business.
type
BusinessType
The type of the business.
subtype
BusinessSubtype
The subtype of the business.
currency
Currency !
The currency of the business.
timezone
String
The timezone of the business.
address
Address
The address of the business.
phone
String
The phone number of the business.
fax
String
The fax number of the business.
mobile
String
The mobile/cell number of the business.
tollFree
String
The toll free number of the business.
website
String
The website of the business.
isClassicAccounting
Boolean !
Does business use classic accounting system.
isClassicInvoicing
Boolean !
Does business use classic invoicing system.
isArchived
Boolean !
Is the business hidden from view by default.
createdAt
DateTime !
When the business was created.
modifiedAt
DateTime !
When the business was last modified.
account
Account
Get an account of the business.
id
ID !
ID of account.
accounts
AccountConnection
Chart of Accounts for the business.
page
Int !
1-based page number to retrieve.
pageSize
Int !
Limit on how many items each page should return.
subtypes
[ AccountSubtypeValue !]
Find accounts matching one of these subtypes.
types
[ AccountTypeValue !]
Find accounts matching one of these types.
isArchived
Boolean
Find accounts matching isArchived. Use null to not filter.
customer
Customer
Get a customer of the business.
id
ID !
ID of customer.
customers
CustomerConnection
List of customers for the business.
page
Int !
1-based page number to retrieve.
pageSize
Int !
Limit on how many items each page should return.
sort
[ CustomerSort !]!
Order result by specified options.
email
String
Find customers matching an email address.
modifiedAtAfter
DateTime
Find customers that were modified after this date.
modifiedAtBefore
DateTime
Find customers that were modified before this date.
accentColor
HexColorCode
Color to represent the brand of the business.
logoUrl
URL
Logo of the business.
product
Product
Get a product (or service) of the business.
id
ID !
ID of product.
products
ProductConnection
List of products (and services) for the business.
page
Int !
1-based page number to retrieve.
pageSize
Int !
Limit on how many items each page should return.
sort
[ ProductSort !]!
Order result by specified options.
isSold
Boolean
Find products sold by the business.
isBought
Boolean
Find products bought by the business.
isArchived
Boolean
Find products matching isArchived. Use null to not filter.
modifiedAtAfter
DateTime
Find products that were modified after this date.
modifiedAtBefore
DateTime
Find products that were modified before this date.
salesTax
SalesTax
Get a sales tax of the business.
id
ID !
ID of sales tax.
salesTaxes
SalesTaxConnection
List of sales taxes for the business.
isArchived
Boolean
Find sales taxes matching isArchived. Use null to not filter.
modifiedAtAfter
DateTime
Find sales taxes that were modified after this date.
modifiedAtBefore
DateTime
Find sales taxes that were modified before this date.
page
Int !
1-based page number to retrieve.
pageSize
Int !
Limit on how many items each page should return.
invoice
Invoice
**BETA**: Get an invoice of the business. Requires `isClassicInvoicing` to be `false`.
id
ID !
ID of invoice.
invoices
InvoiceConnection
**BETA**: List of invoices for the business. Requires `isClassicInvoicing` to be `false`.
page
Int !
1-based page number to retrieve.
pageSize
Int !
Limit on how many items each page should return.
sort
[ InvoiceSort !]!
Order result by specified options.
status
InvoiceStatus
Find invoices by status.
customerId
ID
Find invoices for a customer.
currency
CurrencyCode
Find invoices in a currency.
sourceId
ID
Find invoices that were created from a particular source.
invoiceDateStart
Date
Find invoices dated on or after this date.
invoiceDateEnd
Date
Find invoices dated before or on this date.
modifiedAtAfter
DateTime
Find invoices that were modified after this date.
modifiedAtBefore
DateTime
Find invoices that were modified before this date.
BusinessConnection
Business connection.
Field
Argument
Type
Description
edges
[ BusinessEdge !]
List of businesses.
pageInfo
PageInfo !
Information about pagination.
BusinessEdge
Business edge.
Field
Argument
Type
Description
node
Business
A business.
BusinessSubtype
Granular area of focus of a business.
Field
Argument
Type
Description
name
String !
The description of the business subtype in human-friendly form.
value
BusinessSubtypeValue !
The enum value of the business subtype.
BusinessType
Area of focus of a business.
Field
Argument
Type
Description
name
String !
The description of the business type in human-friendly form.
value
BusinessTypeValue !
The enum value of the business type.
Country
A country.
Field
Argument
Type
Description
code
CountryCode !
Country code.
name
String !
Plain-language representation.
currency
Currency !
Default currency of the country.
nameWithArticle
String !
Name of the country with the appropriate article.
provinces
[ Province !]!
List of principal subdivisions.
Currency
A medium of exchange in common use.
Field
Argument
Type
Description
code
CurrencyCode !
Currency code.
symbol
String !
Symbol used to denote that a number is a monetary value.
name
String !
Plain-language representation.
plural
String !
Plural version of currency name.
exponent
Int !
Expresses the relationship between a major currency unit and its minor
currency unit. The number of digits found to the right of the decimal place to
represent the fractional part of this currency (assumes a base of 10).
Customer
A customer of the business
Field
Argument
Type
Description
business
Business !
Business that the customer belongs to.
id
ID !
Unique identifier for the customer.
internalId
String
The primary key used internally at Wave.
DEPRECATED
Exposed internal IDs will eventually be removed in favor of global ID. Use Node.id instead.
name
String !
Name or business name of the customer.
address
Address
Address of the customer.
firstName
String
First name of the principal contact.
lastName
String
Last name of the principal contact.
displayId
String
User defined id for the customer. Commonly referred to as Account Number.
email
String
Email of the principal contact.
mobile
String
Mobile telephone number of the principal contact.
phone
String
Telephone number of the customer.
fax
String
Fax number of the customer.
tollFree
String
Toll-free number of the customer.
website
String
Website address of the customer.
internalNotes
String
Internal notes about the customer.
currency
Currency
Default currency used by the customer.
shippingDetails
CustomerShippingDetails
Details for shipping to the customer.
createdAt
DateTime !
When the customer was created.
modifiedAt
DateTime !
When the customer was last modified.
CustomerConnection
Customer connection.
Field
Argument
Type
Description
edges
[ CustomerEdge !]
List of customers.
pageInfo
PageInfo !
Information about pagination.
CustomerCreateOutput
Output of the customerCreate mutation.
Field
Argument
Type
Description
customer
Customer
Customer that was created.
didSucceed
Boolean !
Indicates whether the customer was successfully created.
inputErrors
[ InputError !]
Mutation validation errors.
CustomerDeleteOutput
Output of the customerDelete mutation.
Field
Argument
Type
Description
didSucceed
Boolean !
Indicates whether the customer was successfully deleted.
inputErrors
[ InputError !]
Mutation validation errors.
CustomerEdge
Customer edge.
Field
Argument
Type
Description
node
Customer
A customer.
CustomerPatchOutput
Output of the customerPatch mutation.
Field
Argument
Type
Description
customer
Customer
Customer that was patched.
didSucceed
Boolean !
Indicates whether the customer was successfully patched.
inputErrors
[ InputError !]
Mutation validation errors.
CustomerShippingDetails
Shipping details related to a customer.
Field
Argument
Type
Description
name

View Article
Connecting my bank/credit cards: Is it safe?

Your bank connection is powered by our partner, a global specialist in bank data integration. Wave's partner uses best-in-class security controls, including multi-factor authentication, to protect your data.
Encryption:Communication between you and Wave is protected by 256-bit TLS encryption1. This is the same level of encryption used by the best online banking and shopping applications.
Password and account protection:Account and password data that you enter to enable automated transaction imports is stored only by Wave's bank data partner. Wave has no access to this data.
Read-only connection: When you connect your bank account, Wave is able to import transaction history via a dedicated API2 service. This API service has no capability to move money or make any withdrawals from your account.
1 Subject to browser compatability. All up-to-date, modern browsers support full 256-bit TLS encryption.
2 API (Application Programming Interface) - a set of defined messages allowing computers to exchange data.
Bank connections are available to businesses in the US and Canada. Please log into your Wave account to view this content or learn how to upload bank or credit card statements.
View Article
[US] What kind of checks do you need to print your payroll?

This article applies to Wave Payroll in the US. Were you looking for Canada?
In order to print checks with Wave, you'll need the appropriate printer-friendly checks (printer-friendly checks are also known as laser or sheet-fed checks).
Wave has partnered with Check Print,a leader in providing quality, secure and trustworthy custom checks for small businesses.
If you're buying checks from another company, make sure their format matches the Check Print format so that everything will print correctly.
To make sure that your pay checks are printed properly, we recommend saving a copy of the file and printing on blank paper first. Depending on your browser, you can usually go to the toolbar and clickFilethenPrint. This will often have aSaveoption. Or, you canright clickthe page andSave asto your desktop.
View Article
Canadian employers - When do I remit? Payroll remittance due dates

This article applies to Wave Payroll in Canada.
Paying payroll taxes to the government, known aspayroll remittances, can get confusing. Not to worry, though, we're here to help!
When you registered your business with the CRA(see Getting your CRA Business Number ), they sent you information about when to remit (your remittance frequencyand type).
When are my remittances due?
Your remittances are due based on the type of remitter your business is, and your cheque date:
New or Regular (Monthly in Wave):
If you are a new employer, or your average monthly withholding amount (AMWA) two years ago was less than$25,000, you are a regular remitter.
Remittance is due to the CRAbefore the 15th day of the month, after the month you paid employees/made the deductions.
For example, if you paid your employees on January 2nd (cheque date/payday), ensure the CRA receives the related remittance on February 15th or earlier
See more on being a New Remitter
Threshold 1 (Accelerated remitter):
You are Threshold 1 if your business's total average monthly withholding amount (AMWA) two years ago was in the rangeof$25,000 to $99,999.99.
If your cheque date (payday) is before the 16th, your remittance is due by the 25th day of the same month. For example, if your employees are paid January 5th, the remittance is due by January 25th.
If your cheque date is on the 16th or later, the remittance is due by the 10th day of the next month. For example, if your employees are paid January 17th, the remittance is due by February 10th.
See more on being a Threshold 1 Accelerated Remitter.
Threshold 2 (also known as an Accelerated remitter):
You are Threshold 2 if your business's average monthly withholding amount (AMWA) two years agowas$100,000 or more.
The CRA requires remittances up to four times a month
1st to 7th of the month; 8th to 14th of the month; 15th to 21st of the month; 22nd to the last day of the month
See more on being a Threshold 2 Accelerated Remitter
If Wave handles my remittances, when are the amounts withdrawn from my account?
Wave withdraws the amount needed for remittances at the same time as employee wages. The money is held until it is due to the CRA (based on the remitter type you entered in Wave). For more information on direct deposit funding, check out paying your employees.
See more on setting up Wave to remit payroll taxes to the CRA on your behalf.
Can I handle my own remittances? Does that change my remittance dates?
You can handle remittances yourself, outside of Wave, but this does not change when your remittances are due to the CRA.
From Payroll > Taxes, you will find the information needed to fill out your CRA Remittance Voucher.
View Article
How do I categorize an invoice payment?

When you buy or sell a product, the reported incomeor expensefor these products will be associated with the income or expense category (account)configured in Product Settings.
Here's an example of how income iscategorized for invoice payments:
You sell furniture. You create an invoice for 10 couches and 10 chairs, to a total of 20. "Chair" is related to the income account "Chair income," and "Couch" is related to the income account "Couch Income." The total of the invoice is $3,500.
You receive the payment in your Checking Account (the account on the transactions page for this transaction will be Checking)
The category on the Transactions page will be displayed as "Invoice Payment."
The payment will appear on the Transactions page as an "Invoice Payment."
In this case, even if the category for the transaction (for the money received from the customer) is called Invoice Payment, the income would show in your Apple Income ($100) and Orange Income accounts ($100) in Reports.
In this case, even if the category for the payment transaction is called Invoice Payment, the income would show in your Chair Income and Couch Income accounts in Reports.
To check the income or expense associated with a product:
Open the Sales menu and choose Products & Services.
Click Edit (the pencil icon) beside the product.
If the Sell thischeckbox is on, you'll see an Income category here.If the Buy thischeckbox is on, you'll see an Expense category here. You can select one or both.
To edit invoice payments assigned to an incorrect category:
Open the Sales menu and choose Products & Services
Click Edit (the pencil icon) beside the product.
Update the income or expensecategory.
Navigate to the Invoices page.
Click the drop down arrow beside the Invoice and choose Edit.
Delete the product from the Invoice, re-add it, and click Save. This will apply the change.
Check Reports to double check your work.
Check Reports to double check your work.
View Article
Frequently asked questions about Form 1099-K

A 1099-K is an informational form that summarizes the online payment activity on your Wave Payments account, to be used in filing your taxes. Read on for more details!
What information is included in a 1099-K?
The 1099-K you receive from Wave reports the gross processing volume(GPV) of your Wave Payments account that is, the total amount of money you've processed through Wave in a calendar year. This total only includes credit card payments you've accepted on your Wave invoices. Itdoes not include any fees, refunds, or adjustments.
Will I receive a 1099-K?
You will receive a 1099-K form if you meet the minimum requirements set by the IRS to report income received through credit card processing. In order to receive a 1099-K you must have:
Processed a minimum of $20,000 AND
Processed over 200 transactions in the calendar year.
If you meet these requirements,Wave's banking partner will provide a copy of your 1099-K to you, and a copy to the IRS.You can find more information on 1099-K forms on the IRS website.
Where will my form be sent?
Your 1099-K will be sent to the address you have registered when signing up for Wave Payments.If the address on your payments profile is incorrect, or if you did not receive your Form 1099-Kplease contact our Customer Support Specialists so we can update the address on file and provide you with a digital copy for your records.
Information on my form is incorrect. What do I do?
If any information on your 1099-K is incorrect and needs to be updated, please contact Wavebefore July 10, 2020withthespecificamendments needed and have a copy of your SS-4 ready. After July 10, 2020 amendments to the issued 1099-K will no longer be possible.
View Article
Direct deposit errors and statuses

The Wave Payroll direct deposit pagecan give you insight into the status of each payroll, down to the employee level.
You can monitor the status of every payroll as it processes. If there’s an error with the payroll run, or with the deposit for a specific employee, you’ll see an error message with recommendations on how to resolve the issue.
You can see the status of every direct deposit, including ones that are scheduled for future dates, under Payroll > Direct Deposit. As the direct deposit is processed, the status will change from Scheduled, to Processing, to Complete. If there are any errors, or if the payroll is cancelled or on hold for some reason, that status will also appear.
If you see that your payroll ison hold and you do not know why, check the email associated with your Wave account to see if you have been contacted about the payrollon hold status.
Click the date to see the details of a specific payroll run.
On this screen, you’ll see the deposit status for each employee. If there’s an error that needs your attention, you’ll see it highlighted here.
For example, if your business bank account has insufficient funds, an employee’s bank account was entered incorrectly, or that account has been closed, you’ll need to update that information before re-submitting the transaction.
If you do not see a reason listed for the error, please use the Support ticket link from the specific transaction to submit a ticket to our Customer Experience Team to investigate and resolve the issue. Submitting a ticket directly from the transaction will automatically include the transaction number for our team to locate and assist.
If there’s an issue with an employee’s direct deposit (for example, if their banking information is incorrect in the system), you will be prompted to resubmit the payroll once you’ve resolved the issue. You can do this at the individual transaction level instead of re-running the entire payroll.
Update your employer payroll funding account by using the lefthand menu and going to:
Settings
Funding Account
Update your employee's bank account by going to using thePayroll menu and following these steps:
Under Payroll, go toEmployees
Choose the name of the employee - this will depend on who's banking details you are needing to udpate
Bank details
Alternatively, you can have your employee update their own bank account from their personal Wave account. Your employee will find theDirect Deposit option underSettings.
Direct deposit errors include:
Insufficient funds
There wasn’t enough money in your account to process payroll. Make sure there’s enough money in your account for this payroll run, and resubmit the payroll.
Account frozen/Account closed
Your account has been frozen by your bank, or the account has been closed. Check with your bank to ensure your account is active, and make sure the banking information you entered is correct before re-submitting the payroll.
No account/Unable to locate account
We don’t have the correct banking information for either your account, or an employee’s account. This often means there are typos in the information you submitted. Check that your banking details are correct, or verify that the employee’s information is correct on the employee details page, and resubmit the payroll.
View Article
How to add a sales tax

Perhaps you're the kind of person who likes to get everything set up and organized in advance, or maybe you prefer to tackle tasks as they come up. Either way, we've got you covered.
Wave makes it possible to create Sales Taxes in advance via the Settings menu, or simply add them when you need them as you create an Invoice, or work with Transactions. We've outlined all three options below.
To add a sales tax in Wave from the Settings menu:
Click on theSettings optionin the bottom left.
SelectSales taxesfrom the Accountingmenu.
ClickAdd a sales tax.
On theAdd a sales tax page, enter theTax Name, AbbreviationandDescription.
Additional information:
Your tax number(not required)
If you'd like to have your tax identification number appear on invoices in which you've charged tax, select the box next toShow Tax Numbers on Invoices.
Select the box next toIs this tax recoverable?if the tax you're collecting is recoverable. ( Learn more about recoverable vs. non-recoverable taxes.)
Select the box next toIs this a compound tax?if the tax you're collecting is a compound. ( Learn more about compound taxes.)
Enter theTax Rate(do not include the \% symbol)
ClickSave.
You will be able to add this sales tax to invoices, bills, and transactions.
To add a sales tax in Wave from the Invoice:
Once you've added an item, click Select a tax.
A drop-down menu will appear. ClickCreate a new tax.
Fill in the details about the tax itself.
Enter the tax name
Enter the tax rate(just the number, not the \% sign)
Enter your tax number (not required)
As outlined above, check the box next toThis is a recoverable tax if the tax is recoverable.
Check the box next toThis is a compound taxif it IS a compound tax.
You can also choose whether or not to display the tax number on your invoices.
ClickSave.
You're done! You will be able to add this sales tax to invoices, bills, and transactions.
To add a sales tax in Wave from the Transactions page:
Click on a transaction and then clickShow Details.
Click on theTaxesfield and thenAdd a new tax.
Fill in the details about the tax itself.
Enter the tax name and abbreviation
Enter the tax rate(just the number, not the \% sign)
Enter a description and your tax number (not required).You can also choose whether or not to display the tax number on your invoices.
As outlined above, check the box next toThis is a recoverable taxif the tax is recoverable.
Check the box next toThis is a compound taxif it IS a compound tax.
ClickAdd tax.
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The chargeback process: what to expect

Accepting credit cards makes life easy for your customers, and it means you get paid fast. Sometimes, however, a cardholder will dispute a charge, leading to a chargeback. This means their payment is reversed back to them by their bank and debited from your bank account.
The good news, however, is that there are simple things you can do to protect yourself against chargebacks. Learn how Wave handles chargebacks and supports you through the process.
Index
Reason codes
The chargeback cycle
Managing customer disputes
How do I respond to a chargeback?
What is a chargeback?
A chargeback is a return of funds used to make a purchase by credit card. A chargeback can occur if a customer disputes a purchase, claiming it was fraudulent or something went wrong with the service. When a customer disputes a purchase, their credit card company reverses the charge, crediting back the funds to them and debiting your business’ account.
Reason Codes
When a customer initiates a chargeback with their bank, they are required to provide a reason for the dispute. Based on the situation and information they provide their bank, the bank assigns a reason code. Each credit card company (American Express, Visa, Mastercard, and Discover) has their own codes, but they will generally fit into the following categories:
Reason Code
Details
Fraud
The purchase was made without the customer’s knowledgeor authorization
Quality/Satisfaction
The customer never received the item they paid for, or they are not satisfied with the quality of the item/service
Processing Error
The customer was billed more than once, or a refund is owed but was not isued
The chargeback cycle
Day 1: Wave sends you an email detailing the reason for the dispute and recommendations on how to respond.
Day 10: Deadline for you to respond to the chargeback.
Days 20-30:After receiving your response, Wave submits a dispute response to bank.
Days 30-90: The case is reviewed by the customer’s bank. The bank’s chargeback department has 60 days to review any evidence provided and make a decision.
Day 90: The case results are sent back to Wave. Wave will contact you with the results of the case
Managing Customer Disputes
Wave's loyalty is to you, our customer. If your customer has unfairly disputed a charge and you have decided to fight the chargeback, we will advise you on the evidence you need to prepare, and assist you by submitting it on your behalf to your customer's bank.
It is important to understand, however, that Wave is not involved in any way in deciding whether a customer dispute and chargeback is valid. This is entirely decided by your customer's bank.
What if I don’t want to dispute the chargeback?
When you accept a chargeback, the dispute process is over. We advise your customer's bank that you accepted the chargeback, and no further action is required.
Are there any other consequences to a chargeback?
Nobody likes customer disputes, but chargebacks can occur from time to time and will have a financial impact to your business if not addressed. Provided you are processing card payments regularly and have few chargebacks, we can continue to process payments for you. However, excessive chargebacks may indicate underlying problems with your business process or how you are managing fraud risk, and may result in account restrictions. Wave can help you identify opportunities to enhance your business practises to help prevent or manage disputes.
Understand how money moves
When you receive a chargeback, your customer's bank will automatically debit Wave. We are unable to prevent this from taking place, which is why we are obligated to collect the funds from you.
How do I respond to a chargeback?
Wave will work with you if you receive a chargeback. Here’s how it works:
Attempt to contact your customer as soon as possible. Try to resolve the issue directly with them.
If you are successful, and your customer agrees to contact their bank to drop their dispute, their bank will send them a confirmation letter or email. In order to reverse the funds back to your bank account, Wave will require a copy of the confirmation.
If you can't resolve the issue by speaking to your customer, proceed to Step 2.
Send Wave all relevant documentation. Wave will then submit a response to the customer’s bank on your behalf.
Your customer’s bank has up to 60 days to review the submitted information and make a decision.
If the bank rules in your favor, your customer’s bank will reimburse Wave for the chargeback. Wave will then deposit these funds, and the $15 dispute fee, in your bank account.
If the bank rules in your customer’s favor, Wave will notify you of the bank’s decision and reasoning.
Key points and timeframes to remember:
You have 10 days to respond to the dispute notification.
The funds will be debited from your bank account while under dispute.
You can expect the entire process to take up to 90 days if you choose to fight the chargeback case and provide the required documentation.
If the bank resolves the dispute in your favour, the disputed amount, including the $15 dispute fee, will be deposited back into your bank account.
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How to write off an invoice

What do you do when you realize an invoice you've issued just isn't going to get paid? Perhaps your customer has gone bankrupt, or there's some other reason you can't collect.
That sucks, and we feel for you. The least we can do is show you how to handle writing off the invoice in Wave.
Accounting for bad debt with the direct write-off method
The direct write-off method of accounting for bad debt recognizes bad debt asspecific invoices become uncollectible. Accounting purists may point out that this method has a few shortcomings, but it has two big advantages: it's simple to understand, and simple to do in Wave!
Let's start by setting out our bad debt scenario, then see how we will handle the write-off.
Brown Thumb Gardening has gone broke owing you $1,000 for design work.
The clue was in the name perhaps. When you designed the Brown Thumb website, it seemed hard to find enticing images to suit their brand. Now they have gone out of business, and you know you're not going to get paid. Their invoice, number 123, keeps showing up on your Dashboard as overdue, and it's sticking out like - well - a sore thumb.
It's time to bite the bullet and write off this bad debt.
Write off invoice to Bad Debt Expense
Right now, your bookkeeping includes $1,000 of income from Brown Thumb. You've not actually been paid the money, so that is balanced by a $1,000 asset in Accounts Receivable - i.e. money you are owed.
What we want to achieve is that the $1,000 Accounts Receivable asset 'disappears', and that we recognize the loss against your business income. One more thing - we want you to stop having to see that Brown Thumb overdue invoice every time you log in to Wave!
Whenever you issue an invoice in Wave, it adds to your income, and creates a balance in Accounts Receivable until it is paid. The only way to "get rid" of the unpaid invoice, and the Accounts Receivable balance, is to mark it as paid.
But you haven't been paid!
In this scenario, the simplest thing to do is to make use of an imaginary bank account that accountants traditionally refer to as an "Undeposited Funds" Account. An "Undeposited Funds" account is simply an account in Wave that functions like a bank account, but doesn't represent a real bank account that you have in the real world.
You create an "Undeposited Funds" account exactly the same way you create any Bank Account in Wave. (You can create your Undeposited Funds account as any type of Cash and Bank account, or Money in Transit account.)
If you haven't previously created an Undeposited Funds Account, go ahead and create one now. Click Accounting on the left menu, thenChart of Accounts, and then theAdd an Account button. Select "Other Bank," an asset account.
If you haven't previously created an Undeposited Funds Account, go ahead and create one now. Click Accounting on the left menu, thenChart of Accounts, and then theAdd an Account button. Create the new account under "Money In Transit".
Writing off the invoice now involves just two steps:
Find the invoice in this case Invoice #123 for $1,000 and add a payment for the full invoice amount, paid into your Undeposited Funds account. read this article on the Accountancy Explained website That's the overdue invoice and the Accounts Receivable balance taken care of!
Go to Transactions and add an Expense for $1000 paid from your Undeposited Funds Account. Categorize the Expense as "Bad Debt Expense."(If you don't already have a Bad Debt Expense category, you can add a new category while posting the expense item.)
Find the invoice in this case Invoice #123 for $1,000 and add a payment for the full invoice amount, paid into your Undeposited Funds account. That's the overdue invoice and the Accounts Receivable balance taken care of!
If you don't already have a Bad Debt Account, head toChart of Accountsand click on Expenses, then onAdd a New Account. Add an account calledBad Debtas anOperating Expense Accounttype.
Go to Transactions and click on Add Expense. Here we will want to add the description (bad debt on Invoice #), Account (Undeposited Funds), total amount ($1000) and mark this as a Withdrawal. Categorize the Expense as Bad Debt.
You now have $1,000 of Bad Debt Expense that offsets the $1,000 income from Brown Thumb, your Accounts Receivable no longer shows an outstanding balance, and your Undeposited Funds account has a zero balance.
What date to apply to your direct write-off transactions
An important principle in accounting is the concept of matching ensuring that the revenues earned in operating your business for any time period tie up with the expenses incurred to generate those revenues. In general, it's a good idea to date your write-off transactions (the payment and bad debt expense) the same as your invoice. However, you don't want to break prior reporting, so bear in mind these conditions when you would need to apply a later date for your write-off transactions:
Your business charges and recovers sales tax, and you have already reported and/or paid sales tax for the period in which the original invoice was issued. In this case it's usually better to date your write-off transactions some time in the latest period for which you have not yet reported sales tax.
The invoice was issued in your last Financial Year, and you have already completed your year-end statements and filed tax returns. You should date the write-off transactions in the current Financial Year to avoid changing your financial statements for the year that has closed. (If the amount is large relative to your overall revenues,be sure to talk to your accountant who may, under some circumstances, recommend re-filing the prior year.)
Some Common Questions
What about sales taxes?
If you charge and recover sales taxes, writing off bad debt becomes a little more complex. Different jurisdictions have different rules about the conditions and timing under which you can deduct the sales tax element of your bad debts from your sales tax returns. Wave cannot advise on your local rules, and it is important you get advice from your accountant or tax authority directly.
If you operate in a region where the sales tax element of bad debt can be deducted directly from your Sales Tax liability, however, then simply modify Step 2 above by applying Sales Tax to the Bad Debt Expense, just as you would when marking any expense to contain recoverable sales tax. Thiswill offset the Sales Tax recognized on the 'paid' invoice.
Wouldn't it be simpler just to delete the invoice?
It would certainly be simpler, and provided you don't have complex Sales Tax rules to follow, you might choose to do that. But there are three important reasons why it is better to keep the invoice, and 'Pay' it while offsetting the same amount as an expense. These are mostly to do with helping you better understand your business:
Your sales really did include the $1,000 to Brown Thumb. The loss of that $1,000 was a consequence of your client going out of business, not a failure to sell to them or do the work. Calculating your sales income with the $1,000 Brown Thumb income is just a more accurate understanding of what happened in your business.
By recording your Sales income and your Bad Debt expense, you can start to get a sense of the cost of doing business on credit. If you divide your Bad Debt Expense in each period by the Sales Income for the same period, you may start to see patterns, and be able to work out how much bad debt to expect as your business grows. (A change in Bad Debt experience could tell you important things about the quality of clients you are serving, or how effective your collections are!)
If your former customer files for bankruptcy, you may have an opportunity to receive a share of the proceeds of the bankrupcy - even if it is only a small percentage of what you are owed. If there is this chance, you will need your invoice to support your claim.
Accounting for bad debt with the Allowance Method
The Allowance Method of accounting for bad debt is a more sophisticated approach, that does a better job of matching bad debt expense to the sales in each accounting period.
Using the Allowance Method involves more accounting steps, and is more complicated both to understand and to operate. If you would like to learn more about this approach, you can .
Using the Allowance Method, an estimate for likely bad debts is made and updated in every accounting period. When an individual invoice is recognized as unrecoverable, instead of writing it off to Bad Debt Expense, it is written off to the Bad and Doubtful Debt contra asset account.
In Wave, you would process this write-off using the same two-step process via an 'Undeposited Funds' account as described above, except that in Step 2 you would categorize the transaction as Bad and Doubtful Debt (asset account); not the Bad Debt (expense) account.
If you feel that the Allowance Method could be more appropriate to your business, we encourage you to consult your accountant. Advising on the appropriate bases of estimation, and the detailed accounting steps required, is beyond the scope that Wave can advise on.
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How to customize your invoices and estimates

Your Wave invoices can be as individual as you are. Follow these tips to learn how to make invoices for your business that you are proud to send.
Click onSettingsin the bottom left corner and selectInvoice Customization underthe sales menu.
Choose one of the three availableInvoice templates.
After selecting an invoice template, customize the rest of your invoice features:
Add yourCompany logobychoosing a JPEG or GIF image from your computer.
Choose anInvoice accent colourto add a splash of colour to yourinvoices.
Make sureDisplay logo on invoicesis selected if you wish for your logo to be visible on invoices.
Select the word you want for the heading above your list of products or services. You can chooseProduct, Service,orProduct/Service.
Choose default settings for invoicing including:
Default payment termsfrom the drop-down list. You can override this each time you create an invoice.
Default titlefor invoices.
Default subheadingthat will be displayed below the title of each invoice.
Default footerthat will be displayed at the bottom of each invoice.
Create aStandard message(memo) that will appear on each invoice. You can override this message each time you create an invoice, too.
Default title for new estimates.
Default subheading for new estimatesthat will be displayed below the title of each estimate.
Default footer for new estimatesthat will appear at the bottom of each estimate.
Standard messagethat will appear on each estimate. You can choose to override it each time you create an estimate.Choose default settings for estimates including:
ClickSave.Your invoices and estimates are now customized!
Have payment terms you need to send to your customer on every invoice? Try adding it to your default invoice footer under Settings > Invoice Customization!
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Community fundamentals

Welcome to your community! We'll walk you through some of the things you'll need to do to get started so that you can get the most out of the forum.
Update your profile page
Your profile page is where your fellow members will go to learn more about you. Upload a photo, add a short bio, and if you'd like, include links to your Twitter, Facebook, or personal website.
Introduce yourself!
Every Monday, one of our admins will create an introduction post and welcome the past week's new members. Please jump in and introduce yourself, whether you've signed up that week or not. We'd love to learn more about you, your business, and anything else you'd like to share.
Search
If you're looking for technical support, be sure to use the Search function before creating a new discussion.
Post, post, post!
Engage with other Wavers as often as you can. Your participation is what helps our Community grow and thrive.
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Bookkeeping undeposited checks

When you accept a check for an invoice payment, but don’t deposit it until a later date, the payment should be recorded to a Money in Transit account. This ensures that the invoice is marked as paid on the correct date, and that your bank statement reconciles
A Money in Transit account tracks the funds that are expected to be deposited into or withdrawn from a Bank account at a future date, usually within a few days. Examples of this are credit card sales that have been processed but have not yet been deposited into your bank, or checks (written or received) that have not been deposited into or withdrawn from your bank account.
How to add a Money in Transit account:
Go to Accounting > Chart of Accounts. Under the Assets tab, add a new account to the Money in Transit Subcategory. Give the account a name like Check Clearing, or simply Money in Transit.
How to Record Undeposited Checks to Money in Transit:
Let’s say a client pays you by check on March 31st, and you deposit the check on April 2nd. Although the invoice is marked as paid in March, by the time the check clears and posts to your bank account, it’s April.
When you receive a check for an invoice payment, apply the payment directly to the invoice on the Invoices page. Select the Money in Transit account that you created as the payment account.
When you deposit the check, and the deposit transaction imports from your bank, categorize the deposit as a Transfer from Bank, Credit Card, or Loan and select the Money in Transit account from the dropdown menu. This will leave you with three transactions: The original payment recorded to Money in Transit, the imported transaction from your bank, and a Wave-created transaction called Created Transfer to record the funds moving between accounts.
How to add a Money in Transit account:
Go to Accounting > Chart of Accounts and click Add a New Account. In the Asset tab, select Bank & Cash and click Other Bank Account. Give the account a name like Check clearing, or simply Money in Transit and click Save.
How to Record Money in Transit:
Let’s say a client pays you by check on March 31st, and you deposit the check on April 2nd. Although the invoice is marked as paid in March, by the time the check clears and posts to your bank account, it’s April.
When you receive the check, apply the payment directly to the invoice on the Invoices page, and select your Money in Transit account as the payment account.
When the cleared deposit transaction imports from your bank, click Add Expense and create an expense transaction whose account is theMoney in Transit account you created in the first step, and whose amount is equal to the deposited amount.
Check the box to the left of the imported payment transaction as well as the expense transaction that you just created And click Transfer at the top of the page. This will show that the payment amount was transferred from your Money in Transit account to your bank account.
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What to do if Wave can't read your OFX, QBO, ASO, or QFX file

You may need to make minor changes to a file when uploading your bank statement inthe file formats OFX, QBO, ASO, and QFX.
If you received the error message"Wave needs you to make a small change to your file so we can read it,"here is a breakdown of what happened.
On your electronic statement, there is something called an encoding. This encoding allows Wave to know how we should "translate" what is in your file.If you received the above error, you will need to make a small change to your file and re-save the file.
Here's how to edit your file:
Assuming you have saved the bank statement to your computer, you can then open the statement in any text editor (such as Notepad). To do this, select the file, right click and selectOpen With. You can then select a recommended program or text editor from the list your computer gives you.
At the top of the bank statement file, you should see something similar to ENCODING:USASCII or ENCODING:UTF-8.
If it saysUSASCII (as it does in the example above), then change it toUTF-8. If it saysUTF-8, then change it toUSASCII.
ClickSave and you are done! You can go back into Wave and upload your statement.
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How to manually file Form 1099-MISC

This article covers US tax requirements and applies to Wave Payroll in the US.
The IRS requires you to file 1099-MISC forms for every contractor you paid more than $600 in a calendar year. If you use Wave Payroll, Wave can file these forms on your behalf, but you can also file manually, if you prefer. Here’s how.
You can create and manage your 1099 contractors from the Vendors page, under Purchases in the left-hand navigation menu. From the Vendors page, click Generate next to the contractor you want to file for.
You can also generate 1099-MISC forms for contractors under Payroll > Tax forms.
There are three versions of 1099-MISC for each contractor:
Download Copy B to send to your contractor so that they can file their taxes.
Download Copy C for your records.
Download Copy A to file your taxes. This form is for informational purposes only. In order to manually file with the IRS, you’ll need to order official forms from the IRS. This includes Form 1096, which summarizes all of the informational returns you are filing, including Form 1099-MISC.
To file, copy the information from Copy A onto the official form and mail it to the IRS before the deadline. For more detailed information, check out the official instructions provided by the IRS.
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Accounting for overpayments

Have you ever had a client overpay an invoice? In this situation, you have two options: you can refund them the difference, or you can apply that overpayment towards future services. If you want to apply those funds to future invoices, how you bookkeep that will depend on several factors. We’ll break it down below.
My client paid me an intentional deposit
If you provide your client with ongoing services and invoice them on a regular schedule, your client may choose to pay several invoices in advance.
The easiest way to reflect this is by splitting the payment to record it against future invoices. If you’d planned to invoice your client $1000 per month from April to June, for example, but your client has paid you the $3,000 upfront in April, the first step is to make sure you’ve created the three invoices, one for April, May, and June.
When the payment is recorded or imported from your bank connection, split the payment into three and record each split transaction against the related invoice.
My client paid me an intentional deposit
If you provide your client with ongoing services and invoice them on a regular schedule, your client may choose to pay several invoices in advance.
The easiest way to reflect this is by splitting the payment to record it against future invoices. If you’d planned to invoice your client $1000 per month from April to June, for example, but your client has paid you the $3,000 upfront in April, the first step is to make sure you’ve created the three invoices, one for April, May, and June.
When the payment is recorded or imported from your bank connection, split the payment into three and record each split transaction against the related invoice.
refund your client
My client overpaid me with cash or cheque
You sent your client a $900 invoice and they paid you $1,000 by cash or cheque, or through a payment processor outside Wave. $900 applies to the invoice payment, but you have an additional $100 you need to figure out what to do with.
Let’s take care of the invoice payment first:
Add a $1,000 income transaction to the bank account where you received payment (or locate the income transaction, if you have your bank account connected to import transactions). Split the $1000 income transaction into two: one for $900 and one for $100.
Apply the $900 transaction as payment to the invoice. The invoice is now fully paid and correctly accounted for.
So, what do you do with the $100?
You have three options:
Refund your client. Simply cut them a cheque, or return the funds any other way you choose. Add an income transaction for the amount you are refunding (-$100, in this example) to keep your bookkeeping and your bank balance correct.
Apply the money to another open invoice for your customer, if one exists. This is as simple as marking the transaction as an invoice payment against that invoice.
Hold the funds against a future invoice (a credit for the customer).
Let’s look at how you hold funds against a future invoice.
If it’s the first time you’ve done this, you’ll need to create a liability account to act as a customer deposit/overpayment account.
When you create this account, make sure you uncheck the payment account box.
Now, categorize the remaining $100 to the customer deposit liability you’ve just created. This indicates that you’re holding this money on behalf of a client*, to apply against future services, which is the most accurate way to bookkeep this situation.
*Wave doesn’t know which client you’re holding the money for, so you’ll need to either create a separate liability account for each customer who overpays you, or maintain a separate record in a spreadsheet or notebook that breaks down the total of any overpayments by customer.
As so often happens with bookkeeping, there are multiple ways to get to the same outcome. One simple solution here is when you next invoice your customer, to simply go into the transaction that you split and change the $100 from your customer overpayment account to a payment against the new invoice. You may want to avoid this, however, if the timeframe between the overpayment and the next invoice crosses into the next month, as it will make reconciliation difficult.
My client overpaid me, and I use Wave Payments
In this case, you have a few options:
Within 90 days, you can the overpayment and Wave Payments will take care of everything. This will also save you any processing fees on the refunded portion of the payment.
If your client doesn’t want a refund and prefers you to put the extra money towards another invoice or future services, you need to reduce the amount of the invoice payment to get everything to balance. Invoice payments for Wave Payments are created automatically by the system, which means they can't be edited or deleted. Instead:
Navigate to Sales > Products & Services and click Add a product or service.
Name the product “Invoice Overpayment” and click the Sell this checkbox.
Once the Sell this checkbox is selected, create a new income account for this item by clicking the "+" button. Choose any income account in the account popup page, and rename it to something like "Invoice Overpayment."
Navigate to the overpaid invoice and edit it to add the newly created "Invoice Overpayment" product as an item on this invoice. Continuing with the example above, where the overpayment is $100, you'd change the price of this product to $100. This will mark the invoice as paid.
To apply the payment to a new invoice, create the invoice as normal, then add the newly created "Invoice Overpayment" product as an item on this invoice. Make the price of this product -$100 before saving and sending the new invoice to your client.
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Accounting year-end checklist

Follow these steps to get your books in shape for the end of the year.
Step 1: Enter all transactions into Wave
The first step to get your books ready for the new year is to enter all of your transactions into Wave. The easiest way to do that is to link your business bank and credit card accounts so that all the transactions will flow in automatically. Otherwise, you can upload transactions from your bank, or you can enter all the transactions yourself, via the Transactions page.
Step 2: Categorize all your transactions
The next step is to make sure that all the activity in your business is correctly categorized. You can track down all your uncategorized transactions by navigating to the Transactions page, selecting “Filter,” choose “Uncategorized” from the dropdown box, and clicking “Apply.”
Step 3: Prepare your final payroll
If you have employees, remind your employees to submit any outstanding expense reimbursements, and complete your payroll. Also include any year-end bonuses, annual benefits, or other final adjustments that need to be included. Remember that the final check date must be in 2019 in order for the amounts to be included in 2019 reporting. For more specifics on important payroll processing dates, see this article:
Payroll year-end checklist
Step 4: Reconcile your bank and credit card accounts
Once all your transactions are entered into Wave and are categorized, you can pull out your bank and credit card statements and start reconciling. Navigate to Reconciliation and choose one of the accounts listed. (If you haven’t used our new Reconciliation feature yet, you can watch a video here to help you get started.)
Reconciling your accounts is the most important thing to do for year-end, so as tempted as you may be to skip this step, don’t!
Step 5: Collect important paperwork
In order to file your taxes, you’ll need a number of reports from Wave, including the Profit & Loss for the fiscal year, the Balance Sheet as of the last day of the year, and the Trial balance report as of the last day of the year.
You should also collect:
Bank and credit card statements from the end of the year
Receipts or bills for any fixed assets you purchased during the year (like computers, vehicles, furniture, equipment, and real estate)
Loan statements from the end of the year
Any tax documents you receive (like income documentation)
Once you’ve completed these steps, you’re ready for tax time, and you can start the new year with clean accounting. As you think about New Year’s resolutions, consider adding reconciling your bank accounts to your list. You’ll thank yourself at the end of next year!
Have questions? Looking for more help? Contact Wave Advisors for coaching or bookkeeping services.
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How to edit employee details

This article applies to Wave Payroll in Canada.
Did your employee change their address? Do they have a different bank account for direct deposit? Has their salary changed? No problem! You can make all of these changes in Employee settings. Here is a brief overview of the options you have available.
Click Payroll, thenEmployeesin the left hand navigation menu and choose the employee that needs editing. Once you've located the employee, click thepen icon to the right of their name.
You will see your employee's basic information (address and SIN number), plus all of the options down the left hand side.
Personal This is your employee's basic form that shows their address and Social Insurance Number (SIN).
Salary On this page you can edit your employee's yearly salary or hourly pay. You can also schedule these changes to happen on a future date. See more on How to change an employee's salary.
Vacation This is where you can schedule your employee's vacation.NOTE: You cannot edit any vacation entered in this location. When you enter it, be sure it is correct. Or, you can enter vacation on the timesheets page.
Tax Details Enter your employee's TD1 information and whether they are tax exempt for Employment Insurance or the Canada Pension Plan. See more: What is a TD1 form.
Benefits & Deductions If you have special benefits (a bonus) or deductions (RRSP), this is where you add these for a payroll run. See more on How to assign a deduction, benefit, or bonus to an employee.
Employee Files You can upload any extra information about your employee such as their contract.
Direct Deposit - If your employee's bank changes, you can edit their bank information here. See more on Setting up payroll direct deposit for the first time.
Employment History - See when your employee began working for you.
Finally, you may have noticed the Invite to Wave button if you have not invited your employee to use Wave.
This invites your employee to sign up for a personal account in Wave where they will be able to view their pay stubs, their own payroll information, and the status of their direct deposit.
There's the full overview of employee settings!
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Why can't I change my business currency?

When you first create a business in Wave, you're asked to choose your business's primary currency. This becomes your defaultbusiness currency, and it cannot be changed after it is set.
This article explains why this restriction exists, and some options if you have created your business with a different business currency than you intended.
How business currency is set
When you first register for Wave, your country and currency are detected, and these are suggested when you create your first business in Wave. You can choose a different business currency during initial account creation by clicking the Change this link.
For additional businesses that you create after your Wave account is active, you choose the business currency during the creation process:
What to do when your business structure changes
Why can't business currency be changed?
While some large multinational businessesoperate their management accounting in one currency while reporting and filing tax in a different currency, virtually every small business which is what Wave exists to serve reports in the domestic currency of where it is located and pays tax. US businesses report in US Dollars; Canadian business report in Canadian Dollars; UK businesses report in British Pounds; and so on.
But what happens if you are running a small side business and relocate to a different country, where you will pay tax to a different taxing authority, in a different currency? The simple answer to this is that you are now running a different business!
It may feel the same. You may be coaching or consulting with the same clients as before, and using the same business name as before, but it is a different business. You have a 'Before-I-Moved' business, and an 'After-I-Moved' business, with obligations and dealings in two different jurisdictions.
What to do if you move your business to a new country
As mentioned above, if you move your business to a new country (and assuming you are not trying to account for a large multi-national corporation in Wave!) then it is, in essence, a new business.
The Wave part of this is easy. Simply create a new business.
The accounting part if you want to do this 100\% correctly is not so easy, and you are going to need the advice of TWO accountants: an accountant in the country you have moved from, to help you with the impacts of closing or transferring your business overseas, and an accountant in your new country to help with creating a new business and accounting for the value that you bring from your pre-existing business.
This would be a great time to click the "Find an Accountant" link on the left navigation bar in Wave, and start asking some questions!
What to do if you set up your Wave business with the wrong business currency
If you have not moved at all, and simply chose the wrong currency when setting up your business, the only real option is to start a fresh business with the correct business currency. The good news is that Wave makes it easy to maintain multiple businesses within your Wave account, so you can add your new business and import the necessary data, while still having your old business to refer back to. (When you have finished setting up your business with the correct business currency, you can go back and archive the old one so as not avoid the risk of any confusion between them.)
How to add a new business to your Wave account

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NEW: Direct deposit with Wave

This article applies to Wave Payroll in Canada.
We’re bringing the direct deposit process in-house to give you more control and deeper insights into the payroll process. Read on for what’s changed.
Does this affect how I pay my employees or payment timelines?
On Wave’s platform, the new funding timeline is three business days from the date you approve the payroll, if you approve it before 3:00 PM EST.
For example, if you want your employees to be paid on Friday, you must approve the payroll on Tuesday before 3:00 PM EST.
While the funding timeline has changed from four days to three days, how you approve and process your payrolls hasn't. We've just improved the system that moves the money from your account to your employees' accounts so you can pay your employees faster.
If you do want to change your funding bank account (where the payroll withdrawal comes from), you can do so now or at any time, with one exception: the days payroll withdrawal is scheduled. On these days, your funding account information is locked to ensure payroll is processed correctly.
Will everything still work?
We’ve been working on this feature for quite some time and in fact, it’s the system new Wave Payroll customers have been working with for several months! It’s worked wonderfully, so we’re excited to be rolling it out to all our Canadian Wave Payroll customers.
So what else has changed?
Bringing direct deposit in-house to Wave means that you have greater visibility of where you are in the payroll process. You can now view the status of each payroll and see when the funds are withdrawn from your account, or if the payroll is refunded or cancelled.
You’ll also be able to see the payment status for each employee’s direct deposit, so you’ll be in the loop if there are any issues.
If a deposit fails, you’ll be guided through how to resolve the issue, and you now have the option to resubmit transactions.
If there are any errors during the payment process, you’ll see an alert next to the payment, along with a detailed explanation of what went wrong and steps to resolve it.
Is my information secure?
Your information is protected by our security policy. Wave is not collecting or storing any more information than we did before.
How long will the update take?
The update will only take a moment. Make sure you come back to the Payroll hub afterwards to update your account we promise it won’t take long!
I'm trying to add my funding account, but I can't find my bank. What's going on?
If the bank you are trying to add is not available, select the “Other Bank” option. Verify your bank, transit, and account numbers using a void cheque or a direct deposit form to make sure you're entering the right details.
If you bank with TD:
TD business accounts are generally added to the same TD credentials you use to log in to your online personal account.
This means you may not be able to see your TD business bank account when you're connecting to Wave. Instead, you'll see the primary accounts associated with the login, which are usually personal chequing and savings accounts.
To accurately connect to your TD business account, select “Other Bank” and manually enter your institution, transit, and account number, referring to a void cheque or pre-authorized debit form.
Your five digit TD transit number is derived from your branch number, and the last digit is based on the province of the main branch. Visit TD’s website for more information on determining your transit number. For further clarification, you can also call your main branch and retrieve the transit number.
What if I’m using a credit union to fund my payroll?
Credit union account details like the institution, transit, and account number length can vary based on the credit union and range from 9 digits to 12 digits.
To ensure an accurate connection to your business account, select “Other Bank” and manually enter your institution, transit and account number, using a void cheque or pre-authorized debit form.
Not all account statements from credit unions show the full account number for the purpose of direct deposit/electronic funds transfers.
If you don't have a void cheque or pre-authorized debit form readily available, reach out to your credit union directly for the correct details.
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How to generate a T4

Wave offers the ability to generate T4 slips for all employees, as well as a formatted T4 file, so that you can e-file with the CRA.
Note: you must currently be paying the payroll base fee in order to receive T4 reports.
To generate a T4:
Click on the Tax Formsunder the Payroll section of the left hand navigation panel.
If you see that your T4s are ready, click Generate under Actions.
This will open your employer summary and the T4 information for each of your employees.
Wave allows you to take advantage of the CRA's e-filing option, which requires us to collect a few additional pieces of information.
If you are an accountant using Wave to submit T4s on behalf of a client, selectI am a service provider submitting returns for others.
If you are the business owner, selectI am submitting my return
If there is any information missing, you will see a red notification message saying Fix Missing. You will not be able to continue until you fill in the missing information.
When you're certain all of the information is correct, click the Generate T4s & T4 Summarybutton.
This will bring you to a screen with a short to-do list to complete your T4 filings.
Download the T4s as outlined and distribute to your employees.
Download the XML file for internet file transfer and upload it to the CRA website as outlined here.
If an employee informs you of an error with their T4, you can correct certain problems by clicking Discard current form and start overin Step 1.
Additional details:
No T4 summary is required with internet file transfer as the CRA performs the reconciliation automatically.
You must give your employees their T4 slips for the previous year by the last day of February. For example, you must give employees their T4s by February 29, 2020 for any time they worked for you in 2019.T4 amounts are based on the cheque date.
What is a TD1 form?
Set up Wave to Remit Taxes to the Canada Revenue Agency on your Behalf
Payroll remittance due dates: when do I remit?
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Bank reconciliation upgrade: Keep your books in order & stay on top of your accounting

It looks like you’re using the legacy version of our accounting software. This content applies to the new version. Read our guide to Account Reconciliation.
Account reconciliation is a key component of keeping your bookkeeping up to date. We’ve made some major changes to our accounting software to make the process of account reconciliation easier than ever.
If you’ve never reconciled before, you can check out this guide to get started. If you were doing account reconciliation in the old system, keep reading!
Get started
We’ve moved reconciliation to its own dedicated space in Wave. Click Reconciliation under Accounting to get started.
On the new Account Reconciliation page, you’ll see your accounts grouped by each Financial Institution you've connected to import transactions to Wave.
here
If the Wave balance matches the most recent statement balance you entered, you’re reconciled!
On a reconciled account, click View to review the transactions in the most recent period. To add a past period, click the arrow next to the Wave balance to expand the account within the list view, and click Add Period.
To begin reconciling a new period, click Reconcile on an account. Enter the Ending Balance Amount that appears on your bank statement, and verify the Ending Balance Date.
With this update, we’ve taken the guesswork out of reconciliation: Once your balances match, the account will be listed as Reconciled up to the last entered balance!
Fixing unreconciled periods
Any time an entered statement balance doesn't match the Wave balance, you'll see a Needs Attention icon on your new reconciliation timeline, and the account will be highlighted in red.
Get started by clicking Fix, and you'll be able to view all transactions in the unreconciled period. Compare each transaction line by line to your bank statement, and mark each transaction as Matched to keep track of your progress.
Any time you have a discrepancy between your Statement Balance and your Wave Balance, it might be because:
There are duplicate transactions, such as an invoice payment that you manually added and an imported bank transaction for the same income.
Transactions are missing - did you miss entering an invoice or a bill payment?
If there are missing transactions, you can add them by clicking Add Transaction. If you find a transaction that needs to be modified, click on the transaction to Edit it. You can select the check boxes on the left-hand side of a transaction to Merge duplicates, or Delete inaccurate records.
Once the balances match, you’re all done your account is reconciled!
FAQs
Why didn’t my reconciliation move over from the old system?
In the old system, there were two ways to input a statement balance:
Wave would use the balance imported from your Bank Connection
You could enter a balance manually if you didn’t have a bank connected
While the bank import was the easiest way to get a statement balance to compare to your transactions in Wave, the old system wasn’t able to save this balance. In the update, we’ll pull the balance from your bank connection where possible when you reconcile to pre-fill the statement balance.
I did my reconciliation all the time, why are there periods that Need Attention?
If you entered balances in Wave using the old reconciliation tool, you should see them reflected in the new reconciliation timeline for each account. It’s still possible that there are periods that need attention.
The old system only counted verified transactions when calculating the Wave balance for account reconciliation. Leaving a transaction unverified rather than deleting, editing, or merging it means that it’s always been counted for reports. With the update, now it’s counted towards reconciliation.
All transactions in your Wave account should be matched with their corresponding real world transaction in order to ensure that your reports are accurate.
If you have unreconciled periods between reconciled periods, make sure to check the dates of the transactions included in the period. Likely, there is a transaction that’s not in the right period.
Can I ignore past years and just start in this current fiscal year?
You could add an adjustment entry at the end of a fiscal year to balance the unreconciled account. Read more about this approach .
It’s best practice to keep your books reconciled for all periods so that you can generate accurate reports. If you’re unsure about which periods you need to reconcile, your professional bookkeeper or accountant is the best person to ask.
What’s the difference between Mark as Reviewed and Matched?
On the Transactions page, you can mark a transaction as Reviewed. This status helps you keep track of transactions that you've reviewed for completion, like adding the correct category, sales tax, and notes.
On the Reconciliation transactions view, you can mark a transaction as Matched. This status helps you distinguish transactions that you've matched against your bank statement during reconciliation.
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Tax Services with Wave

Wave Payroll offers an additional Tax Service for several states within the US. With this service, Wave can pay and file your state and federal taxes when you activate your Payroll account. All you have to do is sign up, and we’ll take it from there!
What states are supported by Tax Service?
Wave currently offers Tax Service in fourteen US states: Arizona,California, Florida, Georgia, Illinois, Indiana, Minnesota, New York, North Carolina, Tennessee, Texas, Virginia, Washington, and Wisconsin.
What payments will the Tax Service team make?
Federal
IRS-WH Federal Income Tax, Social Security, Medicare
IRS-FUTA Federal Unemployment Insurance Tax
State
Arizona
State Withholding Tax
State Unemployment Tax
California
State Income Tax Withholding
SDI (State Disability Insurance)
State Unemployment Tax
Florida
Reemployment Tax
Georgia
State Withholding Tax
State Unemployment Tax
Illinois
State Income Tax Withholding
State Unemployment Tax
Indiana
State and County Withholding Tax
State Unemployment Tax
Minnesota
State Withholding Tax
State Unemployment Tax
New York
State Withholding Tax
State Unemployment Tax
North Carolina
State Withholding Tax
State Unemployment Tax
Tennessee
State Unemployment Tax
Texas
State Unemployment Tax
Virginia
State Withholding Tax
State Unemployment Tax
Washington
State Unemployment Tax
State Industrial Insurance
Wisconsin
State Withholding Tax
State Unemployment Tax
What forms will the Tax Service team file?
Federal
940, Employer's Annual Federal Unemployment (FUTA) Tax Return
941, Employer's Quarterly Federal Tax Return, OR, depending on filing frequency
944, Employer's Annual Federal Tax Return (only applicable to annual filers)
W-2/W-3, Annual Wage and Tax Statements filed with Social Security Administration (SSA)
State
Arizona
AZ UC-018, Quarterly Contribution Return and Wage Detail Report
A1-QRT, Quarterly Withholding Return
A1-R, Annual Withholding Reconciliation Return
State copy of W-2
California
DE9, Quarterly Contribution Return and Report of Wages
DE9C, Quarterly Contribution Return and Report of Wages (Continuation)
Florida
RT-6, Employer’s Quarterly Report
Georgia
DOL-4N, Quarterly Wage Detail and Contribution Return
G-7 M, Quarterly Withholding Return
State copy of W-2
Illinois
IL-941, Illinois Withholding Income Tax Return
UI-3/40, Employer’s Contribution and Wage Report
State copy of W-2
Indiana
UC-5A, Quarterly Wage Detail and Contribution Return
WH-1, Withholding Tax Voucher
WH-3, Annual Withholding Tax Form
State copy of W-2
Minnesota
MDES-1, Quarterly Wage Detail and Contribution Return
MW-1, Quarterly Withholding Return
State copy of W-2
New York
NYS-45, Quarterly Combined Withholding, Wage Reporting and Unemployment Insurance Return
North Carolina
NCUI 101, Employer’s Quarterly Tax and Wage Report
NC-5, Semiweekly/Monthly/Quarterly Income Tax Return
NC-3, Annual Withholding Reconciliation of Income Tax
State copy of W-2
Tennessee
LB-0456, Premium Report
LB-0851, Wage Report
Texas
C-3, Employer’s Quarterly Report
Virginia
FC-21/20, Employer Quarterly Payroll and Tax Report
VA-5, Employer’s Semiweekly/Monthly/Quarterly Income Tax Return
VA-6, Employer’s Annual Summary of Income Tax Return
State copy of W-2
Washington
EMS 5208 A, Quarterly Unemployment Insurance - Tax Summary
EMS 5208 B, Quarterly Unemployment Insurance Wage Detail
F212-055-000 Workers’ Compensation Employer’s Quarterly Report
Wisconsin
UCT-101-E, Quarterly Contribution Report
UC-7823-E, Quarterly Wage Report
WT-6, Withholding Tax Deposit Report
WT-7, Employers Annual Reconciliation
State copy of W-2
Please note that Wave will handle New Hire Reporting for all states supported on Tax Service, as soon as your automatic tax payments become active.
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Is my information secure?

As we've moved further into the digital age, you've probably become more and more comfortable sharing things over the internet. But of course, you need to be especially cautious when any type of banking information is involved. Don't worry, we've got you covered!
Encryption -Communication between you, Wave and your bank or credit card company is protected by up to 256-bit SSL encryption. This is the same level of encryption used by the best online banking and shopping applications.
Password and account protection -Wave employs a world leader in online banking to manage bank account and password data. This company is trusted by some of the world’s biggest banks, including Bank of America, Citibank, Wachovia and many more.
Read-only security -The connection Wave makes with your financial institutions is read-only. In other words, nobody can use Wave to access money in your account.
For extra security, your account number and passwords are stored separately from your other accounting information. Wave does not store or view any bank account or password information.
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How do I ensure my invoice income isn't duplicated?

If you have the same bank account linked to Wave in which your Wave Payments deposits are made, then you may see duplicate transactions.
As soon as your customer makes a payment, the transaction record for this is created in Wave
When the payment is deposited in your bank, the transaction is once again imported into Wave.
The difference between the two transactions is that the one created automatically using the Payments service for the full invoice amount while the transaction that is imported from your bank connection import will be the amount, minus the Payments fees.
To resolve the duplicate issue, you can simply delete the bank connection transaction import because the transaction that came in through Payments links to the Invoice already ensuring that the status is updated to "Paid" and the fees associated with using the Payments service are also entered to your accounting.
If you have your bank account connected with Wave then you have a couple of options available for adding a payment to an invoice to avoid having duplicate transactions appearing in your account.
If you wait until the transaction representing the Invoice Payment is imported automatically from your connected bank account: Help Centre
Once the transaction appears, click the black arrow to the right of the transaction line and select Create invoice payment.
Select the invoice from the pop-up menu and click Create payment. This will update your Invoice and mark it as PAID. As a result, this won't duplicate your income!
If you don’t want to wait for that transaction to be imported because you prefer to record things as soon as they occur - this is absolutely okay too! If this is the case, you will want to manually mark the Invoice as PAID:
Open the Sales menu and choose Invoices
Select the option to Record Payment to update the invoice to PAID.
A few days later, the same transaction will be imported from your bank, which will result in a duplicate transaction. You can either select one and click Delete to deletethe transaction that was imported from your bank since you already have the payment associated with the invoice OR you can click the box to the left of the two duplicate transactions then click Merge to merge them together.
Oops! Looks like this content is meant for a different version of our accounting application. Head back to the home page to search for another topic or check out the related articles on the right.
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How do I handle depreciation and amortization?

We're all familiar with the idea that when we buy a car, or a television, or any other large item, it depreciates it becomes worth a bit less every year. When you buy larger assets for your business, you need to keep track of the value of the asset, which is a bit less each year, and also account for the depreciation, which is part of your business expenses.
This article explains how to account for depreciation. It's important to be aware, however, that how much of the value of eachasset you can depreciate and set off as an expense for calculating taxable profitseach year is governed by the tax rules in your particular jurisdiction, so be ready to talk to an accountant or spend some time researching the rules where you are to ensure you depreciate the correct amount.
Understanding Depreciation
Think about your office printer. When you buy paper, you'd normally categorize that as an expense. Paper is inexpensive, and you'll generally use it up within the year, so it would make no sense to try and track the value of a few hundred sheets of paper as an 'asset', even at the year-end.
But what about the printer itself? That could be a different matter. Let's say you have bought an advanced, expensive color laser printer, which you expect to last several years. That is an asset:it's going togenerate value in your business over more than one accounting period.
A key concept in accounting is the matching principle: we try to match expenses with the income to which they relate. So to work out this year's profit, you don't want to count the whole of the cost of the printer against this year's income; you want to match onlythe bit of the cost of the printer that relates to this year's usage against this year's income. The bit of the cost that wasn't "used up" this year is carried forward as part of the assets of your business, to be used up in future years.
Thebit of the cost that you record as part of your expenses in a particular year is referred to asdepreciation.
This raises a question:How much of the cost should I record as an expense each year?Unfortunately, there is no single, simple answer to this question. The business and accounting logic is that you should depreciate every asset over its useful life, so a sensible approach could be to estimate that you will keep the printer for four years, andwillcharge 25\% of its value as a depreciation expense each year. If you are trying to prepare your accounts for the purpose of calculating tax, however, you may find that the tax authority in your jurisdiction as decided that printers should be depreciated over 10 years, or conversely they may allow 100\% deduction in the year of purchase, because your government wants to encourage investment in technology!
Applying the correct depreciation for tax purposes is complicated, because rules may change, and there can be different rules for different types of asset, and for different types or ages of business. Because of this, Wave recommends that you:
Talk to an accountant early in the life of your business to determine how to account for depreciation in your specific situation.
If you don't yet have an accountant and want to account for depreciation, simply follow the principle set out above and divide the purchase cost of the asset over the number of years you expect it to last in your business; deduct that amount each year.
If you take the second route, the profit you calculate for your business is very unlikely to be exactly what you need to declare for tax purposes. When you do start to work with an accountant, they will figure out how depreciation should have been calculated for tax purposes and will make some additional accounting entries for you to capture any difference in tax payable.
Recording Depreciation in Wave
Let's continue with the printer example discussed above. We'll assume you bought a high-end color laser printer for $2,000, and you expect it to last 4 years. You have decided to depreciate the printer in four equal amounts of $500 each year.
First, you want to categorize the purchase of the printer into an Asset account. However, the account is not set up by default, so you must make your own. Go toAccounting on the left-hand side and click Chart of Accounts. You need to create either one of the following two options:
Machinery, equipment, furniture & fixtures.This account allows you to lump all depreciated items together; for example, your new printer, as well as your camera and your scanner, could all go in here together, or
Other Long-Term Assets. This allows you to rename and customize the account for individual items; for example, you could create an account just for your printer.
For this example below, we chose Other Long-Term Assets and renamed it Other Long-Term Assets: Printer.
SelectAssets then clickLong-Term Assets. From the list, choose Other Long-Term Assets and rename it.
You will also need to create Accumulated Amortization of Machinery, Equipment, Furniture & Fixtures. This allows you to track your depreciation expenses in Journal Transactions, which we will use later on. You will find this account in the same place as Other Long-Term Assets (seescreenshot above.)
Once you've created those two accounts, you're ready for the next step. SelectPurchaseson the left-hand side, select Bills andthenCreate a bill.
Choose or create a vendor, as you normally would. Choose an existing Product from the drop-down menu, or add a new one. In this example, we created a new product calledPrinter.
ChooseOther Long-Term Assets: Printer as yourExpense account.
ClickSave.
Now you want to depreciate the expense for each year. To do this, we'll useJournal Transactions. Go toAccounting on the left-hand side then select the top tabJournal Transactions. Finally, selectAdd transactions.
Since the entire amount is currently categorized as an asset, our goal is to reduce the asset's net value each year (net value = purchase cost - accumulated amortization).
In this example, we have decided to depreciate the printer by $500 each year for 4 years (but at the risk of repeating ourselves, it would be a great idea to discuss this with an accountant first!) To record the journal transaction, enter the depreciation amount for the year ($500) in a row for Depreciation Expense. Under the Debit column, type the amount that has been depreciated.
On the next row, we choose the Accumulated Amortization of Machinery, Equipment, Furniture & Fixtures account, and under the Credit column, record the balancing $500 credit. Both sides should equal, indicated by the Total values.
Let's continue with the printer example discussed above. We'll assume you bought a high-end color laser printer for $2,000, and you expect it to last 4 years. You have decided to depreciate the printer in four equal amounts of $500 each year.
First, you want to categorize the purchase of the printer into an Asset account. However, the account is not set up by default, so you must make your own. Go toAccounting on the left-hand side and click Chart of Accounts. Create a new account underOther Long-Term Assets. This allows you to rename and customize this account for individual items; for example, you could create an account just for your printer. For the example below, we chose Other Long-Term Assets and renamed it Other Long-Term Assets: Printer.
SelectAccount Type and under Assets clickOther Long-Term Assets. In the Account Name field enter "Other Long-Term Assets: Printer.
You will also need to create a Depreciation and Amortization account. This allows you to track your depreciation expenses in Journal Transactions, which we will use later on. You will find this account in the same place under the Asset field.
Once you've created those two accounts, you're ready for the next step. SelectPurchaseson the left-hand side, select Bills andthenCreate a bill.
Choose or create a vendor, as you normally would. Choose an existing Product from the drop-down menu, or add a new one. In this example, we created a new product calledPrinter.
ChooseOther Long-Term Assets: Printer as yourExpense account.
ClickSave.
Now you want to depreciate the expense for each year. To do this, we'll useJournal Transactions. Go toAccounting on the left-hand side then select the top tabTransactions. Finally, click the down arrow next to the + icon on the top right corner and from the drop-down select Add Journal Transaction.
Since the entire amount is currently categorized as an asset, our goal is to reduce the asset's net value each year (net value = purchase cost - accumulated amortization).
In this example, we have decided to depreciate the printer by $500 each year for 4 years (but at the risk of repeating ourselves, it would be a great idea to discuss this with an accountant first!) To record the journal transaction, enter the depreciation amount for the year ($500) in a row for Depreciation Expense. Under the Debit column, type the amount that has been depreciated.
On the next row, we choose the Depreciation and Amortization account, and under the Credit column, record the balancing $500 credit. Both sides should equal, indicated by the Total values.
You're done for now!Since the item depreciates each year, you must create a newJournal Entrylike thiseach year until you have depreciated all of it.
Remember, too, that if you sell or dispose of the printer for more than its documented value (i.e. the purchase cost less all the depreciation amounts) then you will need to account for either a gain or a loss on disposal.
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Receiving your first payment

Receiving Your First Payment
Now that you have Wave Payments turned on, you can receive your first payment in two ways, each directly through your invoice.
Send your invoice to your customer, and they will be able to enter their credit card or bank paymentdetailsand process the payment themselves through the form that appears on the Invoice.
If you have your customer’s credit card information, or they are willing to provide this over the phone to you, you will be able to process the credit card payment yourself from within Wave. To do this, you’ll need to locate the invoice in question and click Record Payment > Charge a Credit Card. Enter your Customer’s credit card details then click Submit Payment.
You will also see an option here to save this credit card information within Wave (fully encrypted) for future payments!
Save customer credit cards to let them make repeat purchases easily by phone - but be sure you have your customer’s explicit permission each time you chargetheir card!
Click here to continue
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Paying your employees on time

As an employer, you want to make sure your employees get paid on time, every time! If you are writing your own checks, you can do this on payday no problem. If you have direct deposit for your employees,there are wait times you need to be aware of.
One important note before getting started: Once you issue pay stubs to your employees, you cannot change the frequency your employees are paid. Meaning, if your employees are paid biweekly, you can't change this to pay them monthly. For more information, see Why can't I change my payroll frequency?
Writing your own checks
If you plan to write your own checks, you can do this on payday or in advance.
You will need to run payroll before you write checks. In the left-hand navigation menu, selectPayroll > Run Payroll.From there, when you are ready, clickRun payroll.
After you have run payroll, click theApproved Payrolls buttonto view pay stubs for previous payrolls. Locate the payroll you want to see and click the dates to view details.
ClickPrint checks.
You can select the employees you want to pay by check. Note: You can set up direct deposit for some employees while writing checks for others.
When you're ready, clickPrint.
Print out a few test pages before using actual checks in your printer.
Direct deposit for your employees
If you have direct deposit set up, there is a waiting period.This is because it takes time to receive your request, verify the funds in your account, and move the funds to your employees' accounts. Keep in mind that all of this has to happen within normal banking hours. This means payday can't happen on weekends or bank holidays.
The daily deadline to run payroll is 3:00pm Eastern. If you miss this deadline, your payroll will not be run until the next day.
You can expect employees to be paid 3business days after you have ran the payroll.
If you want to, you can run payroll in advance. Wave will only withdraw the money from your account 3 days before payday.
Example time!
Let's say your direct deposit is already activated and verified, and your employee's payday is November 1st. In order for your employee to be paid on time, you need to run your payroll on October 29th before 3:00pm Eastern. Notice that's three business days before payday, and before the cut-off time.
If you feel confident you'll have your employees paid on time, you can move onto the next article in getting started: What do I do about payroll taxes?
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[US] Form 1099-MISC State Filing Requirements

Besides filing with the IRS at year-end several states also require 1099-MISC filings. We've broken down the requirements for each state, but make sure you verify your responsibilities by checking your state's website or speaking with your accountant or bookkeeper as several states participate in the combined state and federal filing program meaning individual state filings might not required.
State Specific Resources
Alabama
Yes, Alabama requires you to file 1099-MISC forms to the Alabama Department of Revenue. Note filing is not required if you participated in the combined federal and state filing program as the state should already have a copy.
Alaska
Filing is not required as there is no state income tax in Alaska.
Arizona
Yes, Arizona requires you to file 1099-MISC forms to the Arizona Department of Revenue.
Arkansas
Yes, Arkansas requires you to file 1099-MISC forms to the Arkansas Department of Finance and Administration. Note filing is not required if you participated in combined federal and state filing program as the state should already have a copy.
California
Yes, California requires you to file 1099-MISC forms to the California Franchise Tax Board. Note filing is not required if you participated in combined federal and state filing program as the state should already have a copy.
Colorado
Yes, Colorado requires you to file 1099-MISC forms to the Colorado Department of Revenue.Note filing is not required if you participated in combined federal and state filing program as the state should already have a copy.
Connecticut
Yes, Connecticut requires you to file 1099-MISC forms to the Connecticut Department of Revenue. Note filing is not required if you participated in combined federal and state filing program as the state should already have a copy.
Delaware
Yes, Delaware requires you to file 1099-MISC forms to the Delaware Department of Finance.Note filing is not required if you participated in combined federal and state filing program as the state should already have a copy.
D.C.
Yes, the District of Columbia requires you to file 1099-MISC forms to the District of Columbia Department of Finance & Revenue. Note that the District of Columbia does not participate incombined state and federal filing program.
Florida
No, filing is not required as there is no state income tax in Florida.
Georgia
Yes, Georgia requires you to file 1099-MISC forms to the Georgia State Revenue Commissioner.Note filing is not required if you participated in combined federal and state filing program as the state should already have a copy.
Hawaii
Yes, Hawaii requires you to file 1099-MISC forms to the Hawaii Department of Taxation.Note filing is not required if you participated in combined federal and state filing program as the state should already have a copy.
Idaho
Yes, Idaho requires you to file 1099-MISC forms to the Idaho State Tax Commission. Note filing is not required if you participated in combined federal and state filing program as the state should already have a copy.
Illinois
No, state filing of 1099-MISC forms is not required to the Illinois Department of Revenue.
Indiana
No, state filing of 1099-MISC forms is not required but you need to have the forms available upon request of by the Indiana Department of Revenue.
Iowa
No, state filing of 1099-MISC forms is not required but you need to have the forms available upon request by the Iowa Department of Revenue & Finance (for 4 years).
Kansas
Yes, Kansas requires you to file 1099-MISC forms with the Kansas Department of Revenue.Note filing is not required if you participated in combined federal and state filing program as the state should already have a copy.
Kentucky
No, filings of 1099-MISC forms is not required with the Kentucky Revenue Cabinet unless backup withholding is reported. Note, the state is also not participating in combined federal and state filing program.
Louisiana
Yes, Louisiana requires you to file 1099-MISC forms with the Louisiana Department of Revenue if:
The payment amounts to $1,000 or more
The payment is made to a non-resident of Louisiana
The payment is for rents or royalties from properties located in Louisiana
Note filing is not required if you participated in combined federal and state filing program as the state should already have a copy.
Maine
No, Maine does not require filing of 1099-MISC forms with Maine Revenue Services unless backup withholding is reported.Note filing is not required if you participated in combined federal and state filing program as the state should already have a copy.
Maryland
No, Maryland does not require filing of 1099-MISC forms with the Comptroller of Maryland.
Massachusetts
Yes, Massachusetts requiresyou to file 1099-MISC forms to the Massachusetts Department of Revenue.Note filing is not required if you participated in combined federal and state filing program as the state should already have a copy.
Michigan
Yes, Michiganrequiresyou to file 1099-MISC forms with the Michigan Department of Treasury.Note filing is not required if you participated in combined federal and state filing program as the state should already have a copy.Except ifyou’re filing any 1099s that report withheld income or if you are reporting services performed in Michigan, then you’ll need to report those to the state separate from the combined federal and state filing program.
Minnesota
Yes, Minnesota requires you to file 1099-MISC forms with the Minnesota Department of Revenue.Note filing is not required if you participated in combined federal and state filing program as the state should already have a copy. Except,1099s that have Minnesota withholding are required to be filed with the Minnesota Department of Revenue even if the Combined Federal/State program is used.
Mississippi
Yes, Mississippi requires you to file 1099-MISC forms with the Mississippi State Department of Revenue.Note filing is not required if you participated in combined federal and state filing program as the state should already have a copy.
Missouri
Yes, Missouri requiresyou to file 1099-MISC forms with the Missouri Department of Revenue.Note filing is not required if you participated in combined federal and state filing program as the state should already have a copy.
Montana
Yes, Missouri requiresyou to file 1099-MISC forms with the Montana Department of Revenue.Note filing is not required if you participated in combined federal and state filing program as the state should already have a copy, unless you report backup withholding, then a separate state filing is required.
Nebraska
No, Nebraska does not require 1099-MISC forms to be filed with the Nebraska Department of Revenue unless backup withholding is reported.Note filing is not required if you participated in combined federal and state filing program as the state should already have a copy.
Nevada
No, filing is not required as there is no state income tax in Nevada.
New Hampshire
No, filing is not required as there is no state income tax in New Hampshire.
New Jersey
Yes, New Jersey requires you to file 1099-MISC forms with the New Jersey Department of theTreasury.Note filing is not required if you participated in combined federal and state filing program as the state should already have a copy.
New Mexico
No, New Mexico does not require 1099-MISC forms to be filed with the New Mexico Taxation and Revenue Department unless payments derive from oil and gas production located within the state.Note filing is not required if you participated in combined federal and state filing program as the state should already have a copy.
New York
No, state filing of 1099-MISC forms is not required with the New York Department of Taxation & Finance.
North Carolina
Yes, North Carolina requiresyou to file 1099-MISC forms with the North Carolina Department of Revenue. Also, in addition to sending a copy of the 1099 to the state Department of Revenue, you’ll need to send Form NC-3 to report state income withholding. Note filing is not required if you participated in combined federal and state filing program as the state should already have a copy.
North Dakota
Yes, North Dakota requiresyou to file 1099-MISC forms with the North Dakota Tax Commissioner.Note filing is not required if you participated in combined federal and state filing program as the state should already have a copy, unless you are reporting backup withholding, then a separate state filing is required.
Ohio
No, Ohio does not require 1099-MISC forms to be filed with the Ohio Department of Taxation unless backup withholding is reported.Note filing is not required if you participated in combined federal and state filing program as the state should already have a copy.
Oklahoma
Yes, Oklahoma requires you to file 1099-MISC forms (if greater than $750) with the Oklahoma Tax Commission, along with Form 501.Note filing is not required if you participated in combined federal and state filing program as the state should already have a copy.
Oregon
Yes, Oregon requires you to file 1099-MISC forms with the Oregon Department of Revenue. Note that Oregon does not participate in the combined state and federal filing program.
Pennsylvania
Yes, Pennsylvania requires you to file 1099-MISC forms with the Pennsylvania Department of Revenue. Note that Pennsylvaniadoes not participate in the combined state and federal filing program.
Rhode Island
Yes, Rhode Island requires you to file 1099-MISC forms with the Rhode Island Division of Taxation but only if:
1) RI income tax was withheld.
2) Amount paid to RI recipient derived from income attributable to obligations of other states.
3) Payments to non-residents of RI for services in RI.
4) Qualified depository accepting deposits as family education accounts.
Note, the state only accepts paper filings and they do not participate in the combined state and federal filing program.
South Carolina
Yes, South Carolina requires 1099-MISC forms to be filed with the South Carolina Department of Revenue but only if backup withholding is reported.Note filing is not required if you participated in the combined federal and state filing program, as the state should already have a copy unless backup withholding is reported, then the state need a separatefiling.
South Dakota
No, filing is not required as there is no state income tax in South Dakota.
Tennessee
No, filing is not required as there is no state income tax in Tennessee.
Texas
No, filing is not required as there is no state income tax in Texas.
Utah
No, Utah does not require 1099-MISC forms to be filed with the Utah Tax Commission unless backup withholding is reported. The state is also not participating in the combined federal state filing program.
Vermont
Yes, Vermont requires 1099-MISC forms to be filed with Vermont Department of Taxes along with form WH-434. Note, the state is not participating in the combined federal state filing program.
Virginia
No, Virginia does not require 1099-MISC forms to be filed with the Virginia Department of Taxation unless backup withholding is reported. Note, the state is not participating in the combined federal state filing program.
Washington
No, filing is not required as there is no state income tax in Washington.
West Virginia
No, West Virginia does not require 1099-MISC forms to be filed with the West Virginia Department of Tax & Revenue unless backup withholding is reported. If filing is submitted Form IT-103 is also required. Note, the state is not participating in the combined federal state filing program.
Wisconsin
Yes, Wisconsin requires filing of 1099-MISC forms with the Wisconsin Department of Revenue. Note filing is not required if you participated in combined federal and state filing program as the state should already have a copy.
Wyoming
No, filing is not required as there is no state income tax in Wyoming.
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Empowering the Wave Community

2018 is shaping up to be a year of exciting new developments here at Wave HQ. One of which is a change to how we provide support to our customers - we’re shifting focus to better self-service, to equip our customers with the understanding of their business, and help them master their financial lives. To serve these goals, we’re introducing a brand new Community space.
What's new, and why the change?
Wave is growing. During 2017 we made a lot of great updates to the software. Some of which include major changes to improve Wave's speed and overall user experience, more online payments offerings, improved Wave Payroll onboarding, and in addition to these we’ve begun to roll out a full-scale upgrade to our core accounting product.
Growing at this pace means that we must change the way we offer support in order to best serve all of our business owners. Given that we offer a robust, double-entry accounting platform free of charge, we have grown to a size where it is no longer feasible for us to provide 1-1 ticket help for all incoming questions from business owners around the world. This means thatwe will be terminating ticketed support services for customers in select regions* where we do not offer paid services.Ticketed support for these regions will cease as of January 12, 2018. Tickets received prior to this date will be answered in priority sequence.
To provide a much better experience, we are dedicating ourselves to building a thriving Community Space and enriching our self-service content. These new and improved tools will be available for everyone and operate in place of ticketed support for select regions.
It is important to note that while ticketed support will no longer be available for all groups, we do not see this as a removal or stripping down of service, rather we haverenewed our focus on community-driven support and we are committed to working hard together with our brave entrepreneurs to build a community of knowledgeable users who are able to help one another.
Why a Community Forum? There are a great many reasons why a forum is a fantastic tool for customer support. A forum is a public platform; this means that questions and answers are available to anyone who might happen across them, potentially saving hours of troubleshooting and email writing. More than that, though, a Community Forum is a space to engage with other business owners, like-minded professionals, and with the Wave Team to share experiences, challenges, product knowledge, and advice. Our goal is to build something together.
*Ticketed support will remain an option for Wave customers located in the United States, Canada, Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Japan, Luxembourg, Netherlands, New Zealand, Norway, Singapore, Spain, Sweden, Switzerland, and the United Kingdom, where paid services (Wave Payments and Wave Payroll) are available.
FAQ:
When will the new resources be available?
Our Community Space and Help Center resources already exist and we’ve been working to continuously improve them over the course of many months. The transition away from ticketed support for select regions is occurring on January 12, 2018.
Ticketed support is no longer available to me and I want additional support. What can I do? Can I still talk to Wave Support?
For general questions, you can find numerous articles and guides in our Help Center, together with webinar and video content. Our number one recommendation is engaging with the Community. Post your question, and review the forum for similar questions. Often, you may find others with similar experiences. From time to time, you will also see the Wave Team posting and answering questions. We look forward to chatting with you in our new space!
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Introduction to the transactions page

The Transactions page is where all of your transactions live. You can create, filter, sort, and edit your transactions here. Take a moment to check out everything you can do.
From the Transactions page, you can:
Filter:Filter by date, category, account, and verified/unverified. This is handy if you are dealing with multiple months or if you are looking for a transaction later.
Filtering by payment account will show you the bank reconciliation option.
Categorize:You can categorize in bulk. Be sure to use this as often as you can to save time!
Transfer: When you move money from one account to another, you're making a transfer.This includes credit card payments, loan payments, etc. Check out How to create a transfer.
Merge:If you see duplicate transactions, for example if you've created invoice payments in Wave and your imported income transactions that show the same payment, you can merge these transactions.
Delete:Exactly what it says it is!
Verify:Once you've categorized and checked your transactions, you can verify them. See more about what verifying a transaction does.
The default filter for the transactions page is Unverified.
Down arrow: At the far right of your transaction is a down arrow. It gives you the option to: split a transaction, move it to categorize elsewhere, make it a bill or invoice payment, and delete.
Show details:Here, you can associate a transaction with a customer/vendor, recordsales taxes, and view the original transaction details.
Remember these two things:
Use bulk categorize as often as you can.
Don't forget to add sales tax (especially if it's recoverable!)
This is the transactions page:
split a transaction
From the Transactions page, you can:
Filter.There are 6 kinds of filter:
Access the account filterby clicking the down arrow next to Accounts.
Filtering by Categoriesallows you to view transactions of a certain type, like Refunded Invoice Payments,or from a specific IncomeorExpense Account.
See all transactions that areReviewedorUnreviewedwith theStatusfilter.
Under theTypesfilter, select Deposit, Withdrawal, or Journal transactions.
Filter transactions by date range to view all the transactions within a specific timeframe.
Searchtransaction descriptions to find a specific check number or customer.
Add Transactions:click on theAdd IncomeorAdd Expense buttonsto create a new Withdrawal/Deposit for your business.
Journal Transaction:This is a special transaction for more complex accounting entries that you cannot complete with a simple transaction (ex: opening balances, long-term asset/liability entries, adjustment entries, payroll entries, etc) and can be created by clicking the down arrow next to the More button.
Connecting Your Bank/Upload a Bank Statement: if you want to save some time on your transaction data entry, check out our automated Transaction upload by connecting your bank account to Wave, or export manual statements from your bank and upload them into Wave.
Categorization: each transaction you enter needs to be categorized. Indicating what type of transaction this is, what account it belongs to, if it's tied to any invoices/bills, etc. will keep your bookkeeping accurate. To categorize a transaction, click on it from your list of transactions and navigate over to the right details view.
Assigning Sales Taxes: if you are being charged tax for your purchases or charging taxes on your sales, you will want to manually assign taxes to your Wave transactions. To create a new Sales Tax, check out our How to add a sales tax FAQ.
Split: When you need to assign a transaction to multiple things in your Wave account, you will want to .
Delete:to delete a transaction, click on it, and then on the trashcan icon at the bottom left of the transaction details section.
There are three main takeaways for success with the Transactions page:
Categorize your Transactions! It's the best way to ensure your books are balanced and everything is accounted for.
Always Save your work by clicking the Save button in the right details view.
Don't forget your sales taxes (especially if they are recoverable!)
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How to add your company logo to your invoice

To learn how to add your company's logo to your invoices, follow the step-by-step instructions:
From any page, click onSettingsin the bottom left.
SelectInvoice/Estimate customization underthe sales menu.
Next to Company logo, click Choose Fileto upload your image. We recommend using a JPEG (.jpg,.jpeg) image that is less than 10MB in size, and a maximum of 150 pixels in height or width. Note: When you first upload your logo, you might not be able to see the image displayed. Try clicking Save at the bottom of the page to see if your logo uploaded.
Ensure that theDisplay logo check box is selected.
Scroll down to the bottom of the page and clickSave.
NOTE: On this same screen you can also set the heading of your product line to services or product/service, choose the default payment terms, add a standard message to all your invoices, and choose similar information for estimates.
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Receiving your first deposit

You just got paid!
In order to receive your payment, you will now need to complete a brief application where we collect some information about you, the business owner and any other owners involved with the business, about your business, and banking details to tell us where to send your money!
When specifying the bank account where you’ll want to receive deposits, please ensure the Routing Number is specifically for ACH transfers as some banks use different Routing Numbers for different deposits.
To access the application, log into Wave and click the Sales>Paymentstab along the left side menu, then click Continue Setup. The application will take approximately 10 minutes to complete.
We recommend that the owner of the business complete the setup themselves as there will be an identity verification portion towards the end of the application.
Once this application step is complete and your account is fully active, you can expect your first payment to deposit into your specified bank account in 2 business days if it's a credit card, and 2-7 business days if it's a bank payment.
The deposit you receive will be the total payment less the associated processing fees (2.9\% + $0.30 for credit cards and 1\% for bank payments). E.g., if you were paid $100 using a credit card, you would see a deposit amount of $96.80 (Wave will take care of recording the payment and bookkeeping the fees for you!)
What to do if Identity Verification fails: As you complete your application, the Identity Verification steps will ask you a number of questions drawn from public records which you are expected to know. Sometimes questions seem ‘odd’ or imprecise, and you may not give the exact answers the system expects. If you ‘fail’ identity verification, simply let our Support team know and we can help with the next steps.
Click here to continue
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How to upload customer lists via CSV

Import customer contact information into Wave quickly and easily using a CSV file.
You can also use our Google Sheets add-on, Wave Connect, to easily import your customer list from a spreadsheet.
Go to wherever you currently keep your contacts (Gmail, Outlook, Apple's Contacts app, etc.) and export or download them as a CSV file. If CSV export isn't available, export it in a file like Excel, or .txt, and then use a Save As option to save as CSV.
Download and open this sample CSV file. It's atemplate that shows you how your CSV file must be organized in order for a successful import into Wave, specifically, what kind of info goes in which columns (e.g., name, phone numbers) and exactly what the header (i.e. label) should be on the header row of each column. Headers are case sensitive.
Open the file with your contacts, and compare it to the template you got from Wave. Re-organize your file so it matches the Wave format exactly. (e.g., the first column must contain the company name (if applicable), and the header row must be labeled "Company Name".) If you want, you can carefully cut and paste the appropriate columns from your spreadsheet into the Wave template. Each contact must include at least one of the following:company name, first name, and/or last name. Without at least one of these, the upload won't work.
Save your finished file in CSV format.
Log into your Wave account, click thegear icon, and selectCustomers.
On theCustomerspage, click theImport from CSVbutton.
Click Choose File and find the CSV you've prepared. Click Upload and preview customers.
Double check that the right info appears in the right place. Make sure the business names appear in the Company Name column, that the email addresses appear in the Email column, and so on. Once you move beyond this screen you won't be able to un-import your contacts. (You can edit contacts at any time, but you'll have to do so one contact at a time.)
If everything looks good, click "Yes, proceed with import."
Other important CSV formatting rules:
In the Countrycolumn, you must use the official ISO code in order for Wave to process the file correctly. Please note that these are case sensitive and will need to be capitalized. The most commonly used by Wave customers are:
United States: US
Canada: CA
Great Britain: GB
Australia: AU
In the "Currency" column, you must also use the official ISO code. The most commonly used by Wave customers are:
US dollar: USD
Canadian dollar: CAD
British pound: GBP
Australian dollar: AUD
If you don't specify a currency, whatever you have set as your default business currency will be applied to all of your customers. Or putting it another way: If you invoice all your customers in the same currency that you do your accounting, you don't need to worry about the currency code.
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Wave Checkouts: An easy, professional way to get paid up front

Do you want to get paid for a service or product you offer, without needing to create an invoice every time? Wave Checkouts does just that!
You can probably think of lots of situations where it makes sense for your business to get paid up front. Maybe you’re taking a deposit on a long-term project, or you want to offer your clients the ability to purchase a package offer or a discount bundle.
Wave Checkouts works by creating a unique payment link that you can provide your customers, or post on your business’s website or Facebook page. When they click the link, your clients can pay you with their credit card, and they’ll automatically get a receipt once payment is successfully processed.
You can create as many checkouts as you need for different services/products for example if you charge $45 for a tap class, but $60 for a hip-hop class, you can create a tap checkout and a hip-hop checkout. If you want to offer a deal where your clients can take both classes for $95, you can create a checkout for that too!
Sound good? Let’s dive into the how-to.
To create your first checkout, click on Sales > Checkouts, and then click the New Checkout button. How to embed a Wave Checkout in your Squarespace website This is where you enter all the information about the service or product what it’s called, how much it costs, and sales tax. There’s also a space to leave a message for your clients, which they’ll see after they make a successful payment. You can also toggle to request that customers provide their contact information, so you can get in touch with them after payment.
Once you’ve entered all the details, click Publish, and you’ll see a unique link to that checkout that you can share with anyone who wants to pay you.
To see a list of all the checkouts you’ve created, just click on Sales > Checkouts again. From here, you can edit or turn off any existing checkouts, and grab the link if you need to share it again!
“Turning off” a checkout takes that checkout offline, and the payment link will no longer work. You can turn a checkout back on at any time by clicking Turn On.
When your client clicks the link, they’ll be taken to a page where they can enter their credit card information, and get a receipt after successful payment.
Payments Processed with Wave Checkouts
Want to see the payments you've processed with Wave Checkouts? You can see all Checkouts payments, declined/failed payments, and refunds under Sales > Payments. Click on a payment, then on Show Order to see the payment details.
If you need to issue a refund, click on the payment, and then on the refund button. Enter a reason for the refund, and any internal notes you want to record for that transaction. Your customer will see the reason you list for the refund, but any internal notes are only visible to you.
Checkout ideas for your business
How to embed a Wave Checkout in your Wix website
How to embed a Wave Checkout in your Wordpress website
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How to account for transaction fees

If you're one of the many business owners who uses credit card processing as a method of payment, then you’re more than familiar with transaction fees (also known as merchant fees). Most credit card processors will deduct these fees from the original payment made by your customer. You're then left with the net amount in your Wave account and a fee you need to account for.
How to account for transaction fees in Wave
You sent an invoice to your customer for $100 and they paid with PayPal. PayPal deducted $3 in merchant fees and sent you a deposit of $97. Since your bank account is connected to Wave, the transaction for $97 was imported automatically. You now have an outstanding invoice for $100. You need to mark that invoice as paid, and account for the merchant fee.
Head over to Accounting > Transactions and locate the net deposit.
Click the down arrow on the right of the transaction and select Split.
Split the transaction into 2 parts: $100 and -$3 (notice there is a negative next to the $3 amount - this is to ensure that the total equals $97).
Select the new $100 transaction and click the down arrow on the right, then Create Invoice Payment (if applicable, if not - see Step 5).
If you do not have an invoice for this customer, simply categorize the $100 into the appropriate income account for your business.
Categorize the $3 expense transaction into the Merchant Account Fees expense category.
How to account for transaction fees in Wave
You sent an invoice to your customer for $100 and they paid with PayPal. PayPal deducted $3 in merchant fees and sent you a deposit of $97. Since your bank account is connected to Wave, the transaction for $97 was imported automatically. You now have an outstanding invoice for $100. You need to mark that invoice as paid, and account for the merchant fee.
Head over to Accounting > Transactions and locate the net deposit.
Click into the transaction detail view and select Split this deposit.
Split the transaction into 2 parts: $100 and -$3 (notice there is a negative next to the $3 amount - this is to ensure that the total equals $97).
To make the $3 fee negative in Wave, select Discounts and Fees from the category dropdown. The transaction will automatically be marked as negative.
Select the new $100 portion of the transaction and apply it to the relevant invoice, if applicable. If not, see Step 5).
If you do not have an invoice for this customer, simply categorize the $100 into the appropriate income account for your business.
Categorize the $3 expense transaction under the Discounts and Feesexpense category. You can create an account here now if you don't have one already. Here, we're calling it Processing Fees.This will automatically make this portion of the transaction a negative amount.
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Canadian employers - Register your business with the CRA

If you're not sure whether this FAQ applies to you, Wave always recommends consulting a tax professional.
If you pay your nanny, babysitter, or other domestic worker a salary, the CRA will likely requireyou to report that income and pay the associated taxes.
But how do you know whether you're required to register with the CRA?
We've created a checklist with resources from the CRA to help you determine what you need to do.
Determine if you are an employer who must register with the CRA
You are considered an employer when you:
Hire a person
Establish regular working hours (for example, 9 a.m. to 5 p.m.)
Assign and supervise tasks
For further information about employing a caregiver, baby-sitter, or domestic worker, click here.
Learn more about opening a payroll program account with the CRA
A payroll program account is an account number assigned to employers for the purposes of identifying themselves when dealing with the Canada Revenue Agency (CRA).
For further information about when you have to open a payroll account number and how to open it, click here.
A typical payroll program account number looks like: "12345 6789 RP 0001" with "RP" being the CRA program account identifier for Payroll.
Register your business
Once you've determined that you are considered an employer, you can register your business.
if you want to skip straight to the register your business page, click here.
Enter your payroll program account number into your Wave account
Once you receive your payroll account number, you can enter it into your Wave account following these steps:
Log in to your Wave account
Click the Settings tabin the left navigation menu
SelectTax Profile button under the Payroll section, and enter your number on this page
Frequently Asked Questions
I'm not a business! Why do I have to become a business?
You may not consider your home a business, but you could be considered a business according to the CRA. When a person is paid for regular work, the CRA generally requires reports of the income earned and taxes paid. If you run payrolls and pay your nanny or babysitter, the income and taxes will be recorded for the business number you create when you register with the CRA. Using your business number, you will be able to generate a T4 for your nanny or babysitter, who will then be able to use the T4 to report their income.
What's the difference between a payroll account number and business number?
Your Business Number is a nine digit account number that identifies your business to federal, provincial, and municipal governments. A payroll account number is a type of business number, and you can sign up for a payroll (deductions) account number when you sign up for a business number.
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Query: Get user

Retrieve user information for the logged in user.
Operation
query {
user {
id
firstName
lastName
defaultEmail
createdAt
modifiedAt
}
}
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Query: List businesses

Retrieve basic data about the first ten businesses.
Additional fields can be retrieved, like address { postalCode }. See schema.
Operation
query {
businesses(page: 1, pageSize: 10) {
pageInfo {
currentPage
totalPages
totalCount
}
edges {
node {
id
name
isClassicAccounting
isClassicInvoicing
isPersonal
}
}
}
}
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Query: List and sort customers

For a specific business, fetches the first page of customer records sorted alphabetically. Additional sort options are available, like MODIFIED_AT_DESC. See schema.
Replace <BUSINESS_ID> with a real business id.
Operation
query {
business(id: "<BUSINESS_ID>") {
id
customers(page: 1, pageSize: 20, sort: [NAME_ASC]) {
pageInfo {
currentPage
totalPages
totalCount
}
edges {
node {
id
name
email
}
}
}
}
}
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Query: Get customer by id

Fetches a customer's data given an id using GraphQL Variables.
Replace <BUSINESS_ID> with a real business id and <CUSTOMER_ID> with a real customer id.
Operation
query ($businessId: ID!, $customerId: ID!) {
business(id: $businessId) {
id
customer(id: $customerId) {
id
name
firstName
lastName
email
mobile
phone
fax
tollFree
website
address {
addressLine1
addressLine2
city
province {
code
name
}
country {
code
name
}
postalCode
}
shippingDetails {
name
phone
instructions
address {
addressLine1
addressLine2
city
province {
code
name
}
country {
code
name
}
postalCode
}
}
currency {
code
name
symbol
}
createdAt
modifiedAt
}
}
}
Operation Variables
{
"businessId": "<BUSINESS_ID>",
"customerId": "<CUSTOMER_ID>"
}
View Article
Mutation: Create customer

Create a customer under a business.
Includes optional data firstName, lastName, email, address and currency.
See Variables for how to pass in String data as arguments.
See Errors for additional information about error cases.
Replace <BUSINESS_ID> with a real business id.
Operation
mutation ($input: CustomerCreateInput!) {
customerCreate(input: $input) {
didSucceed
inputErrors {
code
message
path
}
customer {
id
name
firstName
lastName
email
address {
addressLine1
addressLine2
city
province {
code
name
}
country {
code
name
}
postalCode
}
currency {
code
}
}
}
}
Operation Variables
{
"input": {
"businessId": "<BUSINESS_ID>",
"name": "Santa",
"firstName": "Saint",
"lastName": "Nicholas",
"email": "[email protected]",
"address": {
"city": "North Pole",
"postalCode": "H0H 0H0",
"provinceCode": "CA-NU",
"countryCode": "CA"
},
"currency": "CAD"
}
}
View Article
Query: List countries (constants)

Fetch a list of country constants and include their provinces.
Other sets of constants are also available, like currencies and accountSubtypes.
Operation
query {
countries {
code
name
provinces {
code
name
}
}
}
View Article
Query: Paginate list of products

For a specific business, fetches the first page of product/service data.
Retrieve the first 50 records. See Pagination for an explanation of page and pageSize.
Replace <BUSINESS_ID> with a real business id .
Operation
query ($businessId: ID!, $page: Int!, $pageSize: Int!) {
business(id: $businessId) {
id
products(page: $page, pageSize: $pageSize) {
pageInfo {
currentPage
totalPages
totalCount
}
edges {
node {
id
name
description
unitPrice
defaultSalesTaxes {
id
name
abbreviation
rate
}
isSold
isBought
isArchived
createdAt
modifiedAt
}
}
}
}
}
Operation Variables
{
"businessId": "<BUSINESS_ID>",
"page": 1,
"pageSize": 50
}
View Article
Mutation: Patch customer

Update specific fields of a customer, like email.
See Variables for how to pass in String data as arguments.
See Errors for additional information about error cases.
Replace <CUSTOMER_ID> with a real customer id.
Operation
mutation ($input: CustomerPatchInput!) {
customerPatch(input: $input) {
didSucceed
inputErrors {
path
code
message
}
customer {
id
email
}
}
}
Operation Variables
{
"input": {
"id": "<CUSTOMER_ID>",
"email": "[email protected]"
}
}
View Article
Query: Filter accounts

For a specific business, fetch thechart of accounts with type INCOME.
Additional filters are available, like subtypes. See schema.
Replace <BUSINESS_ID> with a real business id.
Operation
query ($businessId: ID!, $page: Int!, $pageSize: Int!) {
business(id: $businessId) {
id
accounts(page: $page, pageSize: $pageSize, types: [INCOME]) {
pageInfo {
currentPage
totalPages
totalCount
}
edges {
node {
id
name
description
displayId
type {
name
value
}
subtype {
name
value
}
normalBalanceType
isArchived
}
}
}
}
}
Operation Variables
{
"businessId": "<BUSINESS_ID>",
"page": 1,
"pageSize": 50
}
View Article
Mutation: Create product/service

Create a product (or service) under a business.
Inputs required name and unitPrice along with optional description.
To indicate you are selling the product, provide an incomeAccountId. Valid income accounts can be found by filtering accounts by subtypes INCOME, DISCOUNTS, OTHER_INCOME.
To indicate you are buying the product, provide an expenseAccountId. This can be instead of, or in addition to incomeAccountId. Valid expense accounts can be found by filtering accounts by subtypes EXPENSE, COST_OF_GOODS_SOLD, PAYMENT_PROCESSING_FEES, PAYROLL_EXPENSES.
Replace <BUSINESS_ID> with a real business id and <ACCOUNT_ID> with a real account id.
Find Valid Income Accounts
query {
business(id: "<BUSINESS_ID>") {
id
accounts(subtypes: [INCOME, DISCOUNTS, OTHER_INCOME]) {
edges {
node {
id
name
subtype {
name
value
}
}
}
}
}
}
Create Operation
mutation ($input: ProductCreateInput!) {
productCreate(input: $input) {
didSucceed
inputErrors {
code
message
path
}
product {
id
name
description
unitPrice
incomeAccount {
id
name
}
expenseAccount {
id
name
}
isSold
isBought
isArchived
createdAt
modifiedAt
}
}
}
Operation Variables
{
"input": {
"businessId": "<BUSINESS_ID>",
"name": "LED Bulb",
"description": "5 Watt C7 light bulb",
"unitPrice": "2.0625",
"incomeAccountId": "<ACCOUNT_ID>"
}
}
View Article
Query: List invoices

For a specific business, fetches the first page of invoices. See schema for all options.
WARNING: This functionality is only available to businesses where isClassicInvoicing: false. Internally, Wave is undertaking a data migration to move all invoicing data to a newer system which this API uses. All new users will automatically use the new system and existing users are slowly being moved over.
Replace <BUSINESS_ID> with a real business id.
Operation
query($businessId: ID!, $page: Int!, $pageSize: Int!) {
business(id: $businessId) {
id
isClassicInvoicing
invoices(page: $page, pageSize: $pageSize) {
pageInfo {
currentPage
totalPages
totalCount
}
edges {
node {
id
createdAt
modifiedAt
pdfUrl
viewUrl
status
title
subhead
invoiceNumber
invoiceDate
poNumber
customer {
id
name
# Can add additional customer fields here
}
currency {
code
}
dueDate
amountDue {
value
currency {
symbol
}
}
amountPaid {
value
currency {
symbol
}
}
taxTotal {
value
currency {
symbol
}
}
total {
value
currency {
symbol
}
}
exchangeRate
footer
memo
disableCreditCardPayments
disableBankPayments
itemTitle
unitTitle
priceTitle
amountTitle
hideName
hideDescription
hideUnit
hidePrice
hideAmount
items {
product {
id
name
# Can add additional product fields here
}
description
quantity
price
subtotal {
value
currency {
symbol
}
}
total {
value
currency {
symbol
}
}
account {
id
name
subtype {
name
value
}
# Can add additional account fields here
}
taxes {
amount {
value
}
salesTax {
id
name
# Can add additional sales tax fields here
}
}
}
lastSentAt
lastSentVia
lastViewedAt
}
}
}
}
}
Operation Variables
{
"businessId": "<BUSINESS_ID>",
"page": 1,
"pageSize": 20
}
View Article
Mutation: Create invoice

Create an invoice for a customer with one product. See schema for all options.
WARNING: This functionality is only available to businesses where isClassicInvoicing: false. Internally, Wave is undertaking a data migration to move all invoicing data to a newer system which this API uses. All new users will automatically use the new system and existing users are slowly being moved over.
Replace <BUSINESS_ID>, <CUSTOMER_ID>, and <PRODUCT_ID> with real ids.
Operation
mutation ($input: InvoiceCreateInput!) {
invoiceCreate(input: $input) {
didSucceed
inputErrors {
message
code
path
}
invoice {
id
createdAt
modifiedAt
pdfUrl
viewUrl
status
title
subhead
invoiceNumber
invoiceDate
poNumber
customer {
id
name
# Can add additional customer fields here
}
currency {
code
}
dueDate
amountDue {
value
currency {
symbol
}
}
amountPaid {
value
currency {
symbol
}
}
taxTotal {
value
currency {
symbol
}
}
total {
value
currency {
symbol
}
}
exchangeRate
footer
memo
disableCreditCardPayments
disableBankPayments
itemTitle
unitTitle
priceTitle
amountTitle
hideName
hideDescription
hideUnit
hidePrice
hideAmount
items {
product {
id
name
# Can add additional product fields here
}
description
quantity
price
subtotal {
value
currency {
symbol
}
}
total {
value
currency {
symbol
}
}
account {
id
name
subtype {
name
value
}
# Can add additional account fields here
}
taxes {
amount {
value
}
salesTax {
id
name
# Can add additional sales tax fields here
}
}
}
lastSentAt
lastSentVia
lastViewedAt
}
}
}
Operation Variables
{
"input": {
"businessId": "<BUSINESS_ID>",
"customerId": "<CUSTOMER_ID>",
"items": [
{
"productId": "<PRODUCT_ID>"
}
]
}
}
View Article
[Limited release] How to download the Wave Money app

Wave Money is currently in limited release. Search another help topic?
The Wave Money app is in limited release and isn’t available in the App Store yet. You can download it using TestFlight, Apple’s app testing program. After you download Wave Money, use it to sign up for the Wave Business Debit Card!
If you already have the TestFlight app on your iPhone, skip to Step 4.
Download TestFlight by using your iPhone camera to scan this QR code. A notification will appear on your phone screen. Tap it.
Tap Get to download TestFlight, then open it on your phone.
Tap Continue to open the TestFlight dashboard. It will be empty. Don’t worry, this is normal! Continue to step 4.
If you already see the Wave Money app on your TestFlight dashboard, tap it and skip to step 5.
Now use your iPhone camera to scan this QR code and tap on the notification that appears.
TestFlight will open and you'll see Wave Money on the dashboard. Tap Install to download Wave Money!
View Article

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Overall Culture

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Overall Culture at Wave Financial Inc. is rated a B by 93 employees.

Retention

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A-

Retention Score at Wave Financial Inc. is rated an A- by 93 employees.

Work Culture

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B+

Work Culture Score at Wave Financial Inc. is rated a B+ by 92 employees.

Outlook

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Outlook Score at Wave Financial Inc. is rated an A by 90 employees.

CEO Rating

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A+

CEO Rating at Wave Financial Inc. is rated an A+ by 86 employees.

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Frequently Asked Questions About Wave Financial Inc.

API Reference

Connecting my bank/credit cards: Is it safe?

[US] What kind of checks do you need to print your payroll?

Canadian employers - When do I remit? Payroll remittance due dates

How do I categorize an invoice payment?

Frequently asked questions about Form 1099-K

Direct deposit errors and statuses

How to add a sales tax

The chargeback process: what to expect

How to write off an invoice

How to customize your invoices and estimates

Community fundamentals

Bookkeeping undeposited checks

What to do if Wave can't read your OFX, QBO, ASO, or QFX file

How to manually file Form 1099-MISC

Accounting for overpayments

Accounting year-end checklist

How to edit employee details

Why can't I change my business currency?

NEW: Direct deposit with Wave

How to generate a T4

Bank reconciliation upgrade: Keep your books in order & stay on top of your accounting

Tax Services with Wave

Is my information secure?

How do I ensure my invoice income isn't duplicated?

How do I handle depreciation and amortization?

Receiving your first payment

Paying your employees on time

[US] Form 1099-MISC State Filing Requirements

Empowering the Wave Community

Introduction to the transactions page

How to add your company logo to your invoice

Receiving your first deposit

How to upload customer lists via CSV

Wave Checkouts: An easy, professional way to get paid up front

How to account for transaction fees

Canadian employers - Register your business with the CRA

Query: Get user

Query: List businesses

Query: List and sort customers

Query: Get customer by id

Mutation: Create customer

Query: List countries (constants)

Query: Paginate list of products

Mutation: Patch customer

Query: Filter accounts

Mutation: Create product/service

Query: List invoices

Mutation: Create invoice

[Limited release] How to download the Wave Money app

Anonymously Ask Wave Financial Inc. Any Question

Working at Wave Financial Inc.

Wave Financial Inc.'s Competitors

Recently Asked Questions

Recent Wave Financial Inc. Employee Reviews