Overview
What is Wave Accounting?
Wave Accounting is a free, cloud-based accounting platform exclusively for small businesses. It supports double-entry bookkeeping and permits unlimited user access, invoicing, and expense management. Wave Accounting integrates with Wave's invoicing, receipt scanning, payment processing and payroll apps.
TrustRadius Insights
Disappointed in Wave Accounting
Wave Accounting has become unreliable
Wave has all you need for basic acounting
Awesome and easy-to-use software that unfortunately you can't use if you hire a good bookkeeper
Good Accounting Software for SME's
Wave accounting FRAUD and malicious practices.
Wave Accounting Review
Wave was a great option for my marketing consulting business.
Wave is user friendly - easy to use!
Wave Accounting Software
I will never use this free software -they just cancel features!!!
Avoid Waveapps if you are a non-profit
Wave Accounting - great for micro businesses
Awful Software and Support
We were looking …
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Popular Features
- Bank reconciliation (64)8.585%
- Standard reports (68)8.585%
- Dashboards (69)7.171%
- Accounts receivable (68)6.464%
Reviewer Pros & Cons
Pricing
What is Wave Accounting?
Wave Accounting is a free, cloud-based accounting platform exclusively for small businesses. It supports double-entry bookkeeping and permits unlimited user access, invoicing, and expense management. Wave Accounting integrates with Wave's invoicing, receipt scanning, payment processing and payroll…
Entry-level set up fee?
- No setup fee
Offerings
- Free Trial
- Free/Freemium Version
- Premium Consulting/Integration Services
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Alternatives Pricing
What is Xero?
Xero is an online accounting software product for small businesses and personal finance. Its features beyond general ledger and double-bookkeeping include quotable invoicing, bank reconciliation, purchase order and expense management, and tax management. Third party apps can extend its features…
What is QuickBooks Online?
QuickBooks Online is a SaaS version of the QuickBooks product. It contains all of the features found in the local version. Higher-priced plans include greater automation, payment management, inventory and time tracking, and analytics features.
Product Demos
How To Use Wave Accounting App | Get a hold of your Money! | Ibukun Awosika
Wave Accounting Demo
Features
Payroll Management
Provides for pay calculation and benefit plan administration, in addition to managing direct deposit, salary revisions and payroll tracking.
- 7.1Pay calculation(23) Ratings
Pay calculation provides for computation of employee pay with state and federal deductions.
- 7.5Benefit plan administration(4) Ratings
Benefit plan administration is administration of health insurance plans and 401k plans, and other benefits.
- 1.2Direct deposit files(20) Ratings
Direct deposit is the ability to electronically transfer pay to an employee’s personal bank account.
- 7.7Salary revision and increment management(12) Ratings
Salary revision is the ability to modify individual employee pay.
- 7.4Reimbursement management(8) Ratings
Reimbursement management provides cash reimbursement for employee expenses related to business travel or other.
Customization
This addresses a company’s ability to configure the software to fit its specific use case and workflow.
- 9.9API for custom integration(9) Ratings
An API (application programming interface) provides a standard programming interface for connecting third-party systems to the software for data creation, access, updating and/or deletion.
- 7Plug-ins(11) Ratings
A number of third-party plug-ins are available to expand the core functionality of the software.
Security
This component helps a company minimize the security risks by controlling access to the software and its data, and encouraging best practices among users.
- 8.5Single sign-on capability(31) Ratings
The software system supports a centralized authentication mechanism allowing the user to access multiple systems with a single, centrally managed password.
- 8.4Role-based user permissions(35) Ratings
Permissions to perform actions or access or modify data are assigned to roles, which are then assigned to users, reducing complexity of administration.
Reporting & Analytics
Users can report on and analyze usage, performance, ROI, and/or other metrics of success.
- 7.1Dashboards(69) Ratings
Users can create, customize and share dashboards, which provide an overview of the most important metrics.
- 8.5Standard reports(68) Ratings
The software offers pre-built reports with metrics standard to the category.
- 5Custom reports(35) Ratings
Users can create custom reports.
General Ledger and Configurable Accounting
Financial management solution, including capabilities for general ledger and configurable accounting
- 6.4Accounts payable(57) Ratings
This includes the automation and tracking of payment to vendors and suppliers, with features such as payment scheduling, check printing, open purchase order alerts, document management, direct ACH bill payment, and vendor records.
- 6.4Accounts receivable(68) Ratings
This includes the management and automation of invoices and collections, with features like statements, invoices, receipts, payment reminders, customer records, auto billing, and refund checks.
- 8.5Cash management(60) Ratings
The software provides a complete picture of a company’s cash flows, streamlines payment processing, and includes cash forecasting.
- 8.5Bank reconciliation(64) Ratings
The software connects to a company’s financial institutions in order to reconcile accounting records with checking, savings and credit card accounts. Often month and year closing capabilities are included.
- 8.5Expense management(62) Ratings
The software can log and track business expenses and reimbursements, including travel-related expenses, with the ability to tie them to particular projects.
- 9.6Time tracking(11) Ratings
The software can track billable and non-billable employee time by project.
- 9.6Fixed asset management(12) Ratings
This includes the ability to track fixed assets (e.g., laptops), including location, check-in and check-out, maintenance scheduling, audit history, specialized property tax period reports, cost and depreciation.
- 10Multi-currency support(19) Ratings
The software supports transactions across multiple currencies.
- 7.1Multi-division support(9) Ratings
The software is flexible and supports bookkeeping practices along multiple dimensions such as locations, branches or products.
- 6.8Regulations compliance(15) Ratings
The software helps users adhere to typical accounting standards and regulations such as IFRS, GASB, or GAAP.
- 5.9Electronic tax filing(14) Ratings
The software provides a full electronic interface for the filing of repeatable taxes, such as payroll or sales tax.
- 1.7Self-service portal(39) Ratings
The software provides online portals for certain stakeholders to find information relevant to them, such as employees, vendors and customers.
- 9Global Financial Support(2) Ratings
Account using multiple ledgers, multiple currencies, and multiple entities
- 7Primary and Secondary Ledgers(4) Ratings
Record and report across multiple currencies and accounting standards with primary and secondary ledgers
- 4Intercompany Accounting(5) Ratings
Automatically balance and reconcile GL for intercompany transactions
- 5.2Localizations(3) Ratings
Meet reporting requirements with country-specific localizations
- 8Journals and Reconciliations(29) Ratings
Automate and synchronize ledgers and processes
- 4Enterprise Accounting(7) Ratings
Create accounting for disconnected ERP and non-accounting source systems
- 5.5Configurable Accounting(16) Ratings
Configure accounting rules and segments for each chart of accounts
- 1Centralized Rules Framework(3) Ratings
Integrate disparate ERP and transactional systems into single ERP instance
- 6.9Standardized Processes(18) Ratings
Centralize financial management to facilitate standardized financial processes
Inventory Management
The ability to track and manage the flow of goods or materials into and out of an inventory.
- 5.6Inventory tracking(8) Ratings
The software syncs orders and stock to maintain a real-time picture of inventory and supports multiple methods such as LIFO and FIFO.
- 9.9Automatic reordering(5) Ratings
The software can be set up to automatically reorder a good when it falls below a certain threshold.
- 8.1Location management(2) Ratings
The software can track multiple goods across multiple locations.
- 9Manufacturing module(1) Ratings
The software helps track and manage raw materials, work-in-progress items, and finished goods.
Order Management
The ability to process orders, and track them from quote to cash.
- 9.9Pricing(26) Ratings
Users can set up complex and unique pricing requirements.
- 10Order entry(18) Ratings
Users can enter an order once, and the data flows to all the necessary units such as fulfillment and billing.
- 2.3Credit card processing(45) Ratings
The software facilitates credit card processing.
- 10Cost of goods sold(33) Ratings
The software calculates the direct costs attributable to a finished product, such as materials and labor, and includes roll-up pricing.
- 5.8Order Orchestration(5) Ratings
Define and execute order fulfillment processes for products as well as services on the same order.
- 8.2End-to-end order visibility(4) Ratings
Get updates on orders, inventory, shipments, planned supply, and invoices, and improve the quality of decisions through in-context analytics
- 7Order exception Resolution(2) Ratings
Monitor fulfillment tasks and resolve issues, view and evaluate varios options via what-if analysis and define and enforce change order rules
Product Details
- About
- Competitors
- Tech Details
- FAQs
What is Wave Accounting?
Wave Accounting integrates with Wave's invoicing, receipt scanning, payment processing and payroll apps, into one relatively comprehensive package. However, the automated payments and payroll functionality must be purchased; the payments addition bills per transaction, and the payroll feature bills by number of employees over a flat rate. To support the free platform, Wave integrates advertisements from business partners. Thus these are a necessary facet of the service.
Wave Accounting Competitors
Wave Accounting Technical Details
Operating Systems | Unspecified |
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Mobile Application | No |
Frequently Asked Questions
Comparisons
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Reviews and Ratings
(176)Community Insights
- Business Problems Solved
- Pros
- Cons
Wave Accounting is a reliable tool for staying up to date with accounting tasks such as creating invoices, tracking payments, and managing financial obligations. Users appreciate how Wave Accounting simplifies these processes, eliminating the need for manual tracking. The software offers an intuitive interface and essential accounting features that make it a popular choice for small businesses. It has been commended for its ability to quickly generate professional estimates and invoices, as well as provide performance insights through flow graphs and profit and loss graphs. Although some users have experienced drawbacks such as limited customer support and lengthy credit card acceptance processes, overall, Wave Accounting has been highly recommended by users who find it valuable for organizing their businesses. It is particularly useful for tracking inventory purchases, sales, expenses, managing independent contractor businesses, and is considered an affordable and powerful solution by accounting professionals in service-based industries.
Comprehensive and Versatile Software: Users have found Wave Accounting to be a comprehensive and versatile solution for bookkeeping and budgeting. It has been praised for its ability to effortlessly track and categorize financial transactions, streamline invoice creation without redundant data entry, as well as generate various financial reports.
Cloud-based Accessibility: The cloud-based nature of Wave Accounting is highly appreciated by users, providing them with easy accessibility from any computer while eliminating concerns about computer glitches or server problems. This feature has been mentioned by numerous reviewers.
Powerful Invoicing Feature: Users have lauded the invoicing feature in Wave Accounting for its power and user-friendliness. They can easily create and send invoices, keep track of due dates, and mark off paid invoices. The software also provides automatic invoice numbering, facilitating quick reference to different invoices.
Horrible Reconciliation Process: Users have expressed frustration with the reconciliation process in Wave, describing it as horrible. They find it difficult to match transactions and suggest a simpler method for reconciliation.
Lack of Customer Support Options: Many users complain about the lack of customer support options in Wave. They mention the absence of phone or chat lines and express frustration with the frequent response to read documentation. Users desire more personalized assistance and quicker ways to resolve their issues.
Limited Reporting Features: Users feel that the reporting features in Wave could be more robust and flexible. They report issues with exporting general ledger items and mention the need for improvements in sorting options for reports. Some users desire preset date options for reports and request further development of this aspect in Wave.
Attribute Ratings
Reviews
(1-25 of 48)Disappointed in Wave Accounting
- Site is nicely done
- It's easy to read
- In my experience, by quarter reports do not show the same totals
- They closed the community support page
- In my opinion, chat bot is useless for anything that isn't simple
- Reporting on sales tax, I need to print 3 different reports to get the info I need
Wave Accounting has become unreliable
- Easy to work
- Used to be available
- Familiar
- MAINTENANCE
- Reliability
- Poor Customer Service
Wave has all you need for basic acounting
- Reconcile
- Categorize
- Reporting
- Access to submit question
- customer service
Awesome and easy-to-use software that unfortunately you can't use if you hire a good bookkeeper
The very consequential difficulty has come in finding bookkeepers or accountants who will use Wave. This has frankly led me to hire a sub-par bookkeeper who did such a poor job that someone else had to straighten things out. This is because all the talented bookkeepers wouldn't touch Wave. They complain that it's not properly set up for what they normally do, and that they have to transfer all the numbers from Wave to Quickbooks, anyway, which isn't worth their time.
- Invoices with automatic reminders
- If you're willing to manually issue payroll, it's by far the cheapest payroll service
- Transactions easily categorized
- Bookkeepers won't use it, making it only useful for small business owners who do their own books
- Customer service is pleasant, but limited (understandable since it's a free service)
Wave Accounting Review
- Site Layout is nice
- No charge to add a logo to your invoice
- Support hours and efficacy.
- Communication of timelines & support issues
- Tell me my money was released after suspending my account
- Don't tell me "You got paid" when my client pays an invoice. Say "Wave has your money," because [of the time it takes] to release a payer's finalized transaction. {I feel that] either don't want to, or you can't. And it's not the bank's fault or timelines.
- Tell me "You got paid" when [I did not receive my money for] 15 days after "You got paid" by my client!
Wave is user friendly - easy to use!
- Invoicing
- Expenses
- Reporting
- No areas that I currently see
- Easy to use
- Free version
- Customer service, bot chat only or email
- Changed/cancelled payment services without warning
Avoid Waveapps if you are a non-profit
- Reconciliation is very difficult with multiple Wave transactions that need to be deleted or merged before it can be matched to a bank transaction.
- Payroll worked fine for us but took several days to get it set up. We have switched to another bookkeeping system and another payroll system. Canceling with Wave took several days and they charge $6 for something even though the month was paid for in advance.
- Credit card processing is nice and worked fine for us.
- Reconciliation is horrible. A user does not need to see multiple Wave transactions. I should see one Wave and one Bank transaction and if I think they are the same check a box and be done with it.
- No phone number to call and no chat line so all help is via email. Frequently the Wave person says to read the documentation and provides a link. I already did that and need help, not a mechanical response. On occasion, I did get a helpful and specific response but that was rare.
- Would like to have the ability to see each payroll by person pay stub and not just a summary by quarter.
Wave Accounting - great for micro businesses
- Bank upload and reconciliations (new feature).
- Reports are good for a free system.
- Good customer and supplier reconciliation features for a free system.
- I find the system to be quite sluggish at times, compared to other systems that we use.
- They are adding new features to the system, but it is still very behind other comparative systems.
- The payroll function is only currently available to USA and Canada.
Awful Software and Support
We were looking for something simple, that easily connected to our external bank and credit card accounts, in the cloud, and low-cost.
As the company evolved, we began using it for some invoicing and for payroll. We stopped using it for Invoicing, and recently stopped using it for Payroll.
- Cloud-based
- Connects to external accounts for transaction import
- Customer Service
- Software Upgrades that negatively affect bookkeeping past and present
Wave erratically makes software updates, rolls them out without consent, and when your books or payroll are negatively impacted by their changes, they don't do anything to fix it. There is no real-time support via chat or phone, so the back and forth via email takes an impossible amount of time and is highly ineffective.
One example of this is there Payroll service. I enrolled in this paid program after reading about all its great features for tax collection and remittance on federal and state levels. Months later, after adding an employee in another state, I learned through my own investigating that they only withhold the taxes for the employee in that state, but they don't remit them to the state despite saying loud and clear in the User Interface that "everything is all taken care of." Only after digging through support articles and contacting their email support was I able to confirm that they only remit taxes in certain states. That was not clear and never indicated when I onboard the employee in a non-supported state. As a result, I still needed to sign up for 3 separate employer accounts in that state just to remit the taxes on a monthly and quarterly basis. And because we were then 4 months overdue in remitting the withholding, we owed penalties that Wave refused to cover.
Had I known that this would have caused so many problems and rework, I would have gladly paid $30/mo for a more stable accounting and payroll software with actual customer support.
- Providing a comprehensive piece of accounting software for free
- Invoicing + receiving payments--super easy and intuitive on both fronts
- Bank account linking: They are working diligently to correct this, but it broke when they updated their system. Probably could have tested more banks prior to rolling out the upgrade
- If you don't fully track and reconcile your books, you'll see carry over numbers--needs a better way to handle this.
Easy to use for someone without accounting or business experience
- Links to bank account
- Allows me to create new categories while other apps do not
- It is completely free to use
- I'm not a big fan of the invoice feature and don't use it
- I haven't figured out a good way to get a full report of expenses at the end of the year for my tax accountant without having to make some tweaks.
- The predictive categorization is most often incorrect.
I'm not entirely sure who it would not work well with because I really don't know much about other businesses or accounting.
Wave has helped me grow my business by saving me time and helping my invoices get paid
- Accept payments online.
- Easy invoice creation.
- Overall accounting.
- More integration options.
- More options in mobile app.
Riding the Wave (Accounting)
- Invoices
- Reports
- UI/UX
- For people who aren't experienced with accounting, it can be a little confusing. I wish the help were a little more extensive.
Free Wave Accounting hits the spot for small businesses
- Invoicing - The invoicing feature of Wave Accounting is pretty solid. We are able to enter our services and items that are available for our customers at the correct price point. We add the services or the items to the invoice and add the quantity ordered or used. Invoices can be sent electronically through Wave Accounting and once the customer receives the invoice, it can be paid using the links provided.
- Recurring invoices - This is a nice feature in Wave Accounting. With recurring invoices, you can enter invoices that will be sent to clients on a regular basis. Either monthly, quarterly or yearly, the invoice will be sent to the customer. Customers can then pay online with a credit card and also permit you to automatically pay the invoice upon submission.
- Payroll - This feature will allow you to run payroll on your schedule and Wave Accounting will determine your liabilities and submit all paperwork to the proper government agencies. Wave will also schedule and notify you when payments will be made to those government agencies.
- Invoicing - Unfortunately, once an invoice is paid, you can still go back and correct that invoice or revise that invoice. Once the invoice is paid, it should be locked so that it can not be revised.
- Bills - The bills part of Wave Accounting needs quite a bit of work. I would like to see the bill section be brought up to the level that the invoicing section is at. It would be nice to enter a bill and notify me when the bill is due. Or just some way of keeping track of bills that come into the business.
- Reports - I would like to see some improvements in the reporting areas. I think it does a good job with reports but business owners always like to see reports with more detail. I know I would like to run a report automatically every month of my accounts receivables and payables.
Quick-start your accounting!
- Allows the user to set up customer profiles and manage the intricacies of account payable tracking.
- Allows the user to connect the app to a bank account thereby identifying purchases and business-related expenses. Awesome for tax time!
- Allows the user to create vendor profiles and manage payroll accordingly.
- Connecting the app to a bank that isn't listed in their database isn't seamless.
- Sending multiple invoices to one client that needs to use different payment methods raises a red flag.
- Receipts can't be exported as PDF's and must be sent from the email that was used during sign-up (can't be altered).
Not a Wave you Want to Ride
- Logging invoices and payments as it is relatively easy and fast.
- Integration with our payroll system (ADP)
- Customer service needs a lot of improvement! It is extremely difficult to contact support as they do not provide a dedicated customer service line and it takes a long time to get a response via email.
- Credit card payments have been extremely problematic and are often held up for an unreasonable amount of time (several days and longer).
- Complete lack of communication if an issue arises and lack of support getting any kind of resolution.
- No longer linking with our account and no notification when it occurred.
The best option if you're a freelance worker!
- They make sending invoices pretty simple and you can choose from sending either from Wave or you can add an email account and it will allow you to send from the Wave account but using your own account to avoid confusion from your clients.
- Being able to store products, line items, and various services so you can quickly create more invoices later is a great feature! It'll save the price or hourly rate for the next time you need to use it
- Reoccurring invoices are one of my favorite features, it makes it simple to send invoices to customer who have a monthly fee you need to charge. Wave will send it automatically and there's no extra work for you to do to ensure your customer is up to date on current charges.
- Taking payments - I would like to see them integrate with CashApp or Venmo since many of my clients like to pay via mobile apps like those and then I have to manually record the payment in Wave
- I would also like to see a feature that allows you to download a PDF version of an invoice in their mobile app. Other than that the mobile app is great!
Powerful Free Accounting and Invoicing for Small Businesses
- Invoices are so easy to execute. Whether they are one-off or recurring, fixed or variable, single item or multiple line entries, they come out looking professional, polished and they get sent without any fuss. Put your client's info on them, add your logo, describe the services, add notes, set due dates, etc. all without cracking an abacus.
- It's a little thing but I love how the estimates feature integrates with Invoices. You start by making an estimate for a client, with a defined expiry date. Once they accept, you can convert that estimate immediately into an Invoice and set it up to send.
- Built-in payment processing is great. I don't have to worry about Paypal or Stripe or anything, Wave just handles my client's credit cards so I don't have to do a thing. They even have recurring billing for my retainer clients!
- I know that credit card processing is a way for Wave to make money, but I really wish they offered ACH payment on Invoices.
- I do cash-based accounting, which means I have to make little journal entries at the start and end of each year to get my books to balance because Wave wants to do everything differently. This should just be a setting to flip, whether you want cash-based or accrual-based.
- They use Yodlee for bank connection, which doesn't play nice with 2FA. Pretty much every time I log in I have to re-enter credentials, get a code sent to me, reauthenticate, and know that I'm going to have to do it again next week. Not really on Wave, but wish they could get it together nonetheless.
Wave Accounting works great for my small business
- Easy to generate invoices, and recurring invoices
- Online Payments via credit card and bank transfer
- Accounting functions are very good to have integrated
- I think that some customers may not trust the bank transfer login system
- The auto-generated invoice numbers can be confusing if you have different prefixes for services.
- it would be amazing if they added document signing and agreements to this system.
A wave of approval for Wave
- The dashboard provides instant views of month-by month income & expenses for the past 12-24 months, a breakdown of current year expense by category, and net income for the past year and year-to-date.
- Invoicing has easy templated set up has lots of per invoice options such as single/recurring payment options, due dates.
- Year end reports are easy to generate in either pdf or csv format.
- My biggest request is that they add a way to link invoice payments with the bank deposits . When a payment is made through Wave, they show the income and it is marked with the invoice number, but when they transfer the money into the bank, the credit is not tied to the invoice(s). You have to figure out by hand and delete the transaction from the bank to prevent getting double credit on it
- It would be good to have a field for CC email on each customer. Currently you have to add any CC when sending.
- On the Transactions view, a few more search options would be helpful.
need a free ride for invoicing & accounting? catch this Wave!
- Good design / branding – looks modern & professional & trustworthy for my clients (that's coming from a picky 'millennial'!)
- Enjoyable & well-designed interface
- Great options for their free product
- Really no complaints!
Ride the Wave! It's awesome!
- Quoting and Invoicing - This feature is huge to be able to manage customers and automate the process of sending invoices as well as reminding outstanding balance holders about their obligations.
- Payment Processing - Once you get the invoicing down, the ability to process credit card and ACH payments in a single package is great. The fees are competitive and the turn-around time to money in the bank is quick.
- Bank Integrations - I mean, this ought to be a standard thing these days, but Wave makes it super simple. There is no need to use esoteric APIs or ugly interfaces - everything is in the same Wave wrapper and the functionality is truly seamless.
- The mobile experience leaves a lot to be desired. While I can use the receipt app to capture expenses, we live in a mobile digital world where I need to be able to create quotes and invoices on the spot and not back at my desk.
- There are a few accounting and account related tools that could use some sharpening. For example, there isn't a good way to merge transactions - so when I snap a picture of a receipt and add it there is trouble reconciling against the bank. This shows up as two discrete transactions that cannot be merged - so one has to be manually deleted. It kind of defeats the purpose of scanning the receipts in entirely.
- We've struggled with integrating debt accounts. For example, a shareholder may pay for something to get us by one day - how to we capture that as a debt owed? There isn't a way. The "shareholder debt" account doesn't talk to the rest of the system.
Wave Hello to Your New Accounting Solution - Wave
- The ease of use with Wave makes it a great tool. Someone without much accounting experience can jump in and use the software.
- The reports features in Wave make looking at financial statements a breeze. In addition you can quickly drill down into expense categories to see all transactions of a certain type.
- It is very easy to generate a sales invoice and see the average period for our company to get paid.
- I love the Wave Invoice app where we can track invoices on the go and verify payment history.
- One area of improvement for Wave would be combining the various mobile applications into one app.
- Another room for improvement would be on the dashboard level. It would be great if they could use more bar graphs and get away from pie charts for things like expenses.
- Some of the other areas from improvement have been addressed by recent updates so I am excited to see what else Wave brings out.
Wave is a great small business solution
- tracks and categorizes financial transactions with a direct link to bank accounts and credit cards - helpful since there is no manual input outside of verifying that a category is correct
- easily creates invoices without the need to input customer information more than once. you can also send directly from the platform and toggle the option to accept credit card and ACH payments
- creates financial reports with ease
- connection to bank sometimes lags - you can refresh the connection but it takes a minute or two to update
- sometimes invoices are categorized as sales versus consulting income - you really have to look and change it to the appropriate income account. once an invoice is recorded as paid, you can change the income account
- Wave has a tendency of not accepting a saved password, forcing users to reset a password that is knowingly valid. Using Single Sign On eliminates this but it's still annoying.