a) The first step is to go to go to https://www.waveapps.com/ and click get started.
b) Next you will input your email address and password
After inputting your email and password you will now fill out basic information for the company which you would like to create a Wave account for. Some of the items you should have handy include:
Once you have created your account your next task will be to connect your bank account. This can be done through 2 methods.
1.) Connecting your bank account to wave
2.) Upload a bank statement
The next step after categorizing your accounts is to set up your company’s chart of accounts.
Once you have finished categorizing your expense s and creating your chart of accounts you can view your financial statements through the Reports Tab on the left side of your screen. You will be able to access reports such as your Balance Sheet and Income Statement.Balance Sheet
Some other statements you can view through Wave Accounting are:
This video will cover HST payable and receivable for your customers and vendors as well as instructions on how to complete the HST Return using Wave Accounting.Setting up Customers
Shareholder Loan are transactions where the business owner pays for the company’s expenses out of their own pocket. To record Shareholder Loans and the expenses, you can follow the steps below:
It is recommended that owners keep track of their expenses using Excel, so that all the items are accounted for.