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.

Create an account to represent your product or service

  1. Log in to your Wave account from waveapps.com.
  2. In the left navigation menu, click Accounting > Chart of Accounts.
  3. Click Add an account.
    Select an Account type from the dropdown menu to allocate your product to and enter an account name. Optionally, enter an account ID and description.
    Only use this account for that specific product or service to ensure that the report for the account only relates to that product.
  4. Click Save.

Create a product or service to allocate to that income/expense account

  1. In the left navigation menu, click Sales & Payments > Products & Services.
  2. Click Add a product or service. You’ll need to enter a name, and can optionally add a description, price, and sales tax.
    Click the box next to Sell this if the item will be added to invoices.
    Click the box next to Buy this if the item will be added to bills.
  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.

View the information in a report

  1. In the left navigation menu click Reports > Account Transactions (General Ledger).
  2. Click the dropdown menu under 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.