- Get your account set up the way you like it
If you have not already done so, complete the steps in Setting up your Wave account before switching.
- Create any outstanding (unpaid) invoices and/or bills
Outstanding invoices and bills will affect your account balances. To ensure that you don't end up double counting balances later, you need to first recreate outstanding invoices and bills in Wave.
When you create these invoices and bills, create your customers, vendors, and products as you go.
- Get your account balances
Run a Trial Balance report in Quickbooks. This trial balance should cover your entire fiscal year (or for as long as you've had your business). Save this report.
Note that this report will include outstanding invoices and bills. This step is crucial to ensuring your balances are correct later.
- Delete these outstanding invoices and bills from Quickbooks
This is so your new trial balance (which you will generate in step 5) will not include outstanding invoices and bills that you just entered into Wave in Step 2.
- Get your account balances again
In Quickbooks, run another Trial Balance report. This report will look different now that you do not have outstanding invoices and bills.
- Enter your account balances in Wave.
- Compare trial balances. To make sure you're all set up with the correct balances, run a Trial Balance in Wave. Then compare Wave's trial balance with the balance from Quickbooks in Step 3.
- Continue on!
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