Everyone organizes their spreadsheets differently based on personal preference. How you continue moving this information into Wave depends on your spreadsheet and how much information you have.
If you have extensive records
It may be in your best interest to only enter account balances into Wave. Your account balances include your assets, liabilities, sales tax amounts, income, expenses, and any equity accounts. You then keep your old spreadsheet for your detailed records.
If this is the case, go to Switching to Wave from Quickbooks. Even though you don't have Quickbooks, your spreadsheet reports will be very similar.
If you only have transactions
You can open your transaction file in Excel and save as a CSV file. When uploading a CSV, if there are too many columns or we cannot read it, the upload page will provide a specific error with information about how to format your statement. If this sounds like a more reasonable option, keep on reading!
- Determine the date range you want
First, you'll need to figure out the period for which you want to enter into Wave. Usually, the current year is what most people need.
- Before you upload, this is what you should know:
- If you plan on connecting your bank account or credit card to Wave, do this before uploading statements. This is because when you connect your checking account, for example, you will have the option to map it to an account you have connected. Also, it will help you determine which date range you need from your own records.
- It is highly recommended you upload 1 month at a time. This is so it isn't overwhelming and you can reconcile as you go.
- Upload one statement into Wave
To upload your first statement into Wave, go to the Transactions page and click Upload a bank statement. Click on Choose File and locate the statement you already downloaded from your bank to your computer. From the Payment account menu, this is where you would select an account such as checking. If you have already connected your bank or credit card, you will see these accounts here to choose from.
If nothing on the list fits, you can click the + symbol to add a new account.
If you have multiple checking or savings accounts, make sure you upload the right statement to the right account. If you upload the statement to the wrong account, you would have to delete the transactions that import from your statement and upload the statement again to the correct account.
When you're ready, click Upload!
As mentioned earlier, upload 1 month first and continue on. You can come back to repeat this step once you feel comfortable with the transactions page.
- Continue on!
Learn more with Tips to stay on top of your accounting.