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Wave invoice template for non-profit organizations

hi everyone this is linda carricky from insight financial group uh also with par tech consulting who hosted their previous webinar on february 15th i wanted to create a special video regarding wave accounting we discussed this at the end of the presentation one of the things that we discussed is using utilizing an accounting software and it looks like many of you are going to sign up with wave which is fine which i think is a good option since you're just starting off i think it's a good starting point so this video is just to give you an overview of wave what i did i enter a couple transactions and so we can look at some reports and then also i'll just explain the menu so when you actually if you decide to use wave you have an overview of how it works so you will go to wave here in the address bar you'll go to waveapps.com and you will create a free account and when you create that free account make sure you sign up with an email that you're going to regularly use and then also remember the password wave is going to ask you a couple questions about the organization it is just to allow them to actually help you create your chart of accounts so also get some background on what businesses and organizations are signing up with waves so there's no right or wrong answer just go through the questions i think it should take about five minutes and then what you're going to do you're going to connect your bank account and the credit card and i'm here at the dashboard and when you go to the dashboard the dashboard icon is here on the left hand side and you're going to connect the non-profit business i'm sorry the nonprofit checking account in the savings account and the credit card so whatever accounts associated with your organization you're going to connect and what that means is once you hit connect wave is going to ask you the name of the institution so if it's chase fifth third bank and then you're going to have to provide the login information so also probably another good idea before you sign up with wave make sure you have your bank login information ready so you'll go through those steps and what you want to do if you want to import transactions as of january 1st 2002 you need to tell wave that i would suggest so this recording is february 18 2022 i suggest you actually tell wave i want to import transactions from january 1st to 2022 so be really careful when it asks you what transactions what time frame do you want to import the transactions because you can import 2020 2020 2021 if you want to do that fine but i suggest you know to keep your life simple go ahead and just say january 1st 2022 and then when those transactions are imported you're going to go to transactions so here on the left hand side under accounting you have transactions you have reconciliation and chart of accounts the transaction section is where the bank and credit card transactions are gonna come through reconciliation this is where you're going to reconcile those accounts at the end of the month and then chart of accounts is where you can see the accounts that are listed in waive this is also where you can actually enact make an account inactive or actually create an account so let's go to transaction so we're here in the transaction section first thing i want to point out here in the dropbox if you have multiple banking accounts or credit cards those accounts are going to be listed here so just for this example i've just called everything cash on hand but if you have a chase checking account you have a chase savings and then you have a credit card those accounts are going to be listed here so make sure depending on how you want to see the view if you select all accounts this section here is going to list all the accounts for each account if you just want to just see one account at the at a time you have to select that account and this section is only going to show the transactions for that particular account so this section here these are transactions that are going to come from your bank so if you go to staples and you purchase a computer that bank transaction is going to flow right into this section here you can also add transactions manually if you want to do that you can add income which would be grants which which uh let's see donations it can be if you're going to put personal personal funds into the account also you can add expense however if you're using the bank fees you would not have to use these two but i just wanted to point these out that you can add transactions manually so you want to make sure that you click on the right button if it's income which is cash coming in or an expense this is going cash going out here the more this is where you can add a journal transaction i recommend that only an accounting professional as a journal transaction you can also connect a bank account and you can also upload your bank statement so let's go to this section here so once again this is a trend this is transaction section this is the transactions that are coming from the bank or credit card so once again depending on what account you're looking at it can be for all accounts or it can just be for individual accounts so we're just going to look at cash on hand account here so it has the date so the date here is usually the date that it cleared the bank the description so the description when a transaction comes from the bank sometimes it looks a little bit weird so for instance i've labeled this transaction income and i've said this is a cicf grant but coming from the bank it may look something like this like it has the confirmation numbers it can have letters whatever the case may be you can edit this section and actually i probably would recommend you add and then put some notes in here um so if it's for a grant put the name of the grant you can put the p um the year possibly you know maybe you want to go ahead and put um the time frame so this let's just say this is from like june you know three to four months so the description this can be added account so if this is an ex income transaction it is account this account is already going to be filled in for you so this is saying that this deposit came into the cash on hand account once again this account column is already going to be selected for you so this is the bank account where that transaction came from then here category this is where you're going to tell wave what account this transaction goes to so if it's an income transaction then it should go to an income account so usually with deposit so if it's money coming in it should probably go to a grant contributions member services fees whatever the case may be those are income accounts so category you're going to select the account and then the amount is already going to be filled in for you and then once you're okay with everything you're going to select the check mark and it's going to turn green which means that you have reviewed it and you're okay with it also in this action section you can upload a receipt you can upload documents you can even edit more details so you can even you know put even more notes if you want to so over here in notes you can put you know since this is a grant you can even put more detail like grant you know put the period again you can put um i don't know for i don't know kids program um x and x and x program directors responsible you know you can put different things um let's see here and then you're going to hit save so let's look at an a a transaction forward expense so this line here programming supplies this is for an expense so say for instance if you went to walmart to purchase these items it's actually going to say walmart if i walmart and they'll probably have like the store number however once again you will want to change just the description so you know what this transaction is for you know program supplies put some type of description in there once again this is going to be filled out this is what the bank is going to have and once again sometimes it looks kind of odd but you can overwrite that and then put in a description that is useful for your organization once again the account column is going to be filled out for you once again this is the bank account or credit card this transaction hit two and then categories this is where you're going to tell wave if it's an expense transaction so this is money going out what expense account does this transaction go to and i've already selected groceries the amount is here 150 you're going to hit the green you're going to hit the check mark it's going to turn green and then you're good to go once again you can upload a receipt you can also put into more details if you um want to here in this section so once again what i did here i just went to the drop-down box i can upload the receipt or i can add more details to the transaction i feel the more details you enter the better remember with grant reporting a lot of grants ask you to submit a report so if you're able to put more descriptions here more description in the description column field i should say and even the notes it will be easier for you to go back and track what transactions went to what grants so this is the transaction section so once again this is this section here is where all of the bank and credit card transactions are going to come through you're going to enter a description you're going to enter a category telling wave what income or what expense this transaction goes to and then you're going once your review you're going to hit the check mark it's going to turn green you can decide to upload documents if you want to regarding that transaction you can also edit more details so this is the transaction transaction section now let's go to the reconciliation reconciliation is always done at the end of the month so for instance if you're using chase chase is going to send you your banking statement you know either by email like a notification saying okay your bank statement is ready to be reviewed or they may send it to you in email and what you're going to do you're going to come here reconciliation you're going to get started you're going to take that bank statement and enter the ending balance in wave and then also the ending date so most banks their period runs from the first to the last day of the month or the first or to the last business day so make sure you understand your statement you're going to enter that ending balance and wave is comparing so wave is saying if the bank ending balance is a thousand dollars does wave say the same thing if it does great if not you have to go back and see what transactions are missing i'ma give you a tip before you reconcile you want to make sure all of these transactions have a green check mark if they do not have a green check mark this can throw your reconciliation off so for instance if you're doing if you're performing february's bank statement and if it's off a hundred dollars it could be because this transaction here as you see is no longer green once you mark it green it's going to be included in the reconciliation so very important that you review all of these transactions and they are mark green so once again reconciliation it's important because it is another step to ensure your financial statements are correct it's making sure that whatever the bank has you also have in your accounting software now let's go to chart of accounts chart of accounts is the list of categories that are used where you tell wave what transaction where the transactions go you know i call them buckets these are different buckets so you know you're gonna either say okay it's income it's expense it's a credit card payment whatever the case may be so quick um accounting class so assets or items the nonprofit owns outright so that's the ca that's the bank accounts that's money owed from customers liabilities this is money that the nonprofit owes someone else so that's credit card that's payment to vendors income that's grants that's donations that's if you're selling t-shirts that's income expenses that is money going now so type of things like that that salary that supplies um professional services expenses equity for you since you're starting off don't have to worry about that right now for equity but as you as your nonprofit grows you'll probably have more equity accounts so that's a just a quick overview of chart of accounts on that section then in the banking section this is where when you connect your bank account you'll be able to see those accounts here since i don't have anything this is what is asking me so once you actually select this is what you should see and you just you know if it's chase once again you're going to select chase you have to log in and then you have to tell wave okay i want to import transactions as of this certain date then let's go to reports so this is why accounting software is so useful because it provides reports so for most grants most you know even donors they want to see reports so the first section is financial statements so you have your profit and loss you have your balance sheet i wouldn't necessarily recommend the cash flow but really focus on the profit and loss and the balance sheet so if we go to the profit and loss so in the nonprofit sector the profit and loss is called the statement of activity so you may hear that term once again this statement of activity so but it's profit and loss is still the same profit and loss is used when you're usually talking about small businesses but still the same so profit and loss here the date range so as you have more data in wave you can run it for multiple months or one month report type we talked about this doing like the accrual or cash basis and then here i like this section that gives you a short overview the income minus expenses and what's the net profit and what wave does this is just a summary a short summary if you want to see the details which is all the accounts you're going to hit this details button right here next to summary and details is going to show you the individual account so you see here you have donations for 100 grants for 500. then we're going to go down you're going to see operating expenses you're going to see groceries 150 professional services so just a simple profit and loss statement you can export this file as a pdf or csv so csv will download to excel but remember you may a lot of people don't realize this once you download a csv to excel and if you want to format that csv it's recommended that you save it as an excel file so you actually have to re-save it as an excel file so i'm going to go to csv and i'll just show you so can if you see here on the left hand side at the bottom where my uh where i'm circling it says csv so csv is not in excel format just yet but say for instance you're going to send this over to um cicf to apply for a loan i would probably recommend you you know you do some you know editing maybe you know what i call making it pretty um you know let's hit bold here um we're going to uh i'm going to use mrs washington's non-profit and um i'm going to make it bold you know just you know making it look pretty uh i'll go ahead and take this out make this look pretty you know as you can see i'm gonna just make it look professional uh make sure that the org you know whoever is reviewing the app grant application can find everything so as you can see you know i've voted some things i've changed some things so remember this is still a csv file so in order to save this this format like making sure it's still bold and nice and pretty you're going to go to file you're going to go to save as and if you see here it says csv you're going to hit that dropbox and you're going to save it as excel workbook and you're going to name it you know you can put it put the organization's name and put profit and loss um this is january to february 2022 and hit save so once again you want to make sure that you save this document as an excel workbook and hit save so let's go back over to wave let's go to the balance sheet so the balance sheet gives you a snapshot of what the organization owns and then what they owe so in the nonprofit sector the balance sheet the balance sheet is called the statement of our financial position so it gives you an overview once again at the top you can also change the period it also gives you the report type accrual versus cash base i think for many of you you're probably right now on cash base but you can go ahead and keep it on accrual what i like about wave you see how it says accrue it has paid and unpaid so go ahead and just keep it on accrual and the balance sheet it will list assets that the nonprofit owns so these are assets this is what the nonprofit actually owns outright the liabilities this is money that is owed to someone else and then if there's any equity and once again you can download as a csv or pdf you can also see the details which means like you can see the individual accounts so let's go back to the profit in law i mean sorry back to the report you can also you can look at account balances the trial balance and then also i recommend looking at the general ledger once in a while just going through the transactions looking it's looking to see what's coming through it's just another report where you can get more familiar with the finances so account transactions has all accounts so this is listing all of the accounts you can select the date range the report type and then also any contacts you can also download this as a csv or pdf file so right now this account transaction report is listing all the transactions i'm sorry all the accounts that have a transaction so hopefully this video is helpful it gives you an overview of what wave is i know once you start working in it there's questions so you know feel free to reach out to us also you know contact wave i've heard good things about their customer service there's also tutorials on youtube so once again in a way if you have the dashboard just gives you a quick overview of what's going on with your organization the accounting section this is where you're going to go in transactions this is a very very important section you definitely want to make sure you're coding the transactions and when we say coding or categorizing we mean you're going in and you're selecting what account those transactions should hit and you're going to select the check mark and it's going to turn green and then at the end of the month you're going to perform a bank and credit card reconciliation very important to start doing reconciliations [Music] the chart of accounts if you need to add an account or remove an account you're going to do that here reports this is where you can run a profit and loss statement a balance sheet also look at accounts look at the general ledger so hopefully this information is helpful once again reach out to us if you do have help like i said wave has i've heard they have good customer service definitely check it out and you'll get to a point where you know what waive your outgrow rate your outgrow wave which is what you want to do way as you can see it's free for a reason um it's limited but as you grow as you start to add staff members you receive more grant you're going to need a different type of reporting so that's where you can actually move on up to quickbooks and if you decide to move up to quickbooks make sure you check check out techsoup so tech suit i am going to do that now and pull that up so everyone can bookmark if i can type techsoup offers technology to non-profits at a great great great discount so when you're ready for quickbooks or you just want to go ahead and go with quickbooks go here and sign up here so once again you hopefully you find this information helpful and reach out to us with any questions take care