Hi Shopify Community,
I’m looking for a bit of help/guidance with getting my wave accounting setup/working with shopify. I’m new to the business world (Canada Only), and I’m feeling a bit overwhelmed with this part of the setup. I chose wave accounting because I read that it was extremely easy to use for new businesses, and it’s free. At this point, I’ve been live/running for about 2 weeks, and received 4 orders.
I know there are integrations out there (eg. zappier), but I didn’t want to setup any integrations until I understand what’s actually happening, and I start making enough money to pay for their services too.
With that said, I was hoping there is a good tutorial out there that would explain step-by-step how to properly setup wave and record sales from shopify. So far, I’ve basically only connected my business bank account/credit card to wave.
I was able to create a few bills and record a few “manual transactions - payments” for my I invested out of pocket (Owner Investment/Drawings) to get started.
Wave has now synced with my bank, and I’ve received my first “payout” with shopify. But I don’t know what to do from here. I can see entries on my credit card for advertisements (facebook), orders I put into my vendors/suppliers, and the first payout I received from shopify.
With that said, I can see the options to upload receipts on the transaction tables and mark as reviewed. But I don’t really know what to do from here. Do I have to create “bills/purchases” for the credit card entries for purchases I made from my vendors/suppliers? When I do this, it looks like it duplicates the entry under transactions (Eg. subtracts dollar amounts). And where do I record my sales?
Or do I record my sales / purchase in the reconciliation section?
If some knows of a good tutorial (preferably video tutorial), for wave accounting + shopify store, that would be very helpful. Anybody use the “Wave Accounting Assistance - 30day help + 2hr live sessions”, and is it worth it? Once I understand how to do all this, I will be OK, but just feeling a bit lost right now.
Thank-You all so much in advance.