Speaker 1: how to use wave accounting for beginners hi guys in this video i'm going to be telling you how you can use wave application to manage your businesses and i will be going over every pros and cons about this application and i will be telling you every single little detail that i possibly can fit in this video so without wasting any more of your time let's just jump into the video by creating an account so you can create an account by simply entering in your email and your passwords or just simply click on sign up with google or you can also click on the sign up for free at the top right here whichever option you choose it doesn't really matter as long as it makes an account for you so for me i'm just simply going to sign up with google so once you've clicked on the sign up button you will arrive at this home page and over here all you have to do is simply enter in all your correct credentials such as your name your business name and your age and whatever else the page is asking you for so i'm going to enter in all the details that i have and i will see you guys in the next part of this video so once you've entered in all the correct credentials we will arrive at this home page and as we can see over here on the right side we have a few different options so we have send professional invoices managing your account run effortless payrolls and for the fourth one we have not sure yet this option is for those people that don't really know what they're doing with so if you don't really know how this app works and what you're doing over here so i'm just going to choose this option right here for this video and then i will move on within other options as I go along with the video. So I'm simply going to click over this option. And as you can see, the homepage looks something like this. It's asking us a few details of our business. So we have, how do you create an invoice? If we select this, we can see that we have all sorts of options. So we have pen and paper. We have basic spreadsheets, Excel and Word. We have invoicing softwares. If you're using other invoicing softwares, then you can select this option right here. And we have others. So to make things simple, just simply going to choose the first option which is i haven't started invoicing yet and after that we can choose how many customers we have so if you have only a single customer you can choose this option if you have more you can choose all the other options basically you can just choose how many customers do you have so i'm just going to keep things simple and i'm just simply going to choose one so if you use online payment processes you can just simply choose yes i accept payments online if you don't you can just simply click on no and if you're not sure yet just simply click on the middle one over here so for this video i am not going to be accepting payments online so i'm just simply clicking on no i don't so once you've selected everything you can just simply click on one last step and after that we can see we have more options now in this one they're basically asking us about our businesses and what type of businesses that we use and bank accounts as well so select the type of your businesses so if you have a sole proprietorship you can just simply click that if you have a partnership corporation non-profit i'm not sure if you're still not sure what type of organization you have so for me my organization is non-profit so i'm just simply clicking on this so do you have a business bank account no i don't have a business bank account how do you usually pay your business expenses so if we click on here we can see we have some different options we have credit cards we have debit cards both debit and credit equally and cash checks or others so i basically use both credit and debits so just just choose whichever options that you mostly use it can either be credit debit or both so let's make things simple and just simply choose both and let's just start invoicing wait a couple of minutes to get things started and once we've done everything this is how the website will look like so as we can see at the beginning we have a couple of different options we have create invoicing add customers accept payments or create estimates over here on the left side we can see we have all these different options now i will be going over all of them in details so make sure you pay close attention to these videos and if you have any questions just leave them down in the comments below and i will be sure to get back to you so we as we can see as i already said we have all these options in front of us and we can also choose a different starting point if you don't like these options so if you want to choose a different starting point just simply click over here and these will be the options that are going to be presented to you so you have professional invoicing better bookkeeping and reliable payroll so if you are not interested in these options maybe these are the ones that you're looking for but for the sake of this video i'm just simply going to click on this option right here which is create invoices so once we click on it we'll click on let's go and as you can see this is how the website will look like so we have our templates over here we can choose different templates whichever template that you need so this one is pretty simple this one is more professional and this one is more elegant i guess so i'm just simply going to choose this one right here and we can also add our own logo so if you have your own logo you can just simply click over here and you can also change the accent color of the invoice so let's just move this around and find whichever color that we do like i like blue yeah i think that looks nice and if you have a logo you can just simply drop a logo so choose whichever logo that you want i'm simply going to choose this one wait for it to upload and this is how the invoice will look like now as you can see once the logo has been uploaded this is how it will look like i'm just simply going to choose this template right here so once you everything looks good just click on let's go now as we can see this is how you are going to create a new invoice so you have your logos you have your name of your summary which summary and project name or description of the invoice whichever you want to use you'll have the name of your company over here its location and you can add a customer if you don't invoice number po slash so number you can add all these details on your own invoice date payment due and enter item name and item description so after you've added the customer you can just simply enter in the item name the item the customer is trying to purchase its description its quantity and price and then select taxes or you can just simply click on add item or if you've already created an item you can just simply click on save and continue or save and send or save and record payment and that is how you create an invoice. So next I'm going to be telling you how you can create recurring invoices. So over here on the left side underneath invoices you have recurring invoices. So when you click on it creating a recurring invoice is the same process that I showed you before it's just the difference is that it will keep on recurring as the name suggests. After some time or schedule if you have a recurring customer and you want to create invoices for them every time and you don't want to create invoices for them every time. You can just simply create a recurring invoice and the invoice will be sent to you or the customer once on its scheduled date. So I'm not going to show you this process making a recurring invoice because it is exactly as the same as the one before. So let's move on with the video. So over here we have checkouts. So basically checkouts, all you have to do is set up a payment method. it can either be about credit card or bank account visa mastercard american express whichever one you choose doesn't really matter all you have to do is set up a payment account and that is basically is and over here you have 2.9 plus 30 cents per transaction that is for visa and mastercard and for american express you have 3.4 plus 30 cents per transactions so these are the frees of the cards of the type of the cards that you use so whichever one is to your liking you can use that so let's move on to the next part which is payments so once we click on payment as we can see we also have to set up a payment method so as i said before you can just enter in whichever credit card that you want there are basically two ways to get your invoices paid so if you choose credit cards you will have to wait one business day to get paid out and for bank transaction it is one to six business days to get paid out so keep that in mind for whichever options you choose next we'll move on to customers so over here you all you have to do is create a customer so creating a customer is very simple all you have to do is click on add customer after that all you have to do is fill out some basic information such as the customer's name its primary contact first name last name email phone number etc account number website notes the currency of billing a billing address shipping shipping address and many many more so i'm just simply going to fill out this form and i will see you in the next part of this video so once you've entered in all the correct details just simply click on save as you can see we've created a customer you can either edit the customer change its name or whichever one you want and if we have some more options where we can create an invoice for this specific customer create an estimate and send statement and delete customer as well once you've done all your business with them you can just simply delete it if you want so next we're going to move on customer statements now over here all you have to do is select the customer that you've created for here let's select them and let's select the type of statement that we want to send so we have outstanding invoices and account activity so let's just select outstanding invoices and create a statement now as you can see we have no outstanding invoices because we haven't done any business with this particular customer. So once we've done any sort of business with this customer we will have some invoices that are going to be shown over here. And having said that we can now move on to the next part of the video which is product and services. So once we're over here on this part of the video we can see that we haven't added any products yet. So what I want you guys to do is simply click on add a product or service now once we over here we can just simply enter in the basic information of that product or service we can enter in the name of that product and add the description its price or sell this buy this and sales tax so we have book this is a book its price is ten dollars or fifty dollars and we can sell this product if we check on this box we can allow this product or service to be added to the invoices or if we check to the buy this or if we check the buy box we can this whole product will be allowed to add it to the bills so check both of these box if you want select the income account we can add the whichever income that we want we can select whichever type of product that it is so let's just select direct public support gifts in kind and select expenses so it's basically office supplies and then just we can add in sale taxes if we want but it'll get too complicated so keep things simple let's just click on save and this is the book that we have added so next thing what i want you so now we have created a product and we are ready to move on to the next part of this video which is purchases so underneath purchases we can see we have bills we have vendors we have products and services so let's just click on vendors and add a vendor as you can see we haven't added any vendors if you already have a vendor you can just simply export it from your cv or google account or if you want to add a new vendor just simply click on add a vendor so basically just like before all you have to do is enter in the basic details such as the vendor name email first name last name currency country and many many more so i'm going to fill out this form and i will see you in the next part of this video so as you can see we've created a vendor and once we've created a vendor we can create a bill as well so over here at the billing option we can choose the item that we want to be on the bill so we can choose the book that we created as you can see it's office supply this is book we can add the quantity the price and we can add the tax if you want you can even add the bill number if you want so this is bill number one if you want to add in a specific note and we can also change the currency so you can choose to be canadian dollars or the united states dollars so once you've added in all the information just simply click on save now as you can see we have select successfully created a bill from muhammad ali rashid now as you can see this is how it will look like we can also record this payment as well so simply click on record a payment choose the payment method that you want cash check credit card paypal or others let's just click on cash the amount is 50 and payment account and you can also add in a small memo if you want just simply click on save and we have created a payment record and as you can see it's very very easy and it has been paid over here so let's move on to the next part of this video which is accounting so underneath accounting we have transactions reconciliations chart of accounts hire a bookkeeper so click on transactions so once we click on transaction this is how it will look like as we can see it says hello to the new transaction page we access transaction anywhere on any device easily add edits and review transaction on your smartphone or tablet click on next next and click on let's go so once we click on transaction this is how the website will look like so we have as you can see this is the last transaction that we were done through our customer number one bill number one we can add income we can add expenses and if we click on more we can add journal transactions connect your bank account and upload a bank statement so if you have a bank statement present on your computer or smartphone you can simply upload it through this option right here so as you can see the action we click on show details this it will show us the detail of the transactions and the time of the withdrawal so we can choose the option to add another customer and split the transaction or delete this transaction or mark it as reviewed and then click on save so let's just click on mark as reviewed and then click on save and the transaction is saved just like that it's so easy to use this i'm telling you guys this website is very very awesome and it is very very user friendly so the next option is reconciliation so once we click on reconciliation we can choose the account reconciliation so we have cash on hand so manually added accounts we have cash on hands so once we click on get started we can start the reconciliation process so enter the ending balance as it appears on your statements you can ending balance date and enter in the amount that you want so let's just add 50 dollars and then simply click on save and we have created a reconciliation account so this is it we have matched the difference is 50 dollars statement balance is 50 as well so once we've done that we can now move on to charts of account so once we click on charts of account we can see we have all these different options now so basically if you have a big business this option is for you but if you're a smaller guy like me and you're just trying to get into the market so you don't need to know about all these informations at the very beginning so what i want you guys to do is simply keep things simple and just start working and until you get a bigger business then you'll need all these options the same goes for the next option which is hire a bookkeeper now if you don't as i said before if you don't have a big business you really don't need a bookkeeper you can just simply do all of that for yourself because it's a small business and you can manage everything on your own so basically that was all of the information that you guys should need to know and before we end this video let me just go over to these options real quick so that you will feel confident and you can know that i haven't skipped any parts of this video so once we click on banking we have connected accounts we have payouts and payrolls so connected accounts so if basically what that means is that if you have multiple accounts you can connect it to your banking account as the name suggests you can have payrolls and reports as well as i said before these options are only for those that have a bigger business now if you're just getting started these options are not for you stick to the basics and you will be fine you don't need to complicate things even further so once we've added and done all those basic information let's take a look at our dashboard and what we see so over here at dashboard as we can see we have our cash flow over here so once we connect our bank account we can see all the different information and net changes and the cash flow that is coming in and out of your business and we have our profits and loss over here we have payable and owing so we have invoice payable to you and we have bills you over here on the right side down below we have net income and at the end we have expense break so office supply is 100% we have only one product that is being sold right now that was it for this video guys basically that was all the information that you needed and if you guys enjoyed this video make sure you hit the like button subscribe to our channel and I will see you guys in the next video until then take care good bye