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Accounting: monitoring financial health and belongings of organisation (long-term, balance sheet)
Accounting: taking care of 'accounts' ((temporary) storage units for financial info of similar nature)
General rules:
Daily accounting (temp):
4 main types of accounts that you will need (for AM):
Either
Good Practice
If your association charges or recovers VAT, go to Settings > Sales Taxes to define any VAT rates you will use.
Whenever you receive a receipt, it’s a great habit to number it, snap a picture of it immediately and upload it to Wave so that it can be accounted for
properly. Wave provides free mobile Receipts apps for Android and iOS devices. Receipts are OCR treated, but accuracy varies, so do check!
On a regular interval, log into Wave and treat the expenses you emailed/ scanned or uploaded.
Make sure to:
Wave provides three options for uploading invoices: direct upload via website, email, and mobile upload. As long as the document is in a supported image file format, Wave will attempt to read the receipt and pre-fill as many of its fields as possible.
If you received a digital invoice by mail, you can send it to receipts@waveapps.com.
Follow these guidelines to successfully email receipts:
The list of all financial movements, classified by your chart of accounts is recorded in the General Ledger. You can run and export a summary report , as well as a detailed report with all movements, for a determined period of time
Wave has a set of pre-determined reports that will come in very handy when reporting to the board or treasurer. An overview is also displayed on the log-in screen.
Please note that some of these will require a more detailed bookkeeping from what discussed here to work.
Update your budget with the new numbers (be sure you book them to the right year (depending on cash or accrual approach).
You can either export the reports as Excel or CSV, or give the accountant (limited) access to the system, so that they can check and edit themselves.
Wave account owners can invite trusted individuals to collaborate on their account as a Viewer, Editor, or Payroll Administrator.