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BWI_
Member Posts: 14
wave has the ability to make a product be used for buying and also for selling. which is great, but right now is more of a curse than a blessing.
this feature comes with the ability to assign income account and expense account to the same product, which is great until you put the product on a bill with the cost price. selling to customer you will need to change price to selling price, which make things worse as it modifies the cost price you initially put. i suggest you do the same thing you did with income and expense account for price. so that we can have two prices one for buying and one for selling
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Hey @BWI_ That's an awesome suggestion, and I'd like to hear more about how this could be more efficient for your business. For example, how frequently do you find yourself using a product that may necessitate two different prices?
I also agree with @BWI_ and his original post. For background, I am an accountant using Wave to keep track of my accounting, bookkeeping and tax preparation business.
This happens to me with two items in particular. First, I inevitably by lots of product licenses from QuickBooks (even though I try to get most of my clients on board with using Wave!) As a firm, I pay a discounted monthly subscription price for each of my clients' subscriptions, say $20/month, and I record this as an expense. When I bill my clients for this, I bill them $25-$30/month.
Second, same goes for a tax return I am preparing for a client - I buy a per-return subscription to a tax preparation program at, let's say, $15 per return. I am definitely not charging the client $15 once the return is prepared, it would be more toward $100.
I guess it's just basic Cost of Goods Sold that you would be buying a service from a vendor, marking it up and/or adding value to it, and selling it for a profit to a client/customer. Most other suites of accounting software have support for this, and as @BWI_ said, I have caught myself multiple times in Wave with the wrong price in my bills, or the wrong price in my invoices because Wave only supports listing a product for one price. If you buy it and sell it, as a business, you definitely wouldn't be selling it for what you bought it for.
if this feature is not implemented, it becomes difficult for a business to grow. as delegating is nearly impossible. i can not let an employee to make a quote for a client as the possibility of quoting using cost price is high