Frequently asked questions
How do I ensure my books are tax-ready?
To ensure your books are tax-ready, read our Accounting year-end checklist. Specific tax needs may vary by business and region. If you have specific questions about your tax filings, reach out to a tax professional.
How do I look for duplicates?
You can spot duplicates or discrepancies between your Wave account and your bank records by using the reconciliation tool. Learn how to Reconcile your books.
Why should I categorize my transactions?
Transactions imported into Wave typically include only a title, date, and amount. The benefits of categorization include:
- It creates a clear paper trail of your business's financial activities.
- It simplifies income declaration and expense write-offs when filing taxes.
- It provides clarity for yourself, your accountant, or your tax preparer on the purpose of each transaction.
- It enhances the resilience of your books in case of an audit.
Many reports in Wave depend on accurate categorization. By categorizing your transactions, you allow Wave to sort your data properly.