Enter a starting balance for a new account

A starting balance is the amount of funds in an account at the beginning of a new fiscal period. It allows you to see the account's balance without needing to enter the full transaction history.

When adding a new bank account, enter the starting balance for the account at the start of your business's fiscal year.

Enter a starting balance for bank accounts, credit cards, or loans

Enter a starting balance for non-payment accounts

Starting balance when you connect your bank or credit card

Enter a starting balance for bank accounts, credit cards, or loans

1. Open the Transactions page.
2. Create an income transaction.
3. In the Description field, type Starting balance.
4. Fill in the date, account name, and amount of the starting balance.
5. In the Category field, select an appropriate equity account for your business.
6. Select Save.

Enter a starting balance for non-payment accounts

You can only create journal transactions in the web version of Wave.

1. Open the Transactions page.
2. Create a journal transaction.
3. In the Description field, type Starting balance.
4. In the Date field, enter the starting balance date.
5. If the account is a liability account, enter the starting balance as a credit, and select the liability account you are entering the starting balance for. Enter a debit to your Owner's Equity account for the same amount.
6. If the account is an asset account, enter the starting balance as a debit, and select the asset account you are entering the starting balance for. Enter a credit to your Owner's Equity account for the same amount.
7. Select Save.

Starting balance transaction when you connect your bank or credit card

When you connect your bank account or credit card for transaction imports, Wave enters the starting balance for you. These starting balance transactions have the description "Starting balance for". 

If you enter transactions within the fiscal year with dates before the starting balance transaction, you must adjust the date and amount so it's the first transaction for the account.