A product in Wave is anything you sell that might bring you income, or anything you buy or pay for. It doesn't have to be something tangible. You can also add services you buy an sell are also to Wave.
All of the following can be products:
- something you make
- an hour (or part thereof) of your billable time
- a service or set of services
You'll need to set up products in Wave in order to create an Invoice or Bill, or to manually enter an Expense.
There are two ways to add a Product in Wave:
Add a Product in your settings.
- Click on Sales in the left-hand menu.
- Select Products & Services from the drop-down.
- Click Add a product at the upper right.
- On the Add a product screen, give the product a Name.
- The Description field is for your reference only, and does not appear on your invoices.
- The price is optional, and can be over-written when you're creating an Invoice or Expense. If the price changes every time you buy/sell this Product, you might want to skip it. If the price is consistent, it will save you time later to add it now.
- If this is a product you are selling, check Sell this. A drop-down menu will appear, giving you a choice of Income account. Choose the Income Account that makes most sense, or select Add new account by selecting the "+" if the correct account is not yet available for you to choose.
- If this is a product you are buying, check the Buy this box. A drop-down menu will appear, giving you a choice of Expense account. Choose the Expense Account that makes the most sense, or select Add new account by selecting the "+" if the correct account is not yet available for you to choose.
- Choose the appropriate Tax Rate.
- Click Save product
And you're done! When you create your invoices or expenses now, you'll be able to type in this product or choose it from the drop-down menu.
Add a Product while creating an Invoice
- From your main 'Invoices' page, click Create an Invoice
- Click on Add an Item
- Click Create a new item at the bottom of the drop down menu that appears
- Enter product details in the fields provided
- Select the correct Income Account for that product
- Your newly created product will now be added to your invoice, and will be saved in Wave to use in the future.