Accounting for a small business

jaivj

Dear All, I am new on this platform and was looking for an app to manage the financials of my business, we are a small retail company, 5 employees, we buy merchandise from a vendor and sell to the end customer, there are multiple aspects to consider here, the product that was bought for $2 has been sold for $5, out of the $5, we have received $3 from the end customer and the remaining $2 will come in later.. i wanted to track all of this by date and an alarm to highlight the date i am supposed to receive the remaining $2...

Any help extended will be appreciated!

AlexL

Hi @jaivj , thanks for reaching out and welcome to Wave!

First things first, you should know that Wave doesn't fully support inventory tracking. This means that you can definitely create a product to buy for $2, and track another product to sell for $5, but Wave will not track the money made for each product sold as if it is a single product. In addition to this, you can't calculate reports on a single product, but instead the income/expense account associated to the product.

We do have a Help Center article here which explains how Wave can help you track inventory, but this is definitely a workaround solution to a feature that we don't actually offer in the system.