Have you checked out the receipt scanning app? Still one of my favourite features that flies under the radar a lot. Snap a photo of a receipt, and import it into your accounting.
One secret hack is to take photos of an item even when you don't have the receipt, especially for a cash purchase. Here's what I mean:
- I take a client out for coffee and pay in cash
- I forget to ask for a receipt, and I'll soon forget that I had this business expense
- I take a photo of the coffee cups and submit them to Wave
- in the "verify" step, I properly specify the amount of the transaction, and it becomes an accounting entry.
There's also the Personal Finance side of things: You can track your income and spending, set budgets automatically, and even invite spouses, partners or roommates to collaborate so you can manage household spending better.
Here is more you can do with Wave Accounting, just a few--
1. Splitting transactions: You can easily split an record the transactions, for ex - total purchase $230 of furniture, split this as - $100 to wood, $100 to workers, $30 on painting etc.
2. Merging transactions: What if you get the same transaction into the system twice? It is very easy to merge them into a single transaction.
3.When business and personal finance mix up : It is very easy to organize and clean up things with Wave, if you have mixed up business and personal finance together.
4. Transfers: Excellent control and ease of transfer money between your bank accounts, or payment through credit cards.