@@puretrading786 Hi Pure Trading! If you use Stripe and PayPal you can set up integrations in Wave App Accounting to automate things. You can set PayPal direct integration in Wave App Accounting but you would need to use Zapier to integrate Stripe. P.S.: Have you downloaded the guide "3 Secrets To Mastering Wave App Accounting For Non-Accountants"? Click on the link above to get your copy.. its free! 😃
@@geowizzpro2778 Hi Geowizz Bradshaw! You can add a discount when you create your customer invoice. P.S.: Have you downloaded the guide "3 Secrets To Mastering Wave App Accounting For Non-Accountants"? Click on the link above to get your copy.. its free! 😃
@@destamiadirani2187 Hi Destami Adirani! Are you migrating from another accounting system or spreadsheet? If you are, there's a few steps that you need to do to set up your Wave App Accounting. To get your account balances correct when you migrate to Wave, create a Journal Transaction but don't forget to take care of your outstanding customer invoices and supplier bills! P.S.: Have you downloaded the guide "3 Secrets To Mastering Wave App Accounting For Non-Accountants"? Click on the link above to get your copy.. its free! 😃
Thank you soo much for the information luv ! just started my truck business and had a friend tell me about Wave and needed some help sitting up my account, again thanks
Big ups for the whole Wave devs for offering this for free! I laughed so hard checking the clickbait pricing page and it says "$0.00, $0.00, $0.00,". LOL. Now I can stress less on managing invoices. F$%^ freshbooks and quickbooks.
A few things: 1. Inventory with locations, sales; You buy 1 at $1.00 each, you buy 5 @ $0.90 each; Reminder logs, you can enter in logs and set reminders if need be, to be notified of something. right now I am using MYOB/Account Edge and they are just getting too expensive. No this leads me to the next question. I am guessing you are making your money doing the payroll. Want to know how dependable are your servers? Everything is backed up? Do we get a copy of the backup data? How dependable is your servers? Basically, if I would move all my info over to Wave; are you going to disappear one day not able to access my data? In settings; can you choose which country and currency settings? Also, I like item # as I use a bar scanner to scan UPC on products.
Hi Scott, yes, you can set country and currency in the settings. If you need to manage your inventory, Wave is not right for you. It does not have inventory function.
really good tutorial for new users of Wave. thank you for your contribution to here. one question, is it different between connecting a bank account credit card account and a bank chequeing account?
Hi Nuts Accounting, Great video. How to close out profit account at year-end? I want to transfer profit to owner's equity account so on the balance sheet the profit will be shown under owner's equity, not a separate line like "profit from Jan 1 to Dec 31"?
An issue I'm having is this, first i click on Transactions. Now I have the option of All or I can choose which account, but it seems to add the total from previous years? How do I remove previous to focus only on the current year?
Hi Stewart! You're welcome! I'm glad that you find it helpful. I have written a guide on my 3 secrets to mastering Wave accounting for non-accountants.. You can get it for free here ➡️ www.nutsaccounting.com/30 😀 Have a great day!
Do you know of another free online software option? Something that is very basic. I do not need bank/credit card options. I simply need the very basic journal entry debit-credit kind.
Hello Nuts Accounting, Hi,I work at a startup construction-related business and intend to use Wave as our first accounting software.The issue is that wave does not offer payroll for my country and i am at a loss on how to deal with the payroll expenses from the income statement
Hi Jason Mase! We have received your e-mail enquiry on the above question. I have replied to your e-mail, so you may check your e-mail inbox. Let me know if you have other questions on Wave. Have a nice day!
I know this is an older video but I appreciate it! I am trying to decide what book keeping system to use - I’ve never used quick books, or even made a spreadsheet- I have no idea how any of that works but I need to be able to reconcile my bank statements & separate personal from business. I don’t need to invoice customers- I have a basic e-commerce store. I can’t afford to have someone else do it, plus I’m still so small - I just want to make sure I can sort out my financials so I know how much I’m making & spending. Is Wave a good solution? Thank you!
Hi Modern Jewelry Creators! No worries, I'm here to help you. 😉 Wave is a popular choice among small business owners and start-ups as it is free to use. You've mentioned that you have an e-commerce store and you don't need to invoice customers.. So I guess your e-commerce store has automatically issued invoices to your customers, right? Depends on your local goverment requirements, you may need to copy these invoices into your accounting system or you can just simply use a journal to record the total sales for the day. Make sure that you have reports from the e-commerce store to support the amount that you have recorded though! When I help my clients to choose the an accounting system, I usually ask 7 questions to help me choose the right one for them. I have shared them in my video and this is the link: th-cam.com/video/AYY9UMxodj0/w-d-xo.html Here's my advice: choose an accounting system that can grow with your business. The reason behind this is, it is difficult and troublesome to change accounting system so try to choose a good one and stick to it. You may not need some of the features now, but you will need the additional features when your business grows. So do check out other accounting systems such as Xero Accounting too. On top of that, you may check out if you could sync your e-commerce store to Xero Accounting so that your financial information will automatically flows from your e-commerce store to Xero Accounting. That's a huge time saver! If you would like to check out Xero Accounting, here's my honest review: th-cam.com/video/Mn1cEg6lZ7w/w-d-xo.html I hope you found the right cloud accounting system soon! 😄
@@NutsAccounting wow thank you so much for your reply!!! My e-commerce store sells products that I ship - so customers just use their credit cards to make purchases- I’ll never have invoicing. I’m in WA state. But I’ll check out Xero & your video for it too - thank you again, that is so kind of you!!!!! Viki
How do you add a category if it's not already in Wave. For example the company I'm working with thru Wave has sold a number of shares so I want to create an account to show the original amount of shares and the remaining shares after each sale of shares, etc. Thanks. Sue
Really helpful video and very well explained. We'll definitely help me navigate the Wave App better. How did you annotate the video? I found the annotations so beneficial when it came to following along. Thanks
Very useful tutorial. But I have an issue with Wave. I cannot record withheld income tax deducted by customer at the time of payment of invoices. If we record the ACTUALLY PAID amount (i.e. invoiced amount less withholding income tax), the invoices are shown as partially paid. If we record full payment, it cannot be reconciled, because payment is never made in full and invoices are paid after deduction of withholding Income Tax
Hi Hamid! When things gets complicated (like withholding tax or VAT), It will be easier and clearer to look at things separately and handle the transactions one by one. 1) Customer pays full amount hence customer receipt must be in full amount. This way your customer's payment is recorded correctly. (Example: receipt of $100) 2) Withholding tax deducted and paid on your behalf must be recorded separately as a payment from you to their local revenue board. (Example: payment of $5) By adding the second transaction above, the amount that you receive in your bank will now be correct. $100 - $5 = $95 which is the amount that your customer remitted to you. I would love to know you and your business more so I can help you better. What does your business do? What is the one thing that's holding you back from mastering Wave App Accounting? To help you master Wave App Accounting, remember to grab a free copy of "3 secrets to mastering Wave App Accounting for non-accountants" at www.nuts accounting.com/30. Have a nice day! 😃
@@NutsAccounting Thanks for the advice. I currently do this, but its quite annoying as you have to record two payment transactions. Little tweak in the coding can improve things a lot. There are a number of jurisdictions where withholding taxes are applicable. So in my opinion it is a necessary feature from a global perspective. My business: Its a sole proprietor's lawfirm with employees and no substantial inventory. Our expenses usually include salaries to employees, entertainment/tea etc., usual office supplies, books, legal subscriptions and annual rent and Income Tax at the end of financial year in addition to the income tax withheld at source.
This is nice to see the pages ahead of time. We do not have accounting for the business, now. How will I know what to put where? Does it tell me somehow? I took accounting several years ago and I did accounting for years at work. But, I always had someone show me what needed to be done. LOL
We have a Stone and Brick masonry company. No products sold. We do purchase items to do our clients projects, though. But, it is all considered a service. So, no salestaxes to the client.
Hi Shannon Hammer! Wave Accounting is an accounting system which helps you generate useful reports for your business from the transactions that you have recorded in Wave. It's designed to be non-accountant friendly and all pages are simple and easy to use. Just fill in the required information and you're good to go! 😃
Hi Mary! Thank you for your suggestion! Can you explain further on your question? Do you need help in organizing the accounts into profit and loss report?
Hi Nduma Nelson! Great to know that this video helped you! Wave App does not have a dedicated report for expenses only at the time of writing. 2 great alternatives to do the trick is Profit & Loss (Income Statement) Report and Account Balances Report to view a snapshot of your expenses in summary format. If you would like to view in detail, Account Transactions Report will give you the line items. Let me know which of these are your favourite! P.S.: Have you downloaded the guide "3 Secrets To Mastering Wave App Accounting For Non-Accountants"? Click on the link above to get your copy.. its free! 😃
Wow, I can't thank you enough for such an informative video. Just started using Wave today and am already off to a great start thanks to your video! :)
So confusing!!!! I don't know what it means... if a client buys a package... from my website, nd the pay on paypal.. there is no invoice,... I had income... Where do I put income?...that has no invoice??
How do I handle a business (sole proprietorship) whose primary activity is renting a car to customers? Everything I've read assumes using a car for business purposes, e.g. the businessperson driving the car for business activities. But this doesn't seem the same as the car being rented by customers and driven. Should it be entered as a business asset with the expenses (garage, insurance) deducted as normal business expenses? Or should it be entered as a vehicle expense, with mileage and vehicle-specific expenses?
Quick question. Im using wave. Trying to understand wave accounting transactions. My question is the account amount at the top. Is it indicative of overall transactions made( including changes) or indicative of whats coming inand out of the bank account.
Hi Babo Shesho. Are you referring to the amount shown at the top of the transactions page? This amount is your current balance of the bank account. Its a total of all bank transactions recorded in that bank account from the opening balance to the latest transaction that you have recorded. Are you learning accounting to do bookkeeping for your business? If you want to learn the basic of bookkeeping with productivity, we have a free online course, Master User Academy Level 1. Sign up now at www.nutsaccounting.com/store 😃 see you in the course!
Hi. When I made regular purchase to my vendors and these items I re-Sell to my customers. How I will do it? Should I create purchase orders for my vendor and how I re-bill to my customers these items? So enter bill from Open Purchase order? Then to make Invoice for my customer using same items that I bought from my vendor when I did the Purchase order is ...Billable TIME AND COSTS? Please let me know / Simon
mataan awil 1 second ago My Name is Mataan. I have learned a lot in your lecture and I am grateful for that. But I have one question. How to record/enter the opening/starting balances of the following accounts. : opening balance of chequing account, account receivable, account payable, common shares. and retained earnings for corporations. what about when those accounts have negative opening balances.
Hi Mataan! I'm glad that my video has helped you. You will need to create a manual journal to record your opening balances which allows you to record in both positive and negative balances. 😃 Can you help me by answering a few questions? I would love to know more about you and your business so I can make videos that can help you. Are you using Wave for your business? Does your business sell products or services? Do you conduct your business online or offline? How well do you use Wave on a scale of 1 to 5 (5 being a Pro user!) Thanks so so so much in advance! Have a great day! 😀😀
@Emily Barrett Hi Emily! Receipt is not a premium feature. In general, Wave does not have premium features except for payroll and wave payments. Don't worry, there's nothing wrong with your accounts. It's just Wave has recently updated the receipt to be integrated into the accounting transactions instead of a stand-alone receipt page. You can find out all about it here: community.waveapps.com/discussion/10667/update-on-changes-coming-to-wave-receipts
Can you make a video on categorizing PayPal transactions as lump sums at the end of the month? I do not invoice in Wave (I use a CRM and a online course software). At the moment, I need to through each transaction as categorize it. There has to be a faster way!
There are a lot of problems with the PayPal integration breaking. Is it okay if I keep the integration off and just add a transaction at the end of the month for the total money I received in PayPal and another transaction for the total fees I paid?
Do you know anything about why they would cancel a payment and refund your customer without asking you? I just set up my account and took my first payment and my understanding was that everything was set up fine. Dashboard/setup wizard said I was ready to collect payments, my checking account was connected, the whole 9 yards. I just noticed an email from them that said the payment had been canceled and refunded and something was said about follow ups from a previous email (which I never received after checking all of my inboxes and spam etc). Do you know why this would happen? Do you have to verify some thing on each payment that is received to prevent them from automatically refunding it? Wave does not have any live customer service and they’re telling me that The turnaround time to get a response from the email is 10 days. this is kind of ridiculous and I’m considering changing vendors. I am now facing having to tell my client to basically expect a refund but hang onto it until she can pay me again because I’m afraid if I don’t say anything she might accidentally spend the money and then not have enough money to pay me… Plus she is saying that she never received a refund and I can’t get a hold of wave to find out what happen and I don’t feel comfortable just collecting another payment willy-nilly. so it just creates a very awkward situation. I cannot find anything in their tech-support section, their a robot love chat is not helpful at all, I don’t see any TH-cam reviews on this, or any similar experiences on Google search. I’m very confused and I feel very alone which is not something a new business owner wants to feel especially from their payment processing vendor. I don’t want to just re-collect a payment because I don’t know what was wrong with the first one and I don’t want the same thing to happen again. sorry for the rant but I am kind of feeling lost as to what to do. If anyone knows anything about this I would greatly appreciate any help thank you!!!!
Wave is designed for entrepreneurs and freelancers, but of course it is not a strict rule that you must be either one to use Wave. You may want to explore the features of Wave and decide if it fulfills what you need.
Hi Favour Omolu! In Wave Accounting, inventory is called "Products and Services". You can find them in Sales menu and Purchases menu. I would love to know you and your business more so I can help you better. What does your business do? What is the one thing that's holding you back from mastering Wave App Accounting? To help you master Wave App Accounting, remember to grab a free copy of "3 secrets to mastering Wave App Accounting for non-accountants" at www.nuts accounting.com/30. Have a nice day! 😃
If you are looking for an accounting system which double up as your inventory management system as well, to be honest, Wave Accounting is not suitable for you. It is a simple accounting system and if you want to manage your inventory, you will have to use a separate inventory management system or goes manual with a spreadsheet software. 😃
Hi Madz Punzalan! Great question there. If you are migrating from another accounting system or spreadsheet, there's a few steps that you need to do to get your Wave up and running. To get your account balances correct when you migrate to Wave, create a Journal Transaction but don't forget to take care of your outstanding customer invoices and supplier bills!
@@NutsAccounting Hi Thank you for your reply to this question. Are you saying to create open balances for your customers you should simply do a manual journal entry if you are migrating from a different system?
@@eugenerogerbrazelle7960 Hi Eugene! There are 2 ways to migrate your opening balances for customers and suppliers: 1) lump sum (1 total for all customers); or 2) by individual customers. If lump sum, its 1 total for all customers and you can use manual journal. But I strongly suggest to migrate with individual customer / supplier balances as it is easier to continue on the record. To do so, you will need to recreate the individual outstanding invoices in Wave Accounting.
Before you decide to do your small business accounting with this company please read this. I was in a situation where I used wave invoice to bill a guest who had stolen a tv from my hotel. The thief realizing when caught on film agreed to pay for tv. He paid threw wave invoicing. 3 months later the guest/thief claims to cc company this was a fraudulent transaction. (It was not, he himself made the charge when he agreed to pay) wave then stole that money from me when it was claimed as fraudulent! I was able to present my case to the bank of the situation and they assured me this was actually waves liability not mine and filled in my favor to deposit money back into my account. Wave then harassed me to pay this money back to them, made threats about sending collection agency at me to destroy my perfect credit, extorted me by denying access to my other businesses wave accounts that had nothing to do with the matter. Wave made no effort to fight for me as a small business owner when I provided all proof that it was not fraudulent charge, I provided them pictures of the thief, and messages confirming with them the thief agreed to pay for stolen tv. They would delay days in communication with me for an urgent matter and would only create a claim on my behalf if I would pay them an additional 600$! I was polite & respectful, to these crooks throughout this entire process and even asked for a compromise to give me discount on book keeping service or to pay half of this liability with me since it was with there payment software. They only came back with collection agency threats and blocked my account access paralyzingly my business operations. Wave is a truly horrendous organization and this begins from the top down. They are stubbornly unwilling to come to a fair and just compromise with their clients. They claim their changing the way small business manage their finance more like extorting & controlling small businesses finance. This company demonstrated throughout this entire process how they resemble the thief who stole the tv from my hotel. They are the same in every way and resort to the same practices. They will bully the small business owner who practices good ethics and resort to malicious and unmoral tactics.
You're welcome, Golden Nepal Holidays! Have you downloaded the guide "3 Secrets To Mastering Wave App Accounting For Non-Accountants"? Click on the link above to get your copy.. its free! 😃
Hi. Thanks very much for this video. I don't see any banking option on my Wave App. Also there is no "Wave Plus" option on my menu. Am I missing something?
@@NutsAccounting Thanks very much for your response. While I waited for it, I looked up the banking option on Google and found articles from Wave's website saying that that option is not available to people outside the US and Canada. I'm thinking that that may be true as well of the new Wave Advisors option that also does not display on my menu. I live in Nigeria. So those options don't seem to be available to me.
Hi Odii Ariwodo. Have you checked your user role in Wave Accounting? If you are not an "Admin" user, you might have limited access and the functions that you do not have access to will not appear in your menu. Maybe you should check with the one with Owner role on this.
Hi Pui Kuan! First of all, thank you for your support in watching my video! I hope you find this video helpful for you. In referring to your question, I'm afraid Wave Accounting does not capture incorporation date at the moment. If you need to store your incorporation date in Wave Accounting, you can be creative and use any of the unused field to store it. A word of warning though.. remember to check all of the documents generated by Wave Accounting and see if it prints out and your customers sees it! (Example: If you use Address Line 1 to store your incorporation date of "1st Jan 2020" it will appear in Sales Invoices and your customer will see it! Yikes, we don't want that to happen!)
Hi Dina! All cloud accounting system providers have their own security in place to protect their servers. You may want to check out the website of your respective cloud accounting system to learn more. Overall, (not only for accounting) systems and software such as Microsoft excel, word & etc are moving to cloud based as an adaptation to our needs.
thank you for this video. it was very informative. can you please explain how to record a receipt if i pay for an item with cash. for example i pay for street parking with some coins. how do i record the expense in wave.
Hi Ceelabb CBD! Glad that you find the video helpful! You may use Wave Receipt to record the receipts or you may record it manually in accounting transactions. Try it out and let me know which one you like more! 😀
@@NutsAccounting also can I ask one more question. Is it better to record all receipts or just cash receipts. My logic is if I only record cash receipts I won't have to merge any receipts with transactions.
Tawfiq Bastaki, have you checked your user role in Wave Accounting? If you do not have Admin access, your menu will be slightly different due to your limited accessibility. You might want to check out with the person in charge of your Wave Accounting. =)
Hi @S.Sunil Dora! At the time of writing, Wave Accounting does not keep track of your inventory movement and costing. As Wave has been improving and updating its accounting system, let's hope that they'll add this in the future!
Hi Aces Engineering! Wave Accounting does not has the feature to create Credit Note at the moment, but you can definitely use the invoices as a workaround (for the moment). We are running 2 Free Live Masterclasses for Non-Accountants on Wave Accounting! I’m dishing all my secrets on how you can use Wave Accounting like a PRO in 2020 and beyond in my upcoming FREE masterclass. Pssst...you CAN use Wave Accounting like a PRO without accounting knowledge, the constant overwhelm or the momentum crushing question "What should I do next?" 🎉 Reserve your FREE spot here: www.nutsaccounting.com/wave
I see you're using RM currency, means you're from Malaysia. I tried to sign up, and it apparently said it's only for USA and Canada market, and instead, they asked me to sign up for Zoho. :(
At the moment, We're still able to access our accounts. So far no news about terminating the existing ones. They're encouraging and doing their best to help affected users to migrate their accounting records to ZoHo.
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What is the next Wave Accounting tutorial you would like to learn?
Comment below and let me know!😀
How to add a discount?
Thanks for the video. How to fill beginning balance when first start? thank you...
@@puretrading786 Hi Pure Trading! If you use Stripe and PayPal you can set up integrations in Wave App Accounting to automate things. You can set PayPal direct integration in Wave App Accounting but you would need to use Zapier to integrate Stripe.
P.S.: Have you downloaded the guide "3 Secrets To Mastering Wave App Accounting For Non-Accountants"? Click on the link above to get your copy.. its free! 😃
@@geowizzpro2778 Hi Geowizz Bradshaw! You can add a discount when you create your customer invoice.
P.S.: Have you downloaded the guide "3 Secrets To Mastering Wave App Accounting For Non-Accountants"? Click on the link above to get your copy.. its free! 😃
@@destamiadirani2187 Hi Destami Adirani! Are you migrating from another accounting system or spreadsheet? If you are, there's a few steps that you need to do to set up your Wave App Accounting. To get your account balances correct when you migrate to Wave, create a Journal Transaction but don't forget to take care of your outstanding customer invoices and supplier bills!
P.S.: Have you downloaded the guide "3 Secrets To Mastering Wave App Accounting For Non-Accountants"? Click on the link above to get your copy.. its free! 😃
Thank you soo much for the information luv ! just started my truck business and had a friend tell me about Wave and needed some help sitting up my account, again thanks
Lining up Balance Sheet with Depreciation items correctly. AND Reconciling Variable Accounts (market ups and downs)
Absoutely brilliant, thank you so very much for going through this, step by step, thank you. You did an amazing job.
Big ups for the whole Wave devs for offering this for free! I laughed so hard checking the clickbait pricing page and it says "$0.00, $0.00, $0.00,". LOL. Now I can stress less on managing invoices. F$%^ freshbooks and quickbooks.
Thanks so much, you are such a lovely lady and i appreciate all your help! subscribed and liked!
Thank u for the tutorial it's awesome, unfortunately I don't see the receipts? I only see bills?? Did it change?
thank you for taking time to explain it I. such a way. God bless you
A few things: 1. Inventory with locations, sales; You buy 1 at $1.00 each, you buy 5 @ $0.90 each; Reminder logs, you can enter in logs and set reminders if need be, to be notified of something. right now I am using MYOB/Account Edge and they are just getting too expensive. No this leads me to the next question. I am guessing you are making your money doing the payroll. Want to know how dependable are your servers? Everything is backed up? Do we get a copy of the backup data? How dependable is your servers? Basically, if I would move all my info over to Wave; are you going to disappear one day not able to access my data? In settings; can you choose which country and currency settings? Also, I like item # as I use a bar scanner to scan UPC on products.
Hi Scott, yes, you can set country and currency in the settings. If you need to manage your inventory, Wave is not right for you. It does not have inventory function.
I'm not from Wave Accounting's company so I can't reply on behalf of them about their servers. You may contact them to check on that.
Great video. Can you please make a video on how to enter petty cash transactions in Wave? There are no videos on TH-cam explaining this. Thank you
Thanks...your teaching technique is amazing .....New Delhi. India
Excellent your way of explanation .it's really very easy for every .
I have no word for appreciate you .you r very good
really good tutorial for new users of Wave. thank you for your contribution to here.
one question, is it different between connecting a bank account credit card account and a bank chequeing account?
Hi Nuts Accounting, Great video. How to close out profit account at year-end? I want to transfer profit to owner's equity account so on the balance sheet the profit will be shown under owner's equity, not a separate line like "profit from Jan 1 to Dec 31"?
An issue I'm having is this, first i click on Transactions. Now I have the option of All or I can choose which account, but it seems to add the total from previous years? How do I remove previous to focus only on the current year?
Thanks so much for such a thorough overview! You did a great job!
Thank you - I am a new treasurer for my community and this was so helpful
Can you please do a walkthrough for the Wave App for iOs?!
Thank you. Your explanation was concise and very clear. After this, I am comfortable with handling my financial records.
Hi Stewart! You're welcome! I'm glad that you find it helpful. I have written a guide on my 3 secrets to mastering Wave accounting for non-accountants.. You can get it for free here ➡️ www.nutsaccounting.com/30 😀
Have a great day!
Thank you for the thorough walk-through! feeling much more confident :)
Do you know of another free online software option? Something that is very basic. I do not need bank/credit card options. I simply need the very basic journal entry debit-credit kind.
Hello Nuts Accounting,
Hi,I
work at a startup construction-related business and intend to use Wave
as our first accounting software.The issue is that wave does not offer payroll for my country and i am at a loss on how to deal with the payroll expenses from the income statement
Hi Jason Mase! We have received your e-mail enquiry on the above question. I have replied to your e-mail, so you may check your e-mail inbox. Let me know if you have other questions on Wave. Have a nice day!
I know this is an older video but I appreciate it! I am trying to decide what book keeping system to use - I’ve never used quick books, or even made a spreadsheet- I have no idea how any of that works but I need to be able to reconcile my bank statements & separate personal from business. I don’t need to invoice customers- I have a basic e-commerce store. I can’t afford to have someone else do it, plus I’m still so small - I just want to make sure I can sort out my financials so I know how much I’m making & spending.
Is Wave a good solution? Thank you!
Hi Modern Jewelry Creators! No worries, I'm here to help you. 😉 Wave is a popular choice among small business owners and start-ups as it is free to use. You've mentioned that you have an e-commerce store and you don't need to invoice customers.. So I guess your e-commerce store has automatically issued invoices to your customers, right? Depends on your local goverment requirements, you may need to copy these invoices into your accounting system or you can just simply use a journal to record the total sales for the day. Make sure that you have reports from the e-commerce store to support the amount that you have recorded though!
When I help my clients to choose the an accounting system, I usually ask 7 questions to help me choose the right one for them. I have shared them in my video and this is the link: th-cam.com/video/AYY9UMxodj0/w-d-xo.html
Here's my advice: choose an accounting system that can grow with your business. The reason behind this is, it is difficult and troublesome to change accounting system so try to choose a good one and stick to it. You may not need some of the features now, but you will need the additional features when your business grows. So do check out other accounting systems such as Xero Accounting too. On top of that, you may check out if you could sync your e-commerce store to Xero Accounting so that your financial information will automatically flows from your e-commerce store to Xero Accounting. That's a huge time saver! If you would like to check out Xero Accounting, here's my honest review: th-cam.com/video/Mn1cEg6lZ7w/w-d-xo.html
I hope you found the right cloud accounting system soon! 😄
@@NutsAccounting wow thank you so much for your reply!!!
My e-commerce store sells products that I ship - so customers just use their credit cards to make purchases- I’ll never have invoicing. I’m in WA state.
But I’ll check out Xero & your video for it too - thank you again, that is so kind of you!!!!! Viki
How do you add a category if it's not already in Wave. For example the company I'm working with thru Wave has sold a number of shares so I want to create an account to show the original amount of shares and the remaining shares after each sale of shares, etc. Thanks. Sue
Really helpful video and very well explained. We'll definitely help me navigate the Wave App better. How did you annotate the video? I found the annotations so beneficial when it came to following along. Thanks
Very useful tutorial. But I have an issue with Wave. I cannot record withheld income tax deducted by customer at the time of payment of invoices. If we record the ACTUALLY PAID amount (i.e. invoiced amount less withholding income tax), the invoices are shown as partially paid. If we record full payment, it cannot be reconciled, because payment is never made in full and invoices are paid after deduction of withholding Income Tax
Hi Hamid! When things gets complicated (like withholding tax or VAT), It will be easier and clearer to look at things separately and handle the transactions one by one.
1) Customer pays full amount hence customer receipt must be in full amount. This way your customer's payment is recorded correctly. (Example: receipt of $100)
2) Withholding tax deducted and paid on your behalf must be recorded separately as a payment from you to their local revenue board. (Example: payment of $5)
By adding the second transaction above, the amount that you receive in your bank will now be correct.
$100 - $5 = $95 which is the amount that your customer remitted to you.
I would love to know you and your business more so I can help you better. What does your business do? What is the one thing that's holding you back from mastering Wave App Accounting?
To help you master Wave App Accounting, remember to grab a free copy of "3 secrets to mastering Wave App Accounting for non-accountants" at www.nuts accounting.com/30. Have a nice day! 😃
@@NutsAccounting Thanks for the advice. I currently do this, but its quite annoying as you have to record two payment transactions. Little tweak in the coding can improve things a lot. There are a number of jurisdictions where withholding taxes are applicable. So in my opinion it is a necessary feature from a global perspective.
My business: Its a sole proprietor's lawfirm with employees and no substantial inventory. Our expenses usually include salaries to employees, entertainment/tea etc., usual office supplies, books, legal subscriptions and annual rent and Income Tax at the end of financial year in addition to the income tax withheld at source.
This is nice to see the pages ahead of time. We do not have accounting for the business, now. How will I know what to put where? Does it tell me somehow? I took accounting several years ago and I did accounting for years at work. But, I always had someone show me what needed to be done. LOL
We have a Stone and Brick masonry company. No products sold. We do purchase items to do our clients projects, though. But, it is all considered a service. So, no salestaxes to the client.
Hi Shannon Hammer! Wave Accounting is an accounting system which helps you generate useful reports for your business from the transactions that you have recorded in Wave. It's designed to be non-accountant friendly and all pages are simple and easy to use. Just fill in the required information and you're good to go! 😃
I don't know if you already have a tutorial on this, but if you could do one on organizing profit and loss I'd really appreciate it.
Hi Mary! Thank you for your suggestion! Can you explain further on your question? Do you need help in organizing the accounts into profit and loss report?
is there a way to print checks for vendors?
i have learned so many things in the wave app accounting. i wish to know how create a report for expenses only
Hi Nduma Nelson! Great to know that this video helped you! Wave App does not have a dedicated report for expenses only at the time of writing. 2 great alternatives to do the trick is Profit & Loss (Income Statement) Report and Account Balances Report to view a snapshot of your expenses in summary format. If you would like to view in detail, Account Transactions Report will give you the line items. Let me know which of these are your favourite!
P.S.: Have you downloaded the guide "3 Secrets To Mastering Wave App Accounting For Non-Accountants"? Click on the link above to get your copy.. its free! 😃
This is a really good tutorial. Very clear and thorough
What business does wave apps support?
Wow, I can't thank you enough for such an informative video. Just started using Wave today and am already off to a great start thanks to your video! :)
Hi Samantha! Glad that you find the video helpful. All the best to you! 😃
So confusing!!!! I don't know what it means... if a client buys a package... from my website, nd the pay on paypal.. there is no invoice,... I had income... Where do I put income?...that has no invoice??
How do I handle a business (sole proprietorship) whose primary activity is renting a car to customers?
Everything I've read assumes using a car for business purposes, e.g. the businessperson driving the car for business activities. But this doesn't seem the same as the car being rented by customers and driven.
Should it be entered as a business asset with the expenses (garage, insurance) deducted as normal business expenses? Or should it be entered as a vehicle expense, with mileage and vehicle-specific expenses?
Quick question. Im using wave. Trying to understand wave accounting transactions.
My question is the account amount at the top. Is it indicative of overall transactions made( including changes) or indicative of whats coming inand out of the bank account.
Hi Babo Shesho. Are you referring to the amount shown at the top of the transactions page? This amount is your current balance of the bank account. Its a total of all bank transactions recorded in that bank account from the opening balance to the latest transaction that you have recorded.
Are you learning accounting to do bookkeeping for your business? If you want to learn the basic of bookkeeping with productivity, we have a free online course, Master User Academy Level 1. Sign up now at www.nutsaccounting.com/store 😃 see you in the course!
Really enjoyed the video thoroughly! Thank you so much!
Hi. When I made regular purchase to my vendors and these items I re-Sell to my customers. How I will do it? Should I create purchase orders for my vendor and how I re-bill to my customers these items? So enter bill from Open Purchase order? Then to make Invoice for my customer using same items that I bought from my vendor when I did the Purchase order is ...Billable TIME AND COSTS? Please let me know / Simon
mataan awil
1 second ago
My Name is Mataan. I have learned a lot in your lecture and I am grateful for that. But I have one question. How to record/enter the opening/starting balances of the following accounts. : opening balance of chequing account, account receivable, account payable, common shares. and retained earnings for corporations. what about when those accounts have negative opening balances.
Hi Mataan! I'm glad that my video has helped you. You will need to create a manual journal to record your opening balances which allows you to record in both positive and negative balances. 😃
Can you help me by answering a few questions? I would love to know more about you and your business so I can make videos that can help you. Are you using Wave for your business? Does your business sell products or services? Do you conduct your business online or offline? How well do you use Wave on a scale of 1 to 5 (5 being a Pro user!) Thanks so so so much in advance! Have a great day! 😀😀
yes , I will try thank you , I shared it with a friend as well.
Could you explain how to create Purchase Order on it?
really great video, thanks so much
Great Video, Thanks!!!
You did a GREAT job! Can you do a demo of a person using it? Like Bob's Donut Shop, or Jenny's Video Editing Service?
Dang! This was really thorough!!! 👍🙏
Glad that you find the video helpful! =)
Thank you for this! Do you have information on how to do payroll?
Hi itsjenuine! Payroll tutorials are not available at the moment but we'll keep our possibilities open! :)
I have a question. Why did my inventory doesn't being included in the cost of goods sold? Or this feature is not there yet?
Thank You for your tutorial!
You're welcome! Glad that it helped you
Receipts isn't showing up under Purchases for me. Is this a premium feature?
@Emily Barrett Hi Emily! Receipt is not a premium feature. In general, Wave does not have premium features except for payroll and wave payments. Don't worry, there's nothing wrong with your accounts. It's just Wave has recently updated the receipt to be integrated into the accounting transactions instead of a stand-alone receipt page. You can find out all about it here: community.waveapps.com/discussion/10667/update-on-changes-coming-to-wave-receipts
Thank you for the tutorial. May I ask how can Wave Accounting handle withholding tax? Thank you! :)
Is there a way to backup the data locally? I've heard of people having their accounts disappear and having to input a years worth of invoices.
do they have a stock management system
Is there any methods to delete accounts in the Chart of Accounts?
Excellent video
How do I get a report of the quantity sold for a particular month
I like your channel. Please keep creating. Excellent content and presentation.
Thank you G W!
aku subscribe la..ada effort tapi baru 2.58k subscriber..
Terima kasih!
@@NutsAccounting sama-sama
Can you make a video on categorizing PayPal transactions as lump sums at the end of the month? I do not invoice in Wave (I use a CRM and a online course software). At the moment, I need to through each transaction as categorize it. There has to be a faster way!
can we merge multiple wave accounts???
Hey whats the national program that USA use ?
I mean you can use any type of accounting program in the USA ?
can wave use ap account free?
Hey there, can you create recurring transactions for monthly business expenses?
Thank you. Great video.
Hi I lost all my old invoice how can I have them back and when I make new invoice I can’t see on date please can you help
There are a lot of problems with the PayPal integration breaking. Is it okay if I keep the integration off and just add a transaction at the end of the month for the total money I received in PayPal and another transaction for the total fees I paid?
This is awesome! Thanks 🙏 I want to master wave acctg
Do you know anything about why they would cancel a payment and refund your customer without asking you? I just set up my account and took my first payment and my understanding was that everything was set up fine. Dashboard/setup wizard said I was ready to collect payments, my checking account was connected, the whole 9 yards. I just noticed an email from them that said the payment had been canceled and refunded and something was said about follow ups from a previous email (which I never received after checking all of my inboxes and spam etc). Do you know why this would happen? Do you have to verify some thing on each payment that is received to prevent them from automatically refunding it? Wave does not have any live customer service and they’re telling me that The turnaround time to get a response from the email is 10 days. this is kind of ridiculous and I’m considering changing vendors. I am now facing having to tell my client to basically expect a refund but hang onto it until she can pay me again because I’m afraid if I don’t say anything she might accidentally spend the money and then not have enough money to pay me… Plus she is saying that she never received a refund and I can’t get a hold of wave to find out what happen and I don’t feel comfortable just collecting another payment willy-nilly. so it just creates a very awkward situation. I cannot find anything in their tech-support section, their a robot love chat is not helpful at all, I don’t see any TH-cam reviews on this, or any similar experiences on Google search. I’m very confused and I feel very alone which is not something a new business owner wants to feel especially from their payment processing vendor. I don’t want to just re-collect a payment because I don’t know what was wrong with the first one and I don’t want the same thing to happen again. sorry for the rant but I am kind of feeling lost as to what to do. If anyone knows anything about this I would greatly appreciate any help thank you!!!!
HI there, thank you for your video, Can i integrate my amazon seller account with Wave and how can i do?
Thank you for sharing this information.
If you accidentally delete can you get access to the deleted account
Hello, is it possible to have multiple emails for customers so when you send the invoice it will go to all of them?
Hi, i am unable to create an estimate, on the estimate page, the create tab doe not want to pull up the template? what do I do?
can you give me an accounting guide for food kiosk
I would like to know about creating quotes and converting to invoice
Is it recommended to use for non-profit organization?
Wave is designed for entrepreneurs and freelancers, but of course it is not a strict rule that you must be either one to use Wave. You may want to explore the features of Wave and decide if it fulfills what you need.
What software do you use to create your videos
Hi MDPL! I used OBS software. 😃
thanks for the tutorials. i didn't get any information on inventory o waves accounting
Hi Favour Omolu! In Wave Accounting, inventory is called "Products and Services". You can find them in Sales menu and Purchases menu.
I would love to know you and your business more so I can help you better. What does your business do? What is the one thing that's holding you back from mastering Wave App Accounting?
To help you master Wave App Accounting, remember to grab a free copy of "3 secrets to mastering Wave App Accounting for non-accountants" at www.nuts accounting.com/30. Have a nice day! 😃
If you are looking for an accounting system which double up as your inventory management system as well, to be honest, Wave Accounting is not suitable for you. It is a simple accounting system and if you want to manage your inventory, you will have to use a separate inventory management system or goes manual with a spreadsheet software. 😃
@@NutsAccounting OK. Because I discovered that the stock balance was not visible and cannot be found. But thanks anyway. I appreciate your efforts.
how can i input starting amount of account if it is a migration of balances
Hi Madz Punzalan! Great question there. If you are migrating from another accounting system or spreadsheet, there's a few steps that you need to do to get your Wave up and running. To get your account balances correct when you migrate to Wave, create a Journal Transaction but don't forget to take care of your outstanding customer invoices and supplier bills!
@@NutsAccounting Hi Thank you for your reply to this question. Are you saying to create open balances for your customers you should simply do a manual journal entry if you are migrating from a different system?
@@eugenerogerbrazelle7960 Hi Eugene! There are 2 ways to migrate your opening balances for customers and suppliers:
1) lump sum (1 total for all customers); or
2) by individual customers.
If lump sum, its 1 total for all customers and you can use manual journal. But I strongly suggest to migrate with individual customer / supplier balances as it is easier to continue on the record. To do so, you will need to recreate the individual outstanding invoices in Wave Accounting.
Before you decide to do your small business accounting with this company please read this.
I was in a situation where I used wave invoice to bill a guest who had stolen a tv from my hotel. The thief realizing when caught on film agreed to pay for tv. He paid threw wave invoicing. 3 months later the guest/thief claims to cc company this was a fraudulent transaction. (It was not, he himself made the charge when he agreed to pay) wave then stole that money from me when it was claimed as fraudulent! I was able to present my case to the bank of the situation and they assured me this was actually waves liability not mine and filled in my favor to deposit money back into my account. Wave then harassed me to pay this money back to them, made threats about sending collection agency at me to destroy my perfect credit, extorted me by denying access to my other businesses wave accounts that had nothing to do with the matter. Wave made no effort to fight for me as a small business owner when I provided all proof that it was not fraudulent charge, I provided them pictures of the thief, and messages confirming with them the thief agreed to pay for stolen tv. They would delay days in communication with me for an urgent matter and would only create a claim on my behalf if I would pay them an additional 600$! I was polite & respectful, to these crooks throughout this entire process and even asked for a compromise to give me discount on book keeping service or to pay half of this liability with me since it was with there payment software. They only came back with collection agency threats and blocked my account access paralyzingly my business operations. Wave is a truly horrendous organization and this begins from the top down. They are stubbornly unwilling to come to a fair and just compromise with their clients. They claim their changing the way small business manage their finance more like extorting & controlling small businesses finance. This company demonstrated throughout this entire process how they resemble the thief who stole the tv from my hotel. They are the same in every way and resort to the same practices. They will bully the small business owner who practices good ethics and resort to malicious and unmoral tactics.
Very very useful. Thank you
You're welcome, Golden Nepal Holidays! Have you downloaded the guide "3 Secrets To Mastering Wave App Accounting For Non-Accountants"? Click on the link above to get your copy.. its free! 😃
Great
Hi. Thanks very much for this video. I don't see any banking option on my Wave App. Also there is no "Wave Plus" option on my menu. Am I missing something?
Hi Odii Ariwodo! Wave has recently updated their layout and replaced "Wave Plus" with "Wave Advisors". However, Banking is still on the menu. =)
@@NutsAccounting Thanks very much for your response. While I waited for it, I looked up the banking option on Google and found articles from Wave's website saying that that option is not available to people outside the US and Canada. I'm thinking that that may be true as well of the new Wave Advisors option that also does not display on my menu. I live in Nigeria. So those options don't seem to be available to me.
Hi Odii Ariwodo. Have you checked your user role in Wave Accounting? If you are not an "Admin" user, you might have limited access and the functions that you do not have access to will not appear in your menu. Maybe you should check with the one with Owner role on this.
Great video!!
Thank you! Hope you enjoyed our video. 😃
hi, can I know how to put the incorporation date in Wave Accounting?
Hi Pui Kuan! First of all, thank you for your support in watching my video! I hope you find this video helpful for you.
In referring to your question, I'm afraid Wave Accounting does not capture incorporation date at the moment. If you need to store your incorporation date in Wave Accounting, you can be creative and use any of the unused field to store it. A word of warning though.. remember to check all of the documents generated by Wave Accounting and see if it prints out and your customers sees it! (Example: If you use Address Line 1 to store your incorporation date of "1st Jan 2020" it will appear in Sales Invoices and your customer will see it! Yikes, we don't want that to happen!)
Thank you so much!! I am grateful for your tutorial!
You're welcome, Christine! And a great welcome to you in joining Nuts Accounting email newsletter community! 🎉🎉
Hello Nuts Accounting what is the down fall of using this app on cloud? Am I more subject to hackers?
Hi Dina! All cloud accounting system providers have their own security in place to protect their servers. You may want to check out the website of your respective cloud accounting system to learn more. Overall, (not only for accounting) systems and software such as Microsoft excel, word & etc are moving to cloud based as an adaptation to our needs.
@@NutsAccounting thank you
Is there a way to backup the data locally? I've heard of people having their accounts disappear and having to input a years worth of invoices.
thank you for this video. it was very informative. can you please explain how to record a receipt if i pay for an item with cash. for example i pay for street parking with some coins. how do i record the expense in wave.
Hi Ceelabb CBD! Glad that you find the video helpful! You may use Wave Receipt to record the receipts or you may record it manually in accounting transactions. Try it out and let me know which one you like more! 😀
@@NutsAccounting what category do I put cash in.
@@NutsAccounting also can I ask one more question. Is it better to record all receipts or just cash receipts.
My logic is if I only record cash receipts I won't have to merge any receipts with transactions.
good video. wave is amazing
Can you we record inventory we bought?
Wave only offers basic inventory management.. you can keep an inventory list in Wave but cannot keep track of its quantity.
On my menu, I don't see "Wave Plus" or "Banking" options! Any reason?
Hi Tawfiq Bastaki! Wave has recently updated their layout to remove "Wave Plus" while retaining banking on the menu. 😀
Tawfiq Bastaki, have you checked your user role in Wave Accounting? If you do not have Admin access, your menu will be slightly different due to your limited accessibility. You might want to check out with the person in charge of your Wave Accounting. =)
Does Wave Accounting do bookeeping as well?
I am from India.Will you kindly tell me is inventory can be manged with this software.Is it compatiable with cost Accounting
Hi @S.Sunil Dora! At the time of writing, Wave Accounting does not keep track of your inventory movement and costing. As Wave has been improving and updating its accounting system, let's hope that they'll add this in the future!
Amazing 😀
This a great step-by-step tutorial, but your free download is not working.
Congratulations Sharon!
Thank you, Daniel! 😃
Thank you so much.
You're most welcome, Mike!
Hi Nuts Accounting, how do I create Credit Note?
Hi Aces Engineering! Wave Accounting does not has the feature to create Credit Note at the moment, but you can definitely use the invoices as a workaround (for the moment).
We are running 2 Free Live Masterclasses for Non-Accountants on Wave Accounting!
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Pssst...you CAN use Wave Accounting like a PRO without accounting knowledge, the constant overwhelm or the momentum crushing question "What should I do next?" 🎉
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I see you're using RM currency, means you're from Malaysia. I tried to sign up, and it apparently said it's only for USA and Canada market, and instead, they asked me to sign up for Zoho. :(
Hi Wilson! Unfortunately effective Dec 2020 Wave Accounting is only available to US and Canada.
@@NutsAccounting what happened to your account? Do you get to continue using? Or you had to transfer to somewhere else?
Is it ? So we can't use it in singapore and Malaysia ... please advise I was thinking to use wava
At the moment, We're still able to access our accounts. So far no news about terminating the existing ones. They're encouraging and doing their best to help affected users to migrate their accounting records to ZoHo.
Better not use Wave anymore to avoid further complications on your accounting records
How to add discount in wave invoice
Can we control Inventory in WAVE accounting?
Hi Niniwin24. At the moment, Wave doesn't keep track of inventory.
@@NutsAccounting so how to entry cost of sold?