How to add a product or service
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How to add a product or service
A product in Wave is anything you sell that might bring you income, or anything you buy or pay for. It doesn't have to be something tangible. You can also add services you buy an sell are also to W...
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How do I reconcile which payment imported from PayPal are associated with which product/service? It seems these categories don't appear in the drop down on the transactions page.
Hey @Leesa! The way products and services currently function in Wave, they only associate with Invoices/Bills. For that reason, you could conceivably generate invoices for products/services you sold in PayPal, and then associate the PayPal transaction with the invoice to close it out. You could also potentially automate this process by using Zapier to more thoroughly integrate PayPal and Wave: https://zapier.com/apps/wave/integrations
So, whenever a sale was made via PayPal, it'd generate a corresponding invoice for you, and mark it as paid. This would make it a little easier to track what products/services are being moved via PayPal.
OK - I was hoping to be able to see how much money I make for each of my products and services, i.e. $ from articles, $ from research, $ from SEO, etc. Looks like I can't easily do this with drop-down categories for non-invoiced items as I'm reconciling my transactions. Thx.
Leesa, I was hoping to find the same info. I have itemized services that I invoice for that funnel into the same income account. I thought I'd be able to see how much income came from x type of design, and how much came from x type of design, but unfortunately it looks like each would need it's own separate income account. Sucks as I'll have to go back invoice by invoice now to find out.
In the first paragraph, this needs rewriting: "You can also add services you buy an sell are also to Wave."
Hi @Leesa and @CharlieAnn, thank you both for sharing this feedback. I can definitely see why this would be frustrating for you. We don't currently have any plans to change the Products & Services function in a way that would directly address what you need, but I'll make sure to pass your experience on to our Product team.
Thanks again for taking the time to let us know why this is frustrating for you - we're always looking at ways to improve our experience for you.
@ThomasDaly Thanks for catching that! That sentence has been fixed. Sometimes silly typos like that do sneak through and I appreciate you taking the time to point it out!
So if I have an item that I BUY whoelsale and then SELL at retail, should I create 2 separate products listed? One SELL THIS and one BUY THIS?
@Bliss You can create one product that you indicate you both buy and sell and change its price based on whether you're adding it to an invoice or a bill. Please let us know if you have any trouble!
On my products and services I only see a checkbox for Sell This. There's no checkbox for Buy This.
Hi @DorothyGale . Can you try creating a product under Purchases > Products & Services to see if it shows up that way? If not, would you be able to take a screenshot of one of these pages and attach it into the thread so we can take another look at it?
Hi @TheCountyLineCo1 . Products/Services must be deleted on the online platform as this isn't supported in-app.
Reason for this is a product or service I no longer offer to customers, making the 'Add An Item' list less clutter in the New Invoice section, and reducing error.
Hey @Elmer - not at the moment, but we've had a number of customers ask for the ability to 'archive' old products and services so as to not clutter up that page, but not lose out on the data from older invoices. This is something we're currently looking into - I can't make any promises about timelines or definite implementation, but stay tuned!
I am trying to set up my accounts for consignment sales as a consignee. The tutorial I am following asks me to create an other short liability account named "Consigment Sales - Liability". It askes me to create an income account called "Commission Income". It then asks me to create an item called "Reduce Liabiity for Commission". It then directs you to link this item with the "Consignment Sales - Liability" account. Except I can't. Because Wave only gives me the option to link the item as buy/sell to a income account or an expense account -_-
How am I supposed to get this chart of accounts up to work correctly as a consignee, when there is no option to link any of the products or services with any other accounts except income or expense?
@oncewedbridal It's true that in Wave you wouldn't be able to associate a Product or Service with a liability account, you would need to select a specific income or expense to associate the sale with. What you could do is associate the product with "Commission income" account and then use a journal transaction to reduce the liability for the commission. You can add a journal transaction by heading to Accounting > Transactions > More Actions > Add a Journal Transaction.
Do any of our accountants want to weigh in on the best way to account for consignment sales?
Is there an option to make a product inactive/discontinued so it does not show up on the scroll down product list? We are no longer buying from a supplier effectively making 30 products redundant. Deleting is not a good idea as it has historical data associated.
Hey @Factor_Services
Sadly the archiving of products/services/customers is not available in our system. Though it is a request we have seen from our community members before, it's not something we have implemented yet. My apologies for that.
The only way to do this is to delete products or services, however that can't be done if they are still attached to existing invoices, so you'd have to delete the invoice first.
I provide a service that is billed per hour with a minimum fee. How would I set that up in Products & Services? For example: $100/hour with a $300 minimum fee.
A business I work with has many products set up in the Purchasing section - some of the items are set up to be recorded to an expense account, others to and inventory account. In trying to update one of the products (and then trying to create a new product) we can no longer record the purtchase of the product to any account other than an expense account. Has this changed? Why can we not select an asset account to record purchases to?
Hi @Melina! You could enter the 'minimum fee' as its own product if it is always constant. Then for the hourly rates you could add those as separate products/services if they are constant as well!
Hi @Mark! Thanks for reaching out. How are you trying to record the purchase? Is this on the Transactions page or in the 'Bills' section? Let us know and we would be happy to assist!
Emma, we are adding the product for use in the Bills section
Thanks Emma!
New user here, setting up my products and services. I'm wondering if I can go back and edit my pricing for each service when I am ready to increase rates without it affecting past invoices with the services? I'm hoping the answer is that the price changes would only affect new invoices and estimates moving forward and not affect past transactions, but I want to be sure.
And another thing I just discovered that I really dislike. After creating my first invoice and looking at the Account Transactions (General Ledger), why are is the DESCRIPTION and not the name of the service given for each transaction line? I have detailed descriptions explaining the work that was completed so this resulted in excessively long lines on the report for these transactions. I expected that the NAME of the service would be what comes up on the report, and then you could click on it to see the details. I can't seem to find a setting to change this.
Hey @SeeJaneB! Unfortunately, if you choose to update your pricing of your pre-existing products, that will change the price of those products retroactively as well. I'd recommend creating a secondary product for the new price if you're looking to have those prices change moving forward. As far as the descriptions showing up in your Account Transactions report, can you send a screenshot of that? Would love to see what you're seeing so we can troubleshoot this as best as possible.
@ConnorM what if I just add the product on a new invoice and edit the price there? Would that change the actual item that is stored for past and future use or is this a good way to do price adjustments on a case by case basis?
There are two strange things that I see happening with the invoices, actually, and I found other community discussions about these, as well.
Here's a screenshot of the first thing that I described, where the income account entries generated from an invoice have the DESCRIPTION of the service instead of the NAME of the service:
Although I went back and changed things now so I have shorter descriptions to accommodate for this behavior in Wave, I went back and generated an invoice that I won't use with one of my original product names and descriptions to show you. Note the name of this service was Set up Basic Shopify Account, which is what I assumed would be recorded on the line item in the general ledger, but see how crazy it looks when the description of the service is recorded for the transaction:
And here's the other thing that I and others I have found do not like:
Notice that when a payment is applied to an invoice, it just says Invoice Payment instead of including the particular invoice that it is being applied to. Other users stated that this is not the way the Wave has always behaved and are upset that the entry is not more descriptive.
Here you can see under both my Client Prepayment account and the Accounts Receivable that I had the down payment and then after creating an invoice recently, I applied this payment to it.
This is bad because once there are lots of invoices and down payments, it's impossible to tell without clicking on it, which payments go to which invoices. Can Wave fix this for us?
If I purchase something at cost, how do I sell it to the customer at a 35% margin automatically? My cost of good will ALWAYS remain constant, but what I sell it for, will typically be retail or slightly under. When I receive the goods into inventory in the form of a bill, is the only way to adjust the price I extend to the customer a manual update on the invoice?
Also, when receiving the inventory on a bill, the inventory is not showing up on my ASSET lines on my reports. Am I missing something?
Hi @TODavid69! Thanks for reaching out here. It isn't possible in Wave to have an automatic margin applied to products/services I'm afraid. You would have to calculate this manually. Are you categorizing the expense transactions for inventory to the specific inventory account you created in the Chart of Accounts page? This would be under the 'assets' tab as mentioned in this Wave guide on inventory tracking in Wave.