Wave for nonprofits
PCDS
Member Posts: 1
Can nonprofits use wave for business? I see no option to select nonprofit. I like Wave and the current platform, but is this a good fit for my small nonprofit. We are starting to get donations and grants in. We are going to hire people, we want to make sure we can use it just as a for profit does.
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Hi
I have a client that is a non-profit who uses Wave without problem - however it wouldn't work if you have restricted funds that have to be accounted for separately - similar really to having departments. As yet Wave doesn't offer departmental analyses so if you are going to receive restricted funding Wave wouldn't work well for you.
We are a not for profit organisation and we use Wave no problem.
That said we don't pay anyone so payroll is not an issue.
While I know wave does not have jobs or classes, I am wondering if there are any good people out there using a workaround for restricted assets(ie restricted grants in non profits). Any best practices are appreciated.
Hey @Patty_Reuse! I have merged your post with a thread that has similar non-profit questions. We definitely have some non-profit organisations that use Wave! However, it has not been built out for this specific purpose so some functions can be restricting. In terms of setting up a restricted asset in Wave, it would not be able to be separated from your other assets. This means they will all appear on the balance sheet together.
Is a receipt of income feature being considered under Sales? (not to be confused with the receipt of expenditure which looks to be a great feature in Wave). This would be useful for issuing receipts for donations or sponsorship for our not for profit organisation. A receipt could be something very similar in format to the Estimate already provided under Sales.
Hey @Johnp I have merged your post into this thread that seemed more suitable!
To be honest I understand how this would be a valuable asset to your not-for-profit org however it's not something on our roadmap at the moment. My apologies for this. Of course the more feedback we hear about this from our users, the more our product team takes it into account. Thanks for reaching out.
Following further investigation, I've found out that this facility does exist once payment against an invoice is received. I'm a new user and yet to receive an invoice payment so this receipting feature was not revealed to me. It appear that there are some posts requesting a receipt for non-invoiced sums received, but a work around is necessary to create a Wave invoice which is not sent to the customer and then used to enable a payment receipt to be created and issued to the customer. Payment receipts are also used to keep track of part payments against an invoice so outstanding sums do not go unnoticed. This is a very good feature, well done to Wave development team.