The launch of the new accounting update brings with it a suite of shiny new reports for your business. We've rebuilt the experience with the focus on deeper business insights. You'll find the new reports to be clearly organized, more comprehensive, and easier to understand. We've included a summary of each of the changes below.
You’ll find that your Reports landing page has been reorganized into five new sections: Get the big picture, Stay on top of taxes, Focus on customers, Focus on vendors, and Dig Deeper. With the update, some reports have been renamed or removed, and others have been consolidated.
Profit & Loss
Your Profit & Loss Statement (previously referred to as Income Statement) has been restructured a little but is still the place to be to reference your total income and expenses for a selected period.
The report itself will now automatically calculate your gross and net profit margins for the reporting period. Clicking on Show Details will expand each section to show your income and expenses broken down by account.
Your Balance Sheet has not changed significantly in form or function, but we’ve done our best to ensure it’s as intuitive as possible. At the top of the report, we’ve included a display of the total funds between cash and bank accounts, your accounts receivable, and accounts payable. This was added provide you with an overall picture of the value of your business at a given time.
Just like before the update, the Sales Tax Report contains a complete record of all of the sales taxes that have been applied to your transactions, invoices, and bills, but we've added one crucial feature: Sales tax reporting on a cash basis.
If you're doing business in a region that conducts tax reporting on a cash basis, you can generate a cash-based Sales Tax Report by changing the report type at the top of the page as needed.
Your Account Transactions Report now offers a transaction list together with a detailed view that was previously found within your General Ledger.
Where, before the update, it was only possible to generate the report for one account at a time, it is now possible to see all of your accounts at once, with the option to filter for a single account.
The Cash Flow Statement is entirely new to Wave and is designed to help you gain new perspective about your business. Using this report, you’ll be able to see how much useable cash is available to your business at a given time. While Wave is primarily an accrual accounting system, we’ve introduced the Cash Flow Statement to give you a fuller picture of the money moving in and out of your business.
Wave now has an Account Balances Report in place of what used to be the summary page of the General Ledger. In this report, you’ll find each of your account balances in one place. You'll be able to view a breakdown of the ending balance for each account, as well as the debits, credits, and net movement that occurred between the ending date of the report and the account’s starting balance. Net Movement refers to the increase in an account’s balance minus the decrease.
The Trial Balance report provides a similar breakdown of the balances of your accounts with one key difference: Account Balances does not populate in relation to the date of your fiscal year-end, while Trial Balance does.
Aged Receivables & Aged Payables
The Aged Receivables Report (which lets you know how much money is due to you and who owes it) and the Aged Payables Report (which tells you how much you owe and to whom) have both received some updates for visual clarity.
You now know everything there is to know about the updates to Wave's Reports page.
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