Getting Ready to Switch
Here are quick tips on how to set up your new Wave account and ensure a smooth transition from any accounting platform.
Are you only looking for Payroll? Jump right to Switching from a payroll application.
Let's get going...
- Set up your chart of accounts.
You probably have a set of accounts that you're used to and want to continue with. Go to the Accounting option on the left and select Chart of Accounts. Here, you will see your chart of accounts which is a list of assets, liabilities, income, expense and equity accounts.
- Archive any income or expense accounts that you will never use.
- Add any accounts you are missing.
Popular question: What about sub accounts? Short answer: Wave does not have sub accounts. Add in individual accounts by renaming 'other'.
Once you are happy with your chart of accounts, categorizing will be much quicker and easier to do.
- Set up your sales taxes (recoverable and non-recoverable)
Click Settings on any page and choose Sales taxes under the Accounting heading.
You cannot add more than 10 sales taxes. Be sure that you enter them correctly the first time!
If you're the type who wants to know everything before jumping in, the Transactions page overview will show you everything about where you will spend most of your time in Wave.
Even if you only plan on using Invoicing, creating invoices and adding payments will affect the transactions page and your reports. That's the beauty of a full double-entry accounting system.
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