The Reports in your Wave account help you gain deeper business insights understand how your business is performing, and provide information for tax filing.
Learn more about Wave’s reporting features in Video: Wave’s Reports Tour
Reports are organized into six sections:
- Financial statements
- Detailed reporting
To view reports, on the left navigation menu click Reports.
You can switch between report types (accrual or cash basis) on certain reports. At the top of a report, click Report type, then select Accrual or Cash Basis.
While you can use the filters on each report to generate reports that meet the filter criteria, you cannot create a custom report.
To export your report in CSV or PDF format, at the top right, click the Export button.
Profit & loss
The profit & loss report or income statement shows you the 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 select. When you first generate the report, you’ll see a summary. This gives you a breakdown of your total income, minus the total cost of goods sold, minus total operating expenses, generating the net profit total.
Click on Show Details to expand each section to show your income and expenses broken down by account.
You can compare reporting periods in your profit & loss report. At the top of the page, below the date field, click Compare to a prior period. Once you select the two date ranges, Wave generates the total change amount and percentage. Learn how to read a profit and loss statement.
At the top of your balance sheet, there is 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.
When you generate a balance sheet, you first see an overview with a breakdown of your assets, liabilities, and equity accounts. Click Show Details to expand the report, to show you the specific accounts that feed into the totals for each.
There is a lot of detail in the retained earnings section under equity, to give you a clearer picture of your business's value with each balance sheet that you generate.
Learn how to read a balance sheet.
The cash flow statement shows how much money is moving in and out of your business. Using this report, you can see how much useable cash is available to your business at a given time.
At the top of the report, is the net cash change for the reporting period you have selected. This measures your cash inflow minus your cash outflow, to show how much actual cash you brought in after expenditures.
Use the comparative reporting feature to compare the net cash change between two periods, and see a breakdown of the differences in cash flow by account type in the summary view.
The sales tax report shows you the tax paid on sales and purchases, so that you can file your taxes accurately.
Income by customer
The income by customer report allows you to see all your income broken down by each customer. There are two columns on this report. All income takes into account paid and unpaid income, which includes unpaid invoices. Paid income includes the income from invoices that are marked as paid. Paid income also includes transactions categorized under an income account for a customer.
Click on an amount on this report to see a detailed view of all transactions for a customer on the account transactions report.
Purchases by vendor
The purchases by vendor report shows you a breakdown of your purchases for each vendor. If you use bills or add vendors to your expense transactions, this report keeps track of those purchases.
There are two columns on this report. All purchases includes unpaid bills and paid purchases. Paid purchases only includes paid bills and expense transactions associated with a vendor. Click on an amount on this report to view the detailed account transactions report filtered by that vendor.
The aged receivables Report lets you know how much money is due to you and who owes it. It gives you a picture of the income you can expect, and overdue amounts.
Learn about the aged receivables report.
The aged payables report tells you how much you owe your vendors. It is a breakdown of your bills, who they are owed to, and if any are overdue.
The Account balances report shows the balances of each of your accounts. View a breakdown of the ending balance for each account, the debits, credits, and net movement that occurred between the end 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 net movement is calculated using what's called normal balance. For an asset account, because a debit increases the account’s balance, net movement equals debits minus credits. For a liability account, net movement equals credits minus debits.
The trial balance report provides a breakdown of the balances of your accounts, which are determined by the end date of the report that you set, and the starting balance in the account. At the bottom of this report is the total debits and credits for all accounts. The total debits always match the total credits.
The account transactions report offers a detailed view of all transactions by account, with the option to filter for a single account. You can also filter by contact on this report to view all transactions for a specific vendor or customer.
The account transactions report aims to provide as much detail about each account as possible. The header for each account will show you the account type, and where it can be found in your chart of accounts. Each account is also broken down by the starting balance and balance change to give you better visibility into your business’s progress.
Wave doesn’t have a specific product report page, but you can use the Account Transactions report to track sales and purchases made for a particular product or service. Learn to track sales and purchases for a product or service.