Understanding your new reports page

 

We've built the reports experience with a focus on deeper business insights. You'll find reports to be clearly organized, comprehensive, and easy to understand.

Your Reports landing page has been organized into five sections: Get the big picture, Stay on top of taxes, Focus on customers, Focus on vendors, and Dig Deeper

Profit & Loss

Your Profit & Loss Statement is the place to be to reference your total income and expenses for a selected period.

Total Income, Cost of Goods Sold, and Operating Expenses appear at the top of the report along with the Net Profit for the date range you have selected. When you first generate the report, you’ll see the summary version up top, which gives you a simple breakdown of your total income, minus total cost of goods sold, minus total operating expenses, generating the net profit total.

The report itself will 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.

Balance Sheet

At the top of your Balance Sheet we’ve included a display of the total funds between cash and bank accounts, your accounts receivable, and accounts payable. This provides you with an overall picture of the value of your business at a given time.

Sales Tax

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 now choose to generate a Sales Tax Report on either an accrual or cash basis. Just change the report type at the top of the page as needed.

Account Transactions

Your Account Transactions Report offers a transaction list together with a detailed view. It's possible to see all of your accounts at once, with the option to filter for a single account.

The report can also be generated based on the accounting reporting method that you prefer: accrual, cash & cash equivalents, or cash only

Cash Flow

At the top of the report, you’ll see the Net Cash Change for the reporting period you have selected. This measures your cash inflow less your cash outflow to provide you with an understanding of how much actual cash you brought in after expenditures. The Cash Flow Statement measures all inflow and outflow based on the date cash moved into or out of an account.

Account Balances

Wave 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.

Trial Balance

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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