WAVE accounting set-up – reviewed the following areas in WAVE so that they could complete setting up the books and records:

Chart of accounts – reviewed each category, had them edit & add accounts. They are going to customize the accounts for the business. Discussed interaction between the accounts and transactions entered directly from downloads (bank/credit card/etc.) or manual entry to make the process more streamlined. Discussed how these accounts (categories) flow to the tax return.

Customers and invoicing – reviewed products and services so that customer invoices are accurate and in keeping with their current process. Discussed how the information from the products and services input is categorized as income. Discussed how to change the look of the invoice to modify its appearance and the ability to view and edit the invoice. Reviewed the email function to customers.

Banking – currently the LLC is unable via Westfield Bank to download directly from the bank and must use the CSV download and upload function (the bank stated that there is a security issue on the bank’s end that is preventing the connection). Reviewed in detail how the CSV function would work.

General bookkeeping – reviewed general bookkeeping procedures so that a process is developed whereby WAVE accounting information is done on a habitual basis.

Moving forward – 2024 transactional data will be recorded in WAVE and mirrored by month to their manual excel spreadsheets. This will enable them to review the profit & loss in WAVE to the spreadsheets and ascertain differences (which may be loan payments and/or payroll).

Next Meeting – will be in person. Plan is to record the beginning balances of the bank account (in order to reconcile the bank statements), record the beginning balances of the vehicle and equipment loans in order to post correctly principle and interest and reconcile. Review the financial statements and discuss modifications needed.

• Other – Starting indicator
• Created business plan
• Hired new staff