![\"\"](\"https:\/\/freelancetofreedomproject.com\/wp-content\/uploads\/2021\/10\/Wave-Apps-Bookkeeping-684x1024.jpg\")
<\/figure><\/div>\n\n\n\nWHO SHOULD USE WAVE?<\/h3>\n\n\n\n
Wave is great for freelancers and service-based small business owners. It allows you to invite your accountant to view your accounting without having to give them your login info. Wave isn\u2019t the best if your primary source of income is selling inventory. If you want in-depth reporting beyond the basic profit and loss statement and balance sheet, you will want to check out Quickbooks Online or Xero.<\/p>\n\n\n\n
If you don\u2019t currently have a bookkeeping system in place, I recommend starting with the new year. Going back and trying to do all 12 months in your new bookkeeping software will overwhelm you and you won\u2019t want to do it. By starting with January, you\u2019ll have a fresh slate and you\u2019ll be more likely keep up with it throughout the year.<\/p>\n\n\n\n
GETTING SET UP<\/h3>\n\n\n\n- Create a business account here<\/a>.<\/li>
- Link your bank accounts, credit cards, and other payment collection accounts like PayPal.<\/li><\/ul>\n\n\n\n
![\"\"](\"https:\/\/freelancetofreedomproject.com\/wp-content\/uploads\/2021\/10\/Set-up-2-Connect-bank-accounts.png\")
<\/figure>\n\n\n\n- Set up your chart of accounts.<\/li><\/ul>\n\n\n\n
![\"\"](\"https:\/\/freelancetofreedomproject.com\/wp-content\/uploads\/2021\/10\/Set-Up-3.png\")
<\/figure>\n\n\n\n- Click on the Accounting tab on the left side of the screen. Here you can add\/edit\/remove different income and expense categories. You can also add income or expense categories when you\u2019re assigning a category to a transaction. Simply click on \u201cAdd a new category\u201d and a screen will pop up for you to add the category you need.<\/li><\/ul>\n\n\n\n
![\"\"](\"https:\/\/freelancetofreedomproject.com\/wp-content\/uploads\/2021\/10\/Set-Up-3a.png\")
<\/figure>\n\n\n\nMONTHLY TASKS<\/h3>\n\n\n\n- Categorize your income and expenses.<\/li><\/ul>\n\n\n\n
![\"\"](\"https:\/\/freelancetofreedomproject.com\/wp-content\/uploads\/2021\/10\/Monthly-1-Categorize.png\")
<\/figure>\n\n\n\n- Categorize transfers from one account to the other. For example, if you receive payments through PayPal, record the transaction that takes the money out of PayPal and the transaction that puts the money into your bank account as a transfer.<\/li><\/ul>\n\n\n\n
- Reconcile each account you\u2019ve linked to Wave.This is like balancing a checkbook. During this process, you\u2019ll see if any transactions were left out or double-counted.a. Make sure this drop-down menu shows \u201cUnverified\u201d so you can see the unreconciled transactions.<\/li><\/ul>\n\n\n\n
- In this drop-down menu, select the account you will reconcile.<\/li>
- Select the dates that correspond with the bank statement. Sometimes statements align with the month-end and sometimes they start and begin mid-month.<\/li>
- Enter the ending bank balance from the account\u2019s monthly statement.<\/li>
- Go line by line through your paper bank statement and check off the transaction on paper and on screen.<\/li>
- Once you\u2019re done, the \u201cDifference\u201d should show a big fat zero.<\/li><\/ol>\n\n\n\n\n
![\"be-your-own-cfo\"](\"https:\/\/web.archive.org\/web\/20210411093818im_\/https:\/\/freelancetofreedomproject.com\/wp-content\/uploads\/2015\/10\/be-your-own-cfo-300x206.png\")
<\/a><\/figure><\/div>\n\n\n\nFeeling lost about how to handle bookkeeping and everything money in your business? Amy\u2019s course Be Your Own CFO<\/a><\/strong> is here to save the day. Learn how to setup your business legally, how to correctly use bookkeeping softward and much more. She\u2019s generously offered FTFers $75 dollars off- just use coupon code FREELANCETOFREEDOM<\/strong> to get it! Don\u2019t wait til tax time and get caught with your pants down!<\/p>\n<\/div><\/div>\n\n\n\nThese are the basic tasks in getting your bookkeeping set up and operating on a monthly basis. Some freelancers will have very simple bookkeeping and some will have more involved and difficult bookkeeping.<\/p>\n\n\n\n
If you feel like you\u2019re in over your head, don\u2019t throw in the towel and give up. Contact a bookkeeper that specializes in cloud bookkeeping. Many offer a training option where they do an on-screen tutorial of the program using your actual transactions.<\/p>\n\n\n\n
Once you get a couple of months under your belt, it gets so much easier!<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"WHY WAVE? There are a bunch of different online bookkeeping options available, but the reason I\u2019m sharing about Wave is because it\u2019s completely free. You\u2019re probably thinking, what\u2019s the catch? There are some sidebar ads on the site so that Wave can make money, but they aren\u2019t in your face and I\u2019ve actually learned to tune … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/freelancetofreedomproject.com\/wp-json\/wp\/v2\/posts\/123"}],"collection":[{"href":"https:\/\/freelancetofreedomproject.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/freelancetofreedomproject.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/freelancetofreedomproject.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/freelancetofreedomproject.com\/wp-json\/wp\/v2\/comments?post=123"}],"version-history":[{"count":0,"href":"https:\/\/freelancetofreedomproject.com\/wp-json\/wp\/v2\/posts\/123\/revisions"}],"wp:attachment":[{"href":"https:\/\/freelancetofreedomproject.com\/wp-json\/wp\/v2\/media?parent=123"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/freelancetofreedomproject.com\/wp-json\/wp\/v2\/categories?post=123"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/freelancetofreedomproject.com\/wp-json\/wp\/v2\/tags?post=123"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
<\/figure>\n\n\n\n- Set up your chart of accounts.<\/li><\/ul>\n\n\n\n<\/figure>\n\n\n\n
- Click on the Accounting tab on the left side of the screen. Here you can add\/edit\/remove different income and expense categories. You can also add income or expense categories when you\u2019re assigning a category to a transaction. Simply click on \u201cAdd a new category\u201d and a screen will pop up for you to add the category you need.<\/li><\/ul>\n\n\n\n<\/figure>\n\n\n\n
MONTHLY TASKS<\/h3>\n\n\n\n
- Categorize your income and expenses.<\/li><\/ul>\n\n\n\n<\/figure>\n\n\n\n
- Categorize transfers from one account to the other. For example, if you receive payments through PayPal, record the transaction that takes the money out of PayPal and the transaction that puts the money into your bank account as a transfer.<\/li><\/ul>\n\n\n\n
- Reconcile each account you\u2019ve linked to Wave.This is like balancing a checkbook. During this process, you\u2019ll see if any transactions were left out or double-counted.a. Make sure this drop-down menu shows \u201cUnverified\u201d so you can see the unreconciled transactions.<\/li><\/ul>\n\n\n\n
- In this drop-down menu, select the account you will reconcile.<\/li>
- Select the dates that correspond with the bank statement. Sometimes statements align with the month-end and sometimes they start and begin mid-month.<\/li>
- Enter the ending bank balance from the account\u2019s monthly statement.<\/li>
- Go line by line through your paper bank statement and check off the transaction on paper and on screen.<\/li>
- Once you\u2019re done, the \u201cDifference\u201d should show a big fat zero.<\/li><\/ol>\n\n\n\n\n<\/a><\/figure><\/div>\n\n\n\n
Feeling lost about how to handle bookkeeping and everything money in your business? Amy\u2019s course Be Your Own CFO<\/a><\/strong> is here to save the day. Learn how to setup your business legally, how to correctly use bookkeeping softward and much more. She\u2019s generously offered FTFers $75 dollars off- just use coupon code FREELANCETOFREEDOM<\/strong> to get it! Don\u2019t wait til tax time and get caught with your pants down!<\/p>\n<\/div><\/div>\n\n\n\n
These are the basic tasks in getting your bookkeeping set up and operating on a monthly basis. Some freelancers will have very simple bookkeeping and some will have more involved and difficult bookkeeping.<\/p>\n\n\n\n
If you feel like you\u2019re in over your head, don\u2019t throw in the towel and give up. Contact a bookkeeper that specializes in cloud bookkeeping. Many offer a training option where they do an on-screen tutorial of the program using your actual transactions.<\/p>\n\n\n\n
Once you get a couple of months under your belt, it gets so much easier!<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"
WHY WAVE? There are a bunch of different online bookkeeping options available, but the reason I\u2019m sharing about Wave is because it\u2019s completely free. You\u2019re probably thinking, what\u2019s the catch? There are some sidebar ads on the site so that Wave can make money, but they aren\u2019t in your face and I\u2019ve actually learned to tune … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/freelancetofreedomproject.com\/wp-json\/wp\/v2\/posts\/123"}],"collection":[{"href":"https:\/\/freelancetofreedomproject.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/freelancetofreedomproject.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/freelancetofreedomproject.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/freelancetofreedomproject.com\/wp-json\/wp\/v2\/comments?post=123"}],"version-history":[{"count":0,"href":"https:\/\/freelancetofreedomproject.com\/wp-json\/wp\/v2\/posts\/123\/revisions"}],"wp:attachment":[{"href":"https:\/\/freelancetofreedomproject.com\/wp-json\/wp\/v2\/media?parent=123"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/freelancetofreedomproject.com\/wp-json\/wp\/v2\/categories?post=123"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/freelancetofreedomproject.com\/wp-json\/wp\/v2\/tags?post=123"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
- Reconcile each account you\u2019ve linked to Wave.This is like balancing a checkbook. During this process, you\u2019ll see if any transactions were left out or double-counted.a. Make sure this drop-down menu shows \u201cUnverified\u201d so you can see the unreconciled transactions.<\/li><\/ul>\n\n\n\n
- Categorize transfers from one account to the other. For example, if you receive payments through PayPal, record the transaction that takes the money out of PayPal and the transaction that puts the money into your bank account as a transfer.<\/li><\/ul>\n\n\n\n
- Categorize your income and expenses.<\/li><\/ul>\n\n\n\n
- Click on the Accounting tab on the left side of the screen. Here you can add\/edit\/remove different income and expense categories. You can also add income or expense categories when you\u2019re assigning a category to a transaction. Simply click on \u201cAdd a new category\u201d and a screen will pop up for you to add the category you need.<\/li><\/ul>\n\n\n\n