- 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.
Outstanding invoices will affect your account balances. To ensure that you don't end up double counting balances later, you need to first recreate outstanding invoices in Wave.
- Invoices to your customers = Wave Invoices
- Invoices received from vendors/contractors = Wave Bills
- Get your account balances.
In Freshbooks, there are three reports you will need:
- Export a Collected (cash based) Profit & Loss Statement for the date range of transaction balances you are looking to enter into Wave.
- Export your Balance Sheet for the last date of transactions that you have. Ensure that your Balance Sheet is balanced!
- Export a Collected (cash based) Tax Summary for the same date range as your profit and loss statement.
You may be wondering, “If Wave is accrual based, why am I generated cash based reports?” This is because you are entering any outstanding (billed) invoices in Step 2. If you include these balances in your reports, you will end up doubling your balances.
- Enter your account balances in Wave. For details on this step, please click View original article below
- Continue on!
Learn more with Tips to stay on top of your accounting.
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