USING WAVE FOR A LENDING BUSINESS

MBKMBK Member Posts: 1

Evening. We are currently running an alternative financial services company and have signed up to use wave apps for accounting purposes. I need guidance on
1. Is wave apps suitable for use with this type of business
2. Not really sure how we will account for loan transactions, loan repayments etc on the solution.

Looking forward to your input on this

Comments

  • JulianPJulianP Administrator Posts: 850 admin

    Hey there @MBK !

    1) For our free features, yes. However, this type of business would fall under our " Prohibited Payment Activities" for our paid Wave Payments feature. If you'd like to learn more about this, feel free to check out our Wave Payments Terms of Service here.

    2) Wave's Support Specialists are able to provide technical support, but because we aren't accountants, we aren't able to provide accounting advice. While we are able to tell you how to do something in Wave, we aren't able to necessarily tell you the right way of doing it when it comes to the principles of accounting.

    I would highly recommend reaching out to a registered CPA to ensure that you don't get incorrect advice on how to do your accounting. We'd also recommend checking out our Fearless Accounting Guide PDF for more information on the basics of accounting!

    edited December 11, 2020
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