Setting up & Tracking Reimbursements
There are times that you may need to track expenses you occur in order to get reimbursed later. In order to do this in Wave Accounting, you need to be able to set up an income account, a product, and make sure to hit both the expenditure (Expense, Receipt, or Bill) to the same category that the invoice to the customer goes to. Normally, a reimbursement is not tracked as an income account, but since we can't assign expenses to an invoice, this is how it has to be done with this program. It's a free program, so sometimes workarounds have to be incorporated. In the end, since everything is hitting the same category, you should be able to see both a debit and a credit balance in the account report that shows they completely wash each other out. No balance should be left if it is set up correctly.
Setting Up Accounts
This is a tutorial for how to create new accounts on the Chart of Accounts in Wave accounting software. Best practice is to consult with your accountant or bookkeeper before adding or removing accounts. If you cannot find the account you want to add, then chose the "Other" option and edit the name to what is needed.