Entering Daily Sales for a Boutique

FlopbotFlopbot Member Posts: 27

Greetings,

We have a small Boutique and use Square POS. Sales from the boutique are automatically deposited twice a week (Friday's Sales, Saturday's Sales) and whenever I get around to it, I do a third deposit of any random sales that involved cash & checks.

I'm brand new to Wave Accounting and the idea of business accounting as a whole. I'm not an accountant!

My question right now is how do I categorize the deposits when they automatically show up in Wave?

Can I simply mark them using the Sales Income Account (Chart of Accounts > Income > Sales)? Or maybe the Product Sales Income Account...I'm not sure of the difference?

Notes:

  • I'm not currently using Wave to track Inventory. That is likely a long ways off.
  • At this time, I'm not doing double entry accounting. That still scares me! Though eventually I want to get there.
edited September 18, 2021 in Using Wave
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