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.

To track the purchases and sales of inventory, follow the steps in How to track inventory in Wave.

Create or locate an account to represent your product or service

Add or edit a product or service to allocate it to an income or expense account

View sales and purchase information in a report

Create or locate an account to represent your product or service

To locate or create an existing account:

1. Log in to your Wave account from waveapps.com.

2. On the left-side menu, click Accounting > Chart of Accounts.

   All accounts created in your business profile will be shown here.

3. To locate an account, select the account category from the top of the page, then scroll down.
4. To create a new account;
   1. Click Add an New Account.
   2. Select an Account typeto allocate your product to from the dropdown menu. Select income for an item you sell, and expense for an item you buy.
   3. Enter an account name.
   4. Optionally, enter an account ID and description.
5. Click Save.

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

Add or edit a product or service to allocate it to an income or expense account

Learn how to add a product or service.

Learn how to edit a product or service.

For pre-existing products and services that have been added to paid invoices or bills, add the new account, then edit the product or service and invoice or bill to reflect the change. Find more detailed instructions in Update the income account of a product or service on past invoices and Update the expense account of a product or service on past bills.

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 sales and purchase information in a report

1. On the left-side menu click Reports > Account Transactions (General Ledger).
2. Click the dropdown menu under Account and filter for the newly created income or 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.