Understanding your Reports page

The Reports in your Wave account help you gain deeper business insights to run your business effectively. This article will walk you through the different reports available in Wave.

The reports are organized into six sections: Financial statements, Taxes, Payroll, Customers, Vendors, and Detailed reporting. Each section has reports that focus on specific areas. They can help you understand how your business is performing to make informed decisions, and provide useful information for filing taxes. Click Reports on the left navigation menu in your Wave account to view the reports.

You can switch between report types (accrual or cash basis) for specific reports. At the top of a report, you will see an option Report type, which allows you to switch between accrual and cash basis reports (if applicable). While it is possible to use the filters available at the top of each report to generate reports that meet the filter criteria, you cannot create a custom report.

To export your reports in a CSV, or a PDF format, click the Export button at the top right of any report.

Profit and Loss

Balance Sheet

Cash Flow

Sales Tax

Income by Customer

Purchases by Vendor

Aged Receivables & Aged Payables

Account balances

Trial balance

Account Transactions

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 simple 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.

It is possible to compare reporting periods in your Profit & Loss report. Click on Compare to a prior period at the top of the page below the date field. Once you select the two date ranges, Wave will generate the total change amount and percentage. You can learn more about reading a profit and loss statement here

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.

As with your Profit & Loss report, when you generate a Balance Sheet, you’ll first see an overview with a simple 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's a great deal 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 more about how to read a balance sheet here.

Cash Flow

The Cash Flow statement shows how much money is moving in and out of your business. Using this report, you’ll be able to see how much useable cash is available to your business at a given time. 

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 minus your cash outflow, to provide you with an understanding of how much actual cash you brought in after expenditures.

As with your Profit & Loss report, you can 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.

Click here to learn more about the cash flow statements in Wave.

Sales Tax

The Sales Tax Report shows you the tax paid on sales and purchases, so that you can file your taxes accurately. If you're doing business in a region that conducts tax reporting on a cash basis, you can choose to generate a cash basis Sales Tax Report by switching the report type at the top of the page.

Learn more about how to use your sales tax report here.

Income by Customer

The Income by Customer report makes it easy 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 shows you the income from invoices that are marked as paid. Paid income will also include transactions categorized under an income account for a customer. You can click on a specific amount on the report, which will take you to a detailed view of all transactions for that 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 will keep track of those purchases. As with the Income by Customer report, there are 2 columns on this report. All Purchases will include unpaid bills, along with paid purchases. Paid purchases will only include paid bills or expense transactions associated with a vendor. You can click on an amount on this report to view the detailed Account Transactions report filtered by that vendor.

Aged Receivables & Aged Payables

The Aged Receivables Report lets you know how much money is due to you and who owes it. The Aged Payables Report tells you how much you owe your vendors.

The Aged Receivables report can give you a picture of the income you can expect, and overdue amounts where it may be time to send a reminder. The Aged Payables report provides you with a breakdown of your bills, who they are owed to, and if any are overdue.

Learn more about the aged receivables report here.

Account Balances

In the Account Balances report, you’ll find the balances of each of your accounts, 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 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.

Trial Balance

The Trial Balance report provides a similar breakdown of the balances of your accounts with one key difference; the balances that you’ll see in the Account Balances report are determined by the date range that is set when generating the report, while the balances in Trial Balance report 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, you will see the total debits and credits for all accounts. The total debits will always match the total credits.

Account Transactions

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.

You can generate the report based on the accounting reporting method that you prefer. You can choose between accrual (paid and unpaid), cash basis (paid), or cash only, by switching the report type at the top of the page.

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’s totals will also be broken down by the starting balance and balance change to give you better visibility into your business’s progress.