Importing sales transactions
arossi83
Member Posts: 4
Hello everyone,
I am trying to figure out how to import transactions into Wave. I don't see a sales receipt feature. Our company sells products online so there is no need to invoice and then pay the invoices. Can this be done in one step? And can this be done by importing a csv file rather than entering each transaction in manually? I don't see where importing is done from but have heard other referencing it.
Thank you!
0
Comments
arossi83,
There are two ways to go about it. The simplest is to connect your bank to Wave. All transactions that go through the bank are imported into Wave and updated on a frequent basis. The second would be to download or create a csv file. Go to Accounting/Transaction, click on more (top right). Select upload a bank statement.
Mike G, CPA
www.mgfinancial.net
Affordable Solutions For
Your Small Business
Hi Mike,
The problem with that is the bank statements don't have the individual sales info. The money is deposited in large batches from the cc processor. Don't I need the individual orders to reconcile them to the deposits being made? Or am I over-complicating things?
arossi83,
Probably over-complicating. Not sure whether you are in the US. That is what I'm familiar with. Recording sales (deposits) in batches should not be an issue so long as you have the back up to each sale. I have several clients that receive batch payments, food service, kennel etc. Since they are cash basis for tax reporting, it really does not matter. Simple is better.
Mike G, CPA
www.mgfinancial.net
yes we are in the US. So the detail would only be necessary for inventory purposes then? I see that Wave doesn't currently have that feature the way quick books does. Entering invoices from vendors with the detail increases inventory counts and sales receipts decrease them...
arossi83,
That is correct that Wave does not support inventory. However, in my humble opinion keeping track of inventory for the majority of small businesses adds layers of complication that can quickly wreak havoc with the accounting records. I have clients that have inventory and we do it a simple way that yields the same results. All deposits are sales and all purchases for resale are expensed as purchases. At the end of the year inventory is trued up to the actual by making an adjustment to inventory on the balance sheet and offsetting purchases. Simple.
Mike G, CPA
www.mgfinancial.net
Ok. Thank you so much for all your help! It is much appreciated! :-)
No problem. Keep me in mind if your looking for a CPA. I service clients from coast to coast.
Mike G, CPA
www.mgfinancial.net