How to track sales and purchases for a product or service

While Wave does not have a specific product report, you can use the following workflow to track all of the sales and purchases that you make for a particular product or service.

First, you need to create an account to represent your product or service.

  1. Click Accounting in the left navigation menu and select Chart of Accounts.
  2. Click Add an account and create an income/expense account to allocate your product to.

    Only use this account for that specific product or service to ensure that the report for the account only relates to that product.

  3. Click Save.

Next, you’ll create a product or service to allocate to that income/expense account.

  1. Click Sales or Purchases in the left navigation menu, then Products & Services.
  2. Click Add a product or service and add it to the new account.
  3. Click Save.

You can now add your product or service to invoices and bills and each item added will contribute to the report.

For pre-existing products, invoices, and bills, create the new account and simply edit the product and invoice to reflect the change.

Any changes made to a product or service connected to a recurring invoice will cause an error. To avoid this, end the recurring invoice and create a new one with the new product.

 

To view this information in a report:

  1. Click Reports in the left navigation menu and select Account Transactions (General Ledger).
  2. Click Account and filter for the newly created income/expense account.
  3. Click Update Report.

Your product report will update with each sale or purchase of the item that you record in Wave. Each entry in the report represents one quantity of the product or service, so if you sell three of the same product on an invoice, it will appear in the report with three separate entries.

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