- 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
Under the Accounting page, click the Starting Balances option. With your trial balance from your old accounting application in front of you, copy the amounts from the old trial balance into Wave's Starting Balances.
Your debits should equal your credits. If you are having problems saving, check the balances at the bottom of the page to make sure they equal!
Since Wave will not have specific transaction history, only balances, make sure you keep a copy of your old accounting information for your records!
- 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!
Learn more with Tips to stay on top of your accounting.
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