I live in Canada and just started my own business with a partner. We’re using a bookkeeping software called Wave but don’t know enough about proper record keeping. Below are some questions. Thanks in advance!

  1. For recurring bills like monthly insurance premium, should we create a bill in Wave? The transaction appears just like any other transaction but it’s going to be recurring monthly so maybe it’s a good idea to set it up as a bill?

  2. Also do we have to attach a receipt to every single transaction? Including a recurring transaction like the insurance mentioned above or the utilities bill? Or one of our customers paying an invoice?

  3. If someone pays us for an invoice by transferring funds from their checking account, would that be categorized as a “Bank Payment”? Wave has options like “cash on hand”, “bank payment” and “credit card.”

  4. Our leased space is officially under another company’s name. My partner is the owner of that company and he’s paying the landlord the rent and utilities. Then I pay my partner’s company for rent and utilities. For proper record keeping, would this arrangement cause any issues?

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