How to setup a Product or Service in Wave Apps

Transcript of Video:

I want to show you how to set up a product or service in Wave Accounting.

All right, so as soon as you log on, you will be at the dashboard and if you click on Sales Tab then products and services, you will see a list of all of your products and services.

Now I created one called accounting, but we can add more here.

Technically my business name is FireTube in accounting doesn’t really make sense.

Let’s do video creation.

I’m just making this up and you can use names that fit your business.

They can be whatever you want and we can edit descriptions.

We’ve created video groups per your instructions. Cost of that is $1,000.

I have no clue how much it really costs, but we sell this item.

We do not buy this item. Now, technically I would want to have a sales account that’s called video creation because I want to be able to see those different pieces and we’re not going to turn sales tax and we’re going to click save.

That is how you create a product or service within Wave Accounting.

Now let’s go through an example of a product.

So what is a product in videography sell?

Let’s say we start selling cameras.

Okay, we’ll just do a video camera and let’s say the one we sell is something that’s less than our services.

Makes no sense.

But we’re going to do that.

We sell this item again, we should want sales, but we also buy this item.

Now let’s see.

I won’t see an account that really fits.

Let’s go ahead and we’re going to go ahead and add these items.

Cost of goods sold because technically that’s what it is.

Other costs of goods sold and called this purchased video cameras.

And then let’s also, while we’re here was an income account and we call this video camera sales.

Those are creating, let’s refresh this screen, which apparently that will delete everything you’ve done.

Let’s do video camera again. Sale of video camera.

For again, $750, we’re going to sell the item on for video cameras sales.

Now we’re gonna buy this item and purchase video cameras, and then sales tax is going to really be.

We’ll just say 7.25, so actually, we’re going to add new tax.

Let’s call this St. Clair on the county I live in within Illinois so that maybe a way you could describe the sales tax that you have set up as well.

Now the abbreviation, let’s call it STCLIL.

This is going to be the 7.25.

We can edit the description and we could add our tax number.

We don’t need to show it on the invoices and most likely is not recoverable, and if you need to learn more about this, you can click on this link here, but we’re going to go ahead and click add and save.

That is how you can add a product or a service to Wave Accounting. And if you have any questions, please leave a comment below and if you liked this video, give it a thumbs up. If you haven’t already, please subscribe so I can send you more of these videos as I create them and share this video with your entrepreneur friends.

 


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