Wave Accounting Free Cloud-based Software for Small Business

In this lesson we will go over how you can add customers in the Wave Accounting software.  We will go over two ways, one way involved importing from a CSV file.  You can also add in customers manually by data-entry.   In the downloadable materials to this course there is a sample file that you can use to create your customer list that can be imported into Wave.  It must be in this format for the import to work.  There is also another file that includes four sample customers that I will import during the class lesson.

In this lesson we will look at getting set up to accept payments in Wave accounting along with setting up a product or service for sale.  We will also look at the ability to add sales tax to your invoicing so you can collect that from your customer and submit that to your taxing authority.  We will also add another jurisdiction to your sales tax profile in case you have to remit to more than one taxing agency.

In this lesson I will go over how to select one of the predefined templates that you can use for your invoice.  There are three that you can choose from.  And I will also show you how to create an invoice for your customers.

A great feature that Wave Accounting has is that it will let you bill your clients on a recurring basis.  Many businesses have a monthly billing cycle where the same amount is billed to their clients.  This could also be utilized when billing out subscription-type services. This lesson will go over how to set up a recurring invoice in Wave Accounting.

Wave Accounting lets you create estimates for your clients or potential clients.  This is a great tool for tracking purposes that can give you great insights about your business and it is also a nice touch that your customers will appreciate.  In this lesson I will go over the estimates function of the program.

Checkouts is a feature in Wave Accounting that allows you to accept credit card payments from a link that you place on your website or that you send via an email.  This lesson will go over how to utilize the Checkouts feature of the program.

Wave Accounting has a nice feature where you can send your customers a statement of their activity showing all activity or only the invoices that are outstanding.  Or you can send them an individual invoice as opposed to a statement if you prefer.  This lesson will go over how to send your customer their statement of activity. 

This lesson will be a recap of all the lessons that we went through in the "Sales" section of the software program. 

In this lesson we will go over how you can add vendors (normal vendors and 1099 vendors) in the Wave Accounting software.  We will go over two ways, one way involved importing from a CSV file.  You can also add in vendors manually by data-entry.   In the downloadable materials to this course there is a sample file that you can use to create your customer list that can be imported into Wave.  It must be in this format for the import to work.  There is also another file that includes four sample vendors that I will import during the class lesson.

In this lesson we will add a product or service that we utilize from one of our vendors.  In this case we will add marketing materials from one of the vendors we added in a previous lesson.  And we will also add an invoice from that vendor.

We will continue with our discussion of entering bills in the Wave Accounting software.  Users need to be cognizant of the potential for double-counting expenses if they are not careful if they also bring in the transaction via bank feed. We will also look at entering payments in an international currency (Canadian dollar in this example).  And the use of the "Bill Number" that the software has.

This lesson will go over the functionality that Wave Accounting has where you can store your digital receipts to justify your expenses on their system. There are some benefits in using their system which we will look at along with the three ways you can upload receipts on their server.

In this lesson we will actually upload a receipt into the software and then categorize it and choose a bank account where the funds were drawn.  We will also look at what we need to do to ensure that the funds are not double-counted.  I will also go over the mobile app and the email option of uploading a receipt.

A chart of accounts is one of the first steps that you will need to do when you set up your accounting system.  In this lesson I will show you how to set up and edit a chart of accounts in Wave Accounting.  Luckily, the software does most of the "dirty work" for you.

In this lesson we will look at the meat and potatoes of Wave Accounting and that is how to enter transactions into the database.  One of the methods is by linking up to your bank account via automatic feed.  We will also look at categorizing your transactions so that your reporting is accurate.

This lesson is really a continuation from the previous lesson.  This one will look at how Wave Accounting handles transfers between two cash accounts (checking and savings) and we will also look at making a payment against a business line of credit, but the same practice applies when you are making payments against your credit card.

Bank Reconciliations are a nice feature in any accounting software program.  It is a system of checks and balances to ensure that your books are in agreement with the bank statement.  Wave Accounting makes it easy to do your bank reconciliations and in this lesson we will take a look at that functionality in the software program.

There are a number of reports that Wave has available for use including the standard accounting reports that most businesses use including:

• Financial Statement

• Balance Sheet

• Cash Flow Statement

There are also other reports that are helpful when (if) you are paying sales taxes. 

Reporting is also available that helps you determine if any of your customers owe you money and how much income you generated on an individual customer level.

And there are reports that can help you with your accounts payable as to what is due and if you have any past-due invoices that need to be paid.

This will be the final lesson of the course.  If you can leave me an honest review it would be greatly appreciated.  There are also links to my other courses on Udemy that are mentioned in the video.