Wave Accounting Tutorial for Small Business | FREE Accounting Software (Beginners Overview)

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Күн бұрын

In this Wave accounting tutorial for beginners, I share how you can get up and running with Wave’s completely free financial and accounting software.
Wave is a popular FREE accounting and financial software for small businesses in Canada and the US.
Wave accounting allows you to manage all your business’s financial and accounting activities from managing advanced invoicing, recurring invoicing, bills, online payments, payroll, transactions and more.
► We also have a complete beginner guide over on our website:
stewartgauld.com/wave-account...
► Get started with Wave Accounting for free here:
waveapps.com/
► Interested in comparing with the Xero accounting software? Check out our Xero tutorial for beginners here:
• How To Use XERO | Acco...
► Today we cover the following chapters in this wave accounting tutorial:
0:00 Intro
01:13 Getting started
03:12 Wave dashboard
06:04 Estimates (quotes)
06:23 Customer invoices
07:22 Recurring invoices
08:05 Checkouts (website payments)
08:23 Payments
08:50 Customer statements
09:03 Customers
09:16 Products & Services (sales)
10:07 Bills
10:25 Vendors
10:44 Products & Services (purchases)
11:22 Transactions
11:51 Reconciliation
12:21 Chart of accounts
12:34 Hire a bookkeeper
12:55 Connected accounts
13:42 Run payroll
14:03 Reports
14:14 Tax filing
15:02 Outro
► Are you interested in joining our small business community?
Join us to receive actionable tips, tutorials and tools to grow your small business online (Subscribe to our email list) or join our exclusive community here: mailchi.mp/71ac3fcdbfdf/stewa...
Let me know if you found this Wave tutorial helpful. Also, if you require any help or support, make sure to get in touch with us today.
Thanks for watching and enjoy!
#waveaccounting #accountingsoftware

Пікірлер: 179

@FirstImpressionMarketing-cc2bu Жыл бұрын

This was super helpful! Thank you for the quick tutorial! (:

@StewartGauld Жыл бұрын

Glad it was helpful!

@NinaRossBusiness Жыл бұрын

Thank you for the video.... clear and informative.

@StewartGauld Жыл бұрын

Glad you enjoyed it!

@markkeith4907 2 жыл бұрын

Love the informative content mate, don't regret subscribing.

@StewartGauld 2 жыл бұрын

Thanks for that Mark! Glad you're getting value.

@carmmontemonyo6653 2 жыл бұрын

Thank you for clear tutorials

@StewartGauld 2 жыл бұрын

You are welcome Carmelo!

@ipsolateral1 Жыл бұрын

Great job. Thanks for valuable information!!!

@StewartGauld Жыл бұрын

Glad you enjoyed it!

@rmuscat1276 7 ай бұрын

Wowwww! Thank you so much. This app is a dream come true. Thanks for helping me get it going so fast!! ♥️♥️💋

@StewartGauld 7 ай бұрын

Welcome!

@randythemitoman Жыл бұрын

loved your synopsis

@StewartGauld Жыл бұрын

Thanks

@thogmey Жыл бұрын

Nice guys and good explanation. Thank you

@StewartGauld Жыл бұрын

Glad you liked it!

@WhatEver-fv2vd Жыл бұрын

That was helpful! Thank you!

@StewartGauld Жыл бұрын

Welcome!

@mohanakumar5706 2 жыл бұрын

Thank you for Good Information.

@StewartGauld 2 жыл бұрын

You are welcome mate!

@turtlesflyunderme Жыл бұрын

Thanks for the vid!

@StewartGauld Жыл бұрын

Our pleasure!

@JackTheRipperLK Жыл бұрын

Thank you for this

@StewartGauld Жыл бұрын

My pleasure!

@etiennedevoliere Жыл бұрын

Thanks for all

@StewartGauld Жыл бұрын

Welcome!

@sararoz6779 9 ай бұрын

Thank you dear

@StewartGauld 9 ай бұрын

Welcome 🤗

@cliffordrogers2734 2 жыл бұрын

Thanxs

@StewartGauld 2 жыл бұрын

Welcome mate!

@edwardkomito7881 2 жыл бұрын

Hi Stewart. Let's say you want to enter individual transactions from a credit card statement into the ledger. Further assume there are multiple transactions from the same company. I don't want to set up a recurring invoice since these are individual transactions. Any invoice would be paid to the credit card issuer, but I want to keep close track of different categories of expenses within the credit card statement. Is there a way to create a recurring vendor w/o creating a recurring invoice? Also, are you aware of any way to export or upload the ledger to either another software program or to your own accountant? Thanks.

@StewartGauld 2 жыл бұрын

Hey Edward, I suggest you talk with the team at Wave to support you on this. Both of these are possible. I will keep this in mind adding to an updated tutorial in the future.

@michaelthomas3476 Жыл бұрын

Hey Stewart thanks for this video. Very thing I need for my small business. I'll let you know how it goes in a month or two.

@StewartGauld Жыл бұрын

All the best!

@AdrianRConant 2 жыл бұрын

Hi, thanks for the video! Just one question: Can you set rules to categorize automatically income/expenses transactions?

@StewartGauld 2 жыл бұрын

Yes, absolutely you can for automatic reconciliation.

@jeanninemcwhorter919 5 ай бұрын

If you figure out how to set these rules please share😊

@katherineaikenhead74 Жыл бұрын

Love the video! How do you categorize federal tax due and the payment

@StewartGauld Жыл бұрын

Good question! This is something you will have to talk to your accountant.

@mariabenjumea8403 2 жыл бұрын

Hi guys, thank you so much for this video, a question, if I do not deal with customers at all ( a third party does it for me), who do I use as my customers? I get paid monthly by my third party company. Thank you for any help.

@StewartGauld 2 жыл бұрын

Welcome Maria! I would use the third party provider and set them up as customers.

@user-rt1ue8qe5w Жыл бұрын

Thank you for the great video. At year end, how to transfer profit to owner's equity or retained earning to close out the year?

@StewartGauld Жыл бұрын

Hey, Good question, you will need your accountant to help you with this.

@shafrazvlogs4618 Жыл бұрын

nice video bro

@StewartGauld Жыл бұрын

Thanks for the visit!

@JamesRankin 2 жыл бұрын

Love wave

@StewartGauld 2 жыл бұрын

Thanks for that James.

@user-cs8zf7hh8p 2 жыл бұрын

Thanks!How to record transfers from a personal account to a business account.

@StewartGauld 2 жыл бұрын

Updated tutorial coming soon! Will cover this.

@buddhamathew6906 2 жыл бұрын

Hello, Thank you for the information. How easy is it to merge from QB's to Wave. I want to make the switch but want to make sure all my accounts/clients / reposts transfer well? Thanks

@StewartGauld 2 жыл бұрын

Welcome! I suggest reaching out to Wave and asking of they can help you with this for a smooth transfer of data.

@talinizic4269 2 жыл бұрын

Thank you.....how and where do you upload your balance forwards.

@StewartGauld 2 жыл бұрын

Hey Tali, Thanks for that question, I will have to look into this.

@ropecrewman36 2 жыл бұрын

Thanks for the very thorough tutorial! Quick question: If I've already been doing bookkeeping on spreadsheets, is there any way to upload the data to Wave?

@StewartGauld 2 жыл бұрын

Hey, Yes you can upload to Wave, however, I suggest engaging with Wave for the correct migration.

@ropecrewman36 2 жыл бұрын

@@StewartGauld OK. Thanks!

@fanmrfoxx7487 6 ай бұрын

Great Video In Customer Center is there a way to add a CC email? or only a comma with second email to have 2 recipients? I have 1 client that wants invoices sent to 2 people. I would prefer this be automatic and would like to suggest to the software engineering team to set up another box for CC email. Perhaps a bcc email also. This is a feature on QB desktop but not the online version. I want to be done with QB! way too expensive for my small business with no employees.

@StewartGauld 6 ай бұрын

Thanks, I will have to look into this.

@Ronin460 Жыл бұрын

Hey thx for the information. Do you know how I can connect to Wave to Loyverse POS? That would be a great for me and saving tons of time.

@StewartGauld Жыл бұрын

I will have to look into this mate

@Ronin460 Жыл бұрын

@@StewartGauld please let me know if you find something! I will share your contents with my peer business owners!

@jamesmellosiii9639 2 жыл бұрын

Can you please do a video for wave accounting for individual users who just simply want a place to easily keep their accounting records in order to pace them along to their bookkeeper?

@StewartGauld 2 жыл бұрын

Hey James, I will look into this mate.

@birhanubelete20 2 жыл бұрын

Hey can i use wave for a restaurant and cafe business?? and when selling one product there are a lot of items that we can add so is there any way to manage the sales of product and ingredient items added to the product

@StewartGauld 2 жыл бұрын

Yes you can use Wave to mange these types of businesses.

@jidgerydooo 2 жыл бұрын

Hi, do you know if you can invoice and take payments by bank transfer? Also, can Wave be used in the UK?

@StewartGauld 2 жыл бұрын

Hey mate, At the moment Wave is not in the UK.

@ryankoser7935 2 жыл бұрын

I’m moving from quick books to wave. So let’s just say my end off the year bank balance was $5000. How do I put that number in wave to pick up where I left off with quick books?

@StewartGauld 2 жыл бұрын

Hi Ryan, You can upload your reporting files from quick books to Wave. I suggest you get in touch with Wave if you need help with this.

@escamilla30 10 ай бұрын

Can you do a tutorial on how you would setup Wave for the Profit First method?

@StewartGauld 10 ай бұрын

I will look into this! Thanks!

@songbirdpersonalassisting 2 жыл бұрын

Hey there! I was wondering what category you put for the "Transfer from Wave Payments to your bank account" transaction. When I put "Transfer to bank, credit card, or loan" then selected the business account it created ANOTHER transfer. The bot doesn't seem to be much help

@StewartGauld 2 жыл бұрын

Hey mate, I will have to look into this!

@songbirdpersonalassisting 2 жыл бұрын

@@StewartGauld Thank you so much! I'll wait around for your response

@4tun8nanette 2 жыл бұрын

I think this was 1 of the issues I had that caused me to stop using Wave. Also, I couldn't seem to disable the sales tax calculation feature. I'm a service business, no sales tax.

@ayoubhossain3895 2 жыл бұрын

Would you please share how do i import invoice from Google sheet into Wave?

@StewartGauld 2 жыл бұрын

Hi mate, This depends what you are trying to import. I will keep this in mind for a tutorial in the future. Cheers

@PedroCruz-tg9uq 5 ай бұрын

What about payments if credit card transaction have a fraud detection or protection verification of transaction

@StewartGauld 5 ай бұрын

They have a protocol in place for this. You can read more about this on their website.

@chanex5324 2 ай бұрын

If a LLC, taxes as S-corp can Wave slow you to pay yourself from business account into personal checking? I believe so, but making sure this isn't accounting solely. TIA

@StewartGauld 2 ай бұрын

Hey! Yes I believe so.

@jacquelinejackson5191 2 жыл бұрын

Thank you, but when using Accounting section, I need assistance For instance how to enter a transaction whereas a check from a customer was returned

@StewartGauld 2 жыл бұрын

Hey Jacqueline, I suggest getting into touch with Wave support to help guide you through this process.

@jeanninemcwhorter919 5 ай бұрын

Do you show more detailed accounting in wave?

@StewartGauld 5 ай бұрын

Not yet!

@rockabs4 2 жыл бұрын

Hi there, thank you! How do I add a user to my account?

@StewartGauld 2 жыл бұрын

Welcome! Under setting you can add your team or connect your accountant.

@jaisilroy2176 Жыл бұрын

Hai, Can you please tell how to download the PD7A (statement of current source deductions) from this software.

@StewartGauld Жыл бұрын

Hey mate, Good question, I will ask my team about this.

@JRoseBooks Жыл бұрын

Do you know how we’d enter Amazon sales? For each of my books? It seems the only category is “sales.” I’m wondering if I have to add like 50 booksellers as “customers?” I’ve had Wave for awhile and I can’t seem to figure it out. :/

@StewartGauld Жыл бұрын

Hey mate, Thanks for the question. I will have to look into this.

@jomariang6161 Жыл бұрын

Do you have a video on how to give access to an accountant of your choice?

@StewartGauld Жыл бұрын

Hey mate, I do not sorry. However, there are many Wave resources to help you with this.

@JackJakich 5 ай бұрын

Amazing ! But im grocery distributor , i have +1000 product on excel sheet ! No way to add them as copy ?

@StewartGauld 5 ай бұрын

Welcome! Hmmm I don’t think this would be the best tool for you.

@Matiullahkhan-yz5pj 6 ай бұрын

Hi, I want to use wave to recieve payments from clients as a company name. to crate wave account should I need to register my business.

@StewartGauld 6 ай бұрын

Yes you will need to add your business details.

@georgenemurpy4165 2 жыл бұрын

Wave seems pretty straight forward. I have been a QB user for many years and their new payment plan does not work for me with my two accounts. I did not see anything about backup. How can I save my data or does Wave provide some kind of back up?

@StewartGauld 2 жыл бұрын

Hey Georgene, All you data is safe but there is not current backup. You can export your transactions.

@quintoncarroll1083 2 жыл бұрын

I sell on eBay. When eBay managed payments are deposited into my bank account, do I categorize this income as a transfer?

@StewartGauld 2 жыл бұрын

Hey, This would be a categorised as a sale.

@user-rz1pc5er3c 8 ай бұрын

Can you use Square POS with wave accounting? I already have Square set up with my bank account and set the up the card reader to my cell phone for payment. I want an accounting program and I am looking into wave. Does wave and square work together, and if so, do you have a video on this. Thanks :)

@StewartGauld 8 ай бұрын

Hey mate, I will have to look into this. Great question! Thanks.

@user-rz1pc5er3c 8 ай бұрын

Thank you for looking into this. I look forward to hearing back from you. Cheers, Deborah :)@@StewartGauld

@mandeqeid8516 Жыл бұрын

Can Wave accounting software be used lik QBO? And if so does it come with subscription?

@StewartGauld Жыл бұрын

Hey! No I do not think so.

@laramiller9966 2 жыл бұрын

I am looking at moving to Wave from QBO. Is it possible to import from QBO to wave?

@StewartGauld 2 жыл бұрын

Hey Lara, I will have to look into this.

@user-ke9nh4yx3p Жыл бұрын

Can you post General Journal entries with Wave?

@StewartGauld Жыл бұрын

Yes you sure can.

@bronazshare2261 5 ай бұрын

may ask, why i need to register for zorobook first.. i don't need that.. did anyone have the same problem

@StewartGauld 5 ай бұрын

Hey! You shouldn't need too!

@4tun8nanette 2 жыл бұрын

I am a service small business. I dont need yo track sales tax. Can sales tax calculations be disabled?

@StewartGauld 2 жыл бұрын

Yes. We are updating this tutorial soon and will include this information. Thanks.

@Tom-lo4xm Жыл бұрын

Stewart, we are new nonprofit. Currently our needs are simply to create a log of donations and expenses to submit to an accountant. How is this accomplished in our wave account? Our needs will grow, but this is al we need. Obviously, I'm not an accountant...lol

@Tom-lo4xm Жыл бұрын

What I mean is we'll manually enter this information.

@StewartGauld Жыл бұрын

Hey Tom, I'll have to look into this. I suggest bring an accountant on board.

@Tom-lo4xm Жыл бұрын

Thank you Stewart!

@StanBell-qr2ym Жыл бұрын

How do I manually Input bank statements

@StewartGauld Жыл бұрын

You can upload a file of all your bank statements.

@TheEmrotti Жыл бұрын

I just joined, How can I transfer all my transactions from QB to Wave? Pls send a link Thanks

@StewartGauld Жыл бұрын

You will have to download and upload your data. I suggest getting help from Wave.

@alexrileyfoxhound5453 Жыл бұрын

With this software are you able to send a Terms and Conditions form that a customer can digitally sign?

@StewartGauld Жыл бұрын

You will have to integrate another software for this.

@alexrileyfoxhound5453 Жыл бұрын

@@StewartGauld Thanks

@user-bm6dn8rx2v 10 ай бұрын

I signed up for wave as a business, I put my business info, but when I want to connect the bank, it doesn't offer to connect to Santander bank Business, it gives me only personal. I can't find a way around it. Could you please explain how to connect to business account?? Thank you!

@StewartGauld 10 ай бұрын

Have you reached out to Wave support?

@youtubegarbage4u Жыл бұрын

how do we mark a transaction as personal transaction so that it is not included in business reporting? quickbooks self employed is great for this as one just mark a transaction as simply personal but waveapps made this rocket science. How do we do this???

@StewartGauld Жыл бұрын

Hey mate, This can happen with new accounts. Give your page a few weeks and the option to add a user name should appear.

@youtubegarbage4u Жыл бұрын

@@StewartGauld ??? your reply is not relevant to my comment. Are you using a bot software to reply to comments???

@newmanfertig886 Жыл бұрын

You don’t co-mingle personal and business transactions. Ever.

@rupalisingh9410 Жыл бұрын

Can anyone help me set up everything for my business pls ?

@StewartGauld Жыл бұрын

Hey mate, I suggest getting in touch with your accountant.

@RCSwingAway1 7 ай бұрын

I have customers who are consumers who I will invoice and ask to pay right away and I have customers who I will invoice and give terms to. Can the invoice have a link to pay? I do not have an e-commerce site.

@StewartGauld 7 ай бұрын

Yes you can link Stripe and collect payments.

@RCSwingAway1 7 ай бұрын

I am confused. I got an email from Wave payments asking me for payment and processing history and it says they do not accept third party payment processing. @@StewartGauld

@RCSwingAway1 7 ай бұрын

And they want bank statements but I am a new company so i am just setting up so I can get started.

@rondasutton5715 4 ай бұрын

Is Wave online accounting? Do they offer Desktop?

@StewartGauld 4 ай бұрын

Yes they do!

@JeffChr 5 ай бұрын

good luck with bank rec if you have outstanding checks.

@StewartGauld 5 ай бұрын

Thanks for that.

@AishaJabbi Жыл бұрын

How to receive money through wave app

@StewartGauld Жыл бұрын

You can setup the payment gateway to get paid.

@asklimited5396 6 ай бұрын

Anyone can help me.when i login to wave its not but zoho

@StewartGauld 6 ай бұрын

Sorry?

@asklimited5396 6 ай бұрын

@@StewartGauld I hv created wave company . But when i login to it 1st tym no way. They ask to login zoho .i try this few tyms with different emails but no use . This is not only 4 me .i saw lots of comments abt the same plm. I m 4m 🇱🇰

@ahmedKhan-dj2jc Жыл бұрын

@StewartGauld Жыл бұрын

Hey

@taragmg 2 жыл бұрын

I can not find bow to connect my bank account to Wave :(

@StewartGauld 2 жыл бұрын

Hey mate! Are you having issues connecting with your bank?

@taragmg 2 жыл бұрын

@@StewartGauld just found out that Bank connection doesn't support to Australia

@StewartGauld 2 жыл бұрын

@@taragmg Hey yes I mentioned that at the beginning. We suggest checking our Xero as the next best option!

@taragmg 2 жыл бұрын

@@StewartGauld What's your opinion about Quickbooks :)

@anndelorge1338 5 ай бұрын

I don't have your starting point. I guess they made some changes. They don't ask me how I do my books.

@StewartGauld 5 ай бұрын

Hey! You should be able to skip this part.

@MrTommyKimes 5 ай бұрын

I'm surprised that can add a recurring invoice but not a recurring bill.

@StewartGauld 5 ай бұрын

Hey mate you can!

@pranayakhadka3507 2 жыл бұрын

Is this all software free of cost bro??

@StewartGauld 2 жыл бұрын

Completely free. Only payment transaction fees. See their pricing page for more info: www.waveapps.com/pricing

@pranayakhadka3507 2 жыл бұрын

@@StewartGauld If it's free of charge then, I would love to use it. Thanks...

@StewartGauld 2 жыл бұрын

@@pranayakhadka3507 Make sure you can use it in your country.

@pranayakhadka3507 2 жыл бұрын

@@StewartGauld I will check whether my country is mention in list or not? Actually, I am from Nepal. OK 👍

@MacknowledgeEnt Жыл бұрын

No customer service!

@StewartGauld Жыл бұрын

You will want to link your accountant.

@pkellyspurles Жыл бұрын

I love Wave, but after setting it up this morning, it now seems to think I am outside Canada and the US and the webpage shunts me to Zoho Books. The only thing I can think of is that I was using an e-SIM at one point today. I’ve since deleted cookies etc and am definitely in Canada. Still no luck! I spent a few hours setting it up and actually quite liked it. Except now I can’t get back in… Weird times.

@StewartGauld Жыл бұрын

Thanks for that. Interesting.

@chandorequestrian 2 жыл бұрын

Great info. PLEASE talk slower!

@StewartGauld 2 жыл бұрын

Hi mate! You can slow the video down if you like.

@TheMoneyMagnate Жыл бұрын

Just slow the vid down

@tonneblack5168 2 жыл бұрын

Nothing is ever free. What is the catch?

@StewartGauld 2 жыл бұрын

Hey mate, Yes free. See the pricing here: www.waveapps.com/pricing

@youtubegarbage4u Жыл бұрын

waveapps is truly free. They make money for accounting advisors and payment processing/invoicing for people who need those features. This a great free software bar none.