Wave Accounting

Owned by Fares Alhatabeh
Last updated: Jan 26, 2019 by Micah Bai

There are 12 main operating expenses accounts. The naming convention of the accounts are as follows:

  • The first two characters represent the car model (12 or 14)
  • The third character is a letter representing each specific sub-team:

    A - Aerobody

    D - dynamics

    C - Chassis

    I - Interiors

    B - Electrical Integration

    M - Mechanical Misc.

    H - Hardware

    S - Solar Array

    R - Race Fees

    G - General

  • The final digits are an index number starting at 00 for each sub-team category.

The sub-team expenses are as follows:

Aerobody:

  • 14-A0: Molds
  • 14-A1: Prepreg, core, etc…
  • 14-A2: Layup Consumables
  • 14-A3: Windshield & Windows
  • 14-A4: Facilities
  • 14-A5: Thermoforming

Dynamics:

  • 14-D0: Rims
  • 14-D1: Hubs & Bearings
  • 14-D2: Steering
  • 14-D3: Suspension
  • 14-D4: Brakes
  • 14-D5: Pedal

Chassis

Interiors

Mechanical Misc. 

Array

Electrical Integration

Hardware

General

Race Fees

  • 12-E0: PCB & Components

  • 12-E1: Array
  • 12-E2: Elec Miscellaneous

Mechanical:

  • 12-M0: Chassis
  • 12-M1: Aero body
  • 12-M2: Battery Box
  • 12-M4: Mech - Off the Shelf
  • 12-M5: Machining
  • 12-M6: Mech Miscellaneous

Team:

  • 12-T0: Team expenses

Chart of Accounts:

Midnight Sun has two main accounts where sponsorship and donations are received. The older account is the SYDE Trust Account - Debt Account, this account has been used before joining SSDC. Our current account is the new SSDC Operating Account of UW Midnight Sun is being used. This account is managed by SSDC operators. If the team was to receive money from sponsors or donations, the money needs to be ordered from our SSDC operator, until the money is put into the account; we add the expected amount to our pending statement on wave.

Documenting expenses on wave:

To document expenses:

  1. log into wave
  2. go to accounting
  3. select transactions
  4. add a new expense.To add an expense, write a brief description about that expense, select one of the two accounts (SSDC or SYDE), choose the type of action (deposit or withdraw), finally, enter the amount required to deposit or withdraw. In the notes section specify what the expenses will be used for.