Income Transaction vs Sales

jarthda

Hi, I'm new to accounting but an old hand at SQL and data wrangling. I've just entered a years worth of my own business most of which are expenses; I've just a few sales. I've go one sale where i used Square another sale using paypal and yet another cash. The paypal is integrated and in the system. Square I have to hand enter. Do I do that under the Sales section or the Transaction section? My Cash sale was entered as an income transaction so I'd like to be consistent.

But I also have anticipated sales with customers who signed a contract to buy. How do I enter these 'anticipated' sales? Can these also be transactions? Or are they account receivable sales?

EmmaP

Hi @jarthda! If you sent invoices for these sales previously, you could use Wave Connect to upload these invoices. You can then account for the sales as you need. If they did not have invoices created for them, you can enter the income transactions on the Transactions page as they appear on your bank statement. You can then categorize this as 'Sales' or you could create more specific 'income' accounts to categorize the income to. Take a look at this Wave guide on adding accounts and customizing categories. In Wave, anticipated sales would generally be accounted for by creating and sending an invoice. Do you invoice your customers for your work?