When you enter or import your transactions into Wave, you may not want to enter or import every single transaction since you first opened the bank or credit card account. For example, if you are doing your accounting for 2017, you may only want transactions starting from January 1, 2017 in Wave.
However, if you want your accounting records to be correct, you will need to enter the starting balance for those accounts on January 1, 2017. The starting balance is the balance of the account at the beginning of that day (or the end of the prior day, which would be December 31, 2016 in our example).
How to enter a starting balance for bank and credit card accounts
- Go to your Transactions page and create a new transaction (Income/Deposit for Bank account, Expense/Withdrawal for Credit Card account).
- In the Date column, put in the starting balance date.
- In the Description column, enter "Starting balance".
- In the Amount column, enter the starting balance amount.
- In the Category column, select "Owner's Equity" (or an appropriate Equity account for your business).
- In the Account column, select the account for which you're setting a starting balance.
When you connect your bank or credit card, Wave enters the starting balance for you so you don't have to.
If you enter transactions with dates prior to this starting balance transactions, then make sure you adjust the date and amount of this transaction so that it is the first transaction of the account.
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