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How To Use Wave Accounting Software for Beginners (2024)
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Jun 23, 2024
New to Wave Accounting? This beginner-friendly tutorial for 2024 will guide you through the basics of using Wave Accounting software to manage your business finances. You'll learn how to set up your account, create and send invoices, track expenses, and generate financial reports. The video provides step-by-step instructions, practical tips, and best practices to ensure you're getting the most out of Wave's features. Ideal for small business owners, freelancers, and entrepreneurs, this tutorial will help you streamline your accounting processes and keep your finances organized with ease. Start mastering Wave Accounting today!
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How to use Wave Easy
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Hey guys, welcome back to the YouTube channel. In this video, I'm going to be showing you
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how to get started with Wave. So let's get into it. Now, you might be wondering what exactly is Wave
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what is the purpose of Wave, and how do you get started with Wave? Well, Wave is an online free-to-use accounting software
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that will enable you to create a simple bookkeeping format for all of your basic business needs
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So if you're a business starting out, if you're running a large project
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then getting all of your books together can be quite a difficult process. If you are starting your business, you don't want to run into any
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trouble, you don't want to miss any payments, and you don't want to have any financial issues that
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could be a result of just some minor miscalculations or just having a few issues could result in
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major issues later on. So that is why using a application like Wave could be really helpful for
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a lot of people to further simplify their accounting and payment needs with this software. Now
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to get started on Wave, all you have to do is you can click on sign up over here
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I already have an account on Wave, so I'm just going to click on over here. And then you can sign in with Google or sign in with your email address or click on
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sign up now and get started with Google or your email address over here
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So I'm going to sign up with Google over here to get started with Wave, and I'm just going
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to select my account. And just like that, the signup process is going to begin
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Now, Wave is going to ask you your first name and last name. business name and what your business does. So we're going to input that. So now you can see I have
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been logged into my WAVE account and now I can get started with my WAVE account. So you can see on
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your left you will have your navigation panel within this navigation panel. You have a launch pad
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you have your dashboard, you have sales purchasing, accounting, banking payroll reports
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waive advisors and tax filing. Below that you have your application integrations and then your basic
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settings. Now you can see I've added this burger company and what you can do is
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you can create several different businesses on one email address. So I've signed in with my email address and I can add more businesses
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So I can click on create a new business and set up a new business for my WAVE account
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So let say that I want to manage the finances of maybe a water company that I running So what I going to do is I going to enter the company name And then I going to add what kind of business this is
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So this could be a services business. And then you're going to select what it does best
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And then you're going to enter your country. And then you're going to add your business currency and the type of organization this is
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So let's say this is a partnership. And then you're just going to click on save over here
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and just like that, I've added this new company. Now, what I'm going to do, I can click on the launch pad of the new company on my left over here
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and I can begin setting up my basic goals on my company
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So there are three basic things that with any kind of business you might want to do
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you might want invoiceing, you might want bookkeeping, or you might want reliable payroll
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So let's say to get started, I want to start my payroll for my employees
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so I can click on reliable payroll over here. And once I click on reliable payroll, I can begin getting started, so I can click on Get Started over here
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And just like that, what I can do is I can set up my employees first and contractors
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So let's say I can click on Add Employee, and I can click on Enter Employees
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and I can just add all of the information about my employees over here to start running payroll
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You can see on your payroll section below that, I have timesheets as well
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So I can continue set up and set up timesheets for my employees as well
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Then you also have payroll transactions where you can monitor all of the transactions with your payroll
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Then you also have taxes, tax forms, COVID-19, and run payroll. So if you go into your run payroll section, what you can do is you cannot only just set
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once you have all of your basic information set up, then all you have to do is click on run payroll
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to be able to just have all of your employees be paid for and all of your contractors
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vendors we paid for in a simple schedule. So that is their basic payroll function
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Other than that, let's say if you go onto purchases. So if you click on bills over here with any
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business, you're going to be paying bills and you're going to be paying money as well. And for that
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you can click on create your first bill and you can monitor your cash flow via these bills. So let's say
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we can choose a vendor and the first thing we going to do is click on add new vendor We can enter the vendor name as the sample And what I going to do is I going to add the bill date and the due date as well
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I can enter the number of the bill. And then I can also enter notes as well
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Then you can choose the item or the product that this person is providing or doing
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So what we're going to do is we're just going to enter a name. And then you can choose the specific thing that they are doing for you
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So let's say this is just accounting fees and you can enter. the price over here. And then you can also add a description. I'm going to click on add product
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And then you can add the description for this as well. You can add the price. You can also add
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taxes as well. And then you're just going to click on save over here. And this is just a simple
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sample bill that I have created. Now, you can also click on record a payment. And then you can
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choose your payment method on how you're going to pay them. Let's say cash. And then you can also
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add your payment account. So how you provided this payment. And then you can also add payments
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and memo and notes as well. So you can have all of your bills paid just like that
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And this can help you enable to monitor the status of your company
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You can see your overall cash flow and income as well. Then below that, you also have products and services
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So you can add all of the different purchases that you do for your company
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So if this is a water company, let's say I can enter my renting space and I can enter
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the people that I'm renting from. So I can also enter other expenses such as the tanks that I'm using
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or any other thing that you might be using for your bill. Now, below that, you have sales
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So sales is the part where you're going to be adding your cash flow. So over here, you have your estimate
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So you can click on create an estimate over here and have a sales estimate for the products that you're selling
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Below that, you also have invoices. So whenever someone purchases something from you
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you're going to be generating an invoice for them. So you can click on looks great and let's go
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And then you can add the customer. You can add the invoice number. You can add the items that they have purchased
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So let's say the item that they purchased with water tank refill
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And then you can add the description of the item as well, how many, what the quantity was
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So let's say we have 66 refilled and the price for each was 120
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So then you have your total amount. You can also choose a tax name So we going to just add sample tax And then we going to add 2 as the tax And we going to click on save So I just added a 2 tax as well
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And then the total amount has been added. You can also enter notes and terms on the bottom of your bill
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So we're also going to click on ad customer just to finalize our bill
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I'm just going to enter a sample name. And then we're just going to click on save over here
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Click on save and continue. And just like that, I have created a simple invoice for the people that are
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purchasing from me so I can click on approved draft and start sending these invoices as well
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And I can see the last cent. I can also see the get paid over here in my invoices as well
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You can also generate recurring invoices. Let's say someone is purchasing a certain subscription from you
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They get a specific service or product after a specific amount of time
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So this will enable you to further keep a simple recurring invoice that would be generated every time someone purchases that item
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from you as well. Now below that, you also have banking so you can link your bank accounts on
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on Wave as well to further keep a simple cash inflow of your overall company. Now, if we go back
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onto the Wave dashboard, the Wave dashboard will allow you to see a overall summary
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of the company's finances. So you can see you have your cash flow graph over here. Below that
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you also have a profit and loss bar chart. Then you have a payable in the owing. You will have your
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net income with the physical year income expenses and net income, then you will also have a
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expenses breakdown for the year or the month as well. So you will get a overall review of your
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entire company at a glance. And this is the fantastic part about Wave. They have such a amazing
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and intuitive accounting software that is available absolutely for free. So Wave accounting is
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absolutely for free. There are no charges. You get all of these features for free. You have your
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unlimited income and expense tracking you can run multiple businesses in one singular email you can have
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your invoices bills cash flows profits profits profits losses all manageable and documented with waive so that was it for
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today i hope you guys found this video helpful and you're now able to get started with wave
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make sure to leave me like and subscribe to our youtube channel and i will catch you guys in the next video
#Accounting & Auditing
#Billing & Invoicing
#Bookkeeping
#Business & Productivity Software
#Credit Reporting & Monitoring
#Small Business