Wave Accounting
What you'll learn
- How to set up bank feeds for both bank accounts and credit card accounts
- How to set up Wave Accounting
- How to add transactions and assign proper general ledger accounts to them
- How to do bank reconciliations
- Understand the difference between a bank reconciliation when using a cash basis and accrual basis
- Record transactions from two accounts that use bank feeds like a credit card account and a bank account
Requirements
- None
Description
This course will use free accounting software which is an excellent tool to practice with.
This course will jump right into bank feeds and how to use them.
Many accounting software courses will spend a lot of time talking about how a full-service accounting system works. We do recommend spending time learning the full accounting process, and we do have courses that do just that.
However, many small businesses want to get right down to data input as fast as possible, and others already have a good understanding of the system and want to focus specifically on bank feeds.
We will focus on bank feeds in this course.
For example, some small businesses may be perfectly happy using a cash basis system and will, therefore, not need some of the functions used in a full accounting cycle. Businesses that use a cash basis model can structure their data input to be much more heavily dependent on the bank and bank feed data.
We will discuss types of businesses that fit well into a cash basis model as we work through the practice problems. We will also discuss some problem areas many businesses have and how to set up a system that works for them.
This course will work through a practice problem and will provide test data that learners can use in their system to follow along if they choose.
Who this course is for:
- Business owners who want an easy system to track data
- Bookkeepers who want to understand how bank feeds work
- Students who want to apply theory to practical accounting software
Instructor
- 4.4 Instructor Rating
- 51,504 Reviews
- 902,007 Students
- 149 Courses
Through working with students from many different schools, Mr. Steele has learned best practices for helping people understand accounting fast. Learning new skills and finding the best way to share knowledge with people who can benefit from it is a passion of his.
Mr. Steele has experience working as a practicing Certified Public Accountant (CPA), an accounting and business instructor, and curriculum developer. He has enjoyed putting together quality tools to improve learning and has been teaching, making instructional resources, and building curriculum since 2009. He has been a practicing CPA since 2005. Mr. Steele is a practicing CPA, has a Certified Post-Secondary Instructor (CPI) credential, a Master of Science in taxation from Golden Gate University, a Bachelor’s Degree in Business Economics with an emphasis in accounting from The University of California Santa Barbara, and a Global Management Accounting Designation (CGMA) from The American Institute of CPA (AICPA).
Mr. Steele has also authored five books that can be found on Amazon or in audiobook format on Audible. He has developed bestselling courses in accounting topics including financial accounting and QuickBooks accounting software.
In addition to working as an accountant, teaching, and developing courses Mr. Steele has helped create an accounting website at accountinginstruction, a YouTube channel called Accounting Instruction, Help, and How Too, and has developed supplemental resources including a Facebook Page, Twitter Page, and Podcasts that can be found on I-tunes, Stitcher, or Soundcloud. Mr. Steele's teaching philosophy is to make content applicable, understandable, and accessible.
Adult learners are looking for application when they learn new skills. In other words, learners want to be able to apply skills in the real world to help their lives. Mr. Steele’s formal accounting education, practical work experience, and substantial teaching experience allow him to create a curriculum that combines traditional accounting education with practical knowledge and application. He accomplishes the goals of making accounting useful and applicable by combining theory with real-world software like Excel and QuickBooks.
Many courses teach QuickBooks data entry or Excel functions but are not providing the real value learners want. Real value is a result of learning technical skills like applications, in conjunction with specific goals, like accounting goals, including being able to interpret the performance of a business.
Mr. Steele makes knowledge understandable by breaking down complex concepts into smaller units with specific objectives and using step by step learning processes to understand each unit. Many accounting textbooks cram way too much information into a course, making it impossible to understand any unit fully. By breaking the content down into digestible chunks, we can move forward much faster.
Mr. Steele also makes use of color association in both presentations and Excel worksheets, a learning tool often overlooked in the accounting field, but one that can vastly improve the speed and comprehension of learning accounting concepts.
The material is also made understandable through the application of concepts learned. Courses will typically demonstrate the accounting concepts and then provide an Excel worksheet or practice problems to work through the concepts covered. The practice problems will be accompanied by an instructional video to work through the problem in step by step format. Excel worksheets will be preformatted, usually including an answer tab that shows the completed problem, and a practice tab where learners can complete the problem along with a step by step presentation video.
Mr. Steele makes learning accounting accessible by making use of technology and partnering with teaching platforms that have a vision of spreading knowledge like Udemy.