Using Wave for Boy Scout Troop
mlogan
Member Posts: 2
Hello, I'm looking to use Wave for tracking my local Boy Scout troop finances. Does anyone have a guide for this type of tracking? Below is one of the main use-cases I need to be able to support.
In general I need to support this type of functionality
1) Track Income and Expenses for Trips
1.1 Track payments (income) from Members for the Trip.
1.2 Track payments (expenses) from the Troop to other organizations.
1.3 Report on who and who has not paid.
1.4 Report on how much has been paid out from Trip. For example $100 to Canoe Rental and $50 for campsite rental.
1.5 Deposit overpayments (income) into other accounts. For example, a Scout was going to go Camping but then cancel. Instead of returning the payment I'd like to transfer the money to a Scout account.
1.6 Track refunds.
I've been playing with Wave and I'm not sure what type of accounts I need to set up to support the features above. More than likely we would use Wave w/o Bank integration or enabling credit-card payments.
Thanks for any guidance you can provide.
Comments
Hi @mlogan , Wave would be able to help you track your income, expenses, and refunds and allow you to generate reports on your data as well. That being said, Wave doesn't currently offer project-based accounting so the data that is tracked would be for your organization as a whole rather than for each Trip individually. I've collected some articles which I feel will be helpful in determining if Wave can meet the needs of your organization based on the information you've provided.
If you haven't already, I would start by reading our Getting Started Guide, which will walk you through setting up your Wave account. Then if you want more information on how to use Wave, you can check out the articles below.
If you have additional questions, feel free to reach back out or check out our Help Centre for more articles.
I'm a Girls Scout leader and currently setting up my Chart of Accounts to match what my council asks for at the end of the year. Under Assets, I created an inventory account where I'm placing things like uniforms and insignia. Under both income and expenses, I created program accounts broken down by trips, events, and camping. I create them under Expenses and Income so I can track payments to vendors as well as what parents pay us. You'll have to play around with the income and expenses you incur/your council needs you to report on, but I think the place to do all of this is in the Chart of accounts. This will be our first year using this, so I hope it works out.