How to move your data between Wave accounts

This guide is meant for users on Wave’s legacy accounting platform who want to move their account over to the updated platform.

This guide will show you how to set up a new Wave account, add your business or businesses, and move your data from an existing Wave account.

Once you create a new Wave account, you’ll need to repeat the steps outlined in this guide for each individual business that you own to ensure everything is moved over to the new account.

Part 1: Open your new account

To get started, you’ll need to create a new Wave account. All newly created Wave accounts will have the updated accounting experience by default.

Before setting up a new account, we recommend re-naming the existing business in your existing account so you can easily distinguish it as the “old” business. For example, “My Business - OLD.” You can do this under Manage Your Profile > Businesses.

  1. Create your new account

    Log out of your existing Wave account, and go to https://my.waveapps.com/register/.

    To create a new account, you must use a different email than the one you use for your existing account.

  2. Set up your new business

    Make sure to add the details about your business including the correct Country and Currency. Wave will automatically select these based on the location we detect. If you’re travelling or using a VPN, make sure to edit this since the currency cannot be changed.

  3. Add your old account as an administrator on your new account

    This makes downloading and uploading information between your old and new accounts using Wave Connect much easier and will make it possible to switch between the old and new accounts from your existing login.

    1. In the new account, go to Settings > User Management. Enter the user email for your old account and click Invite User.
    2. Next, log out of Wave. This step is important!
    3. You should receive an email with an invitation to collaborate to your primary email address for your old account. Make sure that you’re logged out of Wave, then click the link to accept the invitation. You’ll be taken to a page where you can sign back into Wave.
    4. Be careful to Sign In rather than Sign Up. You can verify that your access to the new account is set up by clicking on the drop-down menu in the upper left-hand corner of the screen. You should see both accounts listed in the drop-down navigation menu.

Part 2: Set up your new account

Before you start moving information over to your new account, we recommend doing some basic set-up. This will make importing your data much easier, and doing all of your set-up at once means you’re less likely to miss something along the way.

  1. Customize your chart of accounts

    You probably have a set of accounts that you want to continue using. In the left-hand navigation menu of your new account, select Accounting > Chart of Accounts. You'll see your chart of accounts, a list of assets, liabilities, income, expense and equity accounts.

    Based on the business type you select when setting up your new account, Wave pre-populates some accounts. You can remove any pre-populated accounts you don’t need by clicking on the garbage bin icon. Add new accounts by clicking Add a New Account in the upper right-hand corner of the page.

    If you prefer to work from a list from your old account, go to Accounting > Chart of Accounts and click one of the download options at the top of the page.

  2. Add sales taxes (recoverable and non-recoverable)

    Click Settings in the left-hand navigation menu and choose Sales Taxes under the Accounting section. On this page, set up any sales taxes that you pay or collect. Make sure you indicate if the tax is recoverable.

  3. Set your fiscal year-end

    Click Settings in the left-hand navigation menu and choose Dates & Currency under the Accounting section. Wave automatically defaults to a fiscal year-end of December 31. If your fiscal year ends on this date, there’s no need to update this setting.

  4. Manage other users

    If others collaborate on your current account, and you’d like them to continue collaborating on the new account, go to Settings > User Management to invite them to your new Wave account.

  5. Set your invoice customization preferences and upload a logo

    Go to Settings > Invoice Customization. Choose your template, accent color, and upload a logo. You can set any other invoice preferences here as well.

Part 3: Export your existing data

To ensure that you have copies of the data in your old account, and to import some of this information to your new account, you’ll first need to export data from your old Wave account.

  1. Set up Wave Connect (recommended)

    We’ve built a Google Sheets add-on that allows you to easily export and import data with Wave. To take advantage of this tool, follow the instructions here to get set up. (If you prefer not to use Wave connect, skip to step 3).

  2. Download your customers and products

    Once you’ve set up Wave Connect, click the Add-ons menu in Google Sheets, select Wave Connect > Download, and choose data you want to download. For the purposes of setting up your new account, you’ll need to download Customers and Products. Do this in two different sheets in the workbook you’ve set up.

  3. Export your transactions and receipts

    Wave Connect can’t export transactions or receipts. To export this information, go to Settings > Data Export in your account. You can request a data export here that will arrive by email so that you can keep these details for your records. This export contains the following: accounts, bill items, invoice items, customers, vendors, payments, transactions, journal entries, and your detailed general ledger.

Please Note: Bills and vendors cannot be imported back to Wave.

Part 4: Import your customers and products

We recommend using Wave Connect to upload your customers and products into your new account. You don’t even need to leave the sheet you’ve already created!

If you prefer not to use Wave Connect, skip ahead to the sub-section titled Importing customers and products manually.

Importing customers and products using Wave Connect

  1. Import your customers

    In the same sheet where you downloaded your customers or products, choose Upload from the Wave Connect menu rather than Download. You’ll see the options for customers and products in this menu.

  2. Select the Import Fields, and Confirm

    If you downloaded your Customers using Wave Connect: Click Skip on Step 1: Prepare Input Sheet. You can then Validate the data, and then upload.

    If you did not download your Customers using Wave Connect: Open the Customers CSV from your Wave data export. From the upload menu, select your new business as the destination, and the input fields you want to use for your customer upload. Click Prepare Input Sheet. This will set up columns that Wave Connect can use to upload your data. Next, paste your customer data into this sheet and click Upload.

    If you skipped the step to rename either your old or new business, we recommend going back to Part 1, Step 1 to ensure that you have re-named at least one of the businesses so you can distinguish between them.

  3. Import your Products

    Repeat steps 1–2 of this section, re-importing the sheet with the products that you downloaded from your original account.

Part 5: Manage your Payments by Wave account (Stripe only)

If you use Payments by Wave, you’ll need to disconnect your Stripe account from your old account, and reconnect to your new Wave account to ensure that your customers can pay their invoices moving forward.

  1. Disconnect your Stripe account from your old Wave account

    Go to Settings > Payments > Manage Your Connections. You should see a button that says Disconnect your Stripe Account.

  2. Reconnect your Stripe account to your new Wave account

    In your new Wave account, go to Settings > Credit Card Payments. You should see a page prompting you to set up Credit Card Payments. Make sure to click the link to set up the connection to an existing Stripe account, rather than creating a new account.

If severing the connection from the Manage Your Connections page doesn’t work, you can sever the connection from the Stripe side. To do this, go to Developers > API Keys in your Stripe account and click the 3-dot menu next to Publishable and Secret Keys.

Please note that taking this action from Stripe will disconnect the account from all connected services, not just Wave.

Part 6: Transfer your account balances so that you can file under MTD

Once your account is set up with your Chart of Accounts, products, and customers, you’ll need to transfer any outstanding payables and receivables, your Q2 starting balances, and your Q2 transactions over to the new account.

  1. Re-create any outstanding (unpaid or partially paid) invoices and/or bills

    Outstanding invoices and bills affect your Accounts Receivable and Accounts Payable balances. To ensure that you don't end up double counting balances later, and that you can record invoice payments like you usually do, you’ll need to first recreate outstanding invoices and bills in your new Wave account.

    Make sure that you set up the correct income accounts when you transferred your products to the new account. This will ensure that the invoices that you recreate have the same bookkeeping impact as the originals. The same goes for bills, make sure that you choose the same expense categories as the original so that your books stay the same.

    For outstanding invoices that have already been sent, you can skip sending when creating the new copy. When you’re done, you should have a copy of each outstanding invoice and bill in both of your Wave accounts.

    Unless you made manual entries to either your Accounts Receivable or your Accounts Payable account, the balances for these accounts should now match between your old Wave account and new Wave account.

  2. Run a trial balance report in the old account

    Run a trial balance report in your old Wave account for today, and export and save a copy of this report.

    Note that this report will still include the outstanding invoices and bills that you recreated in step 1.

  3. Run a trial balance report in the new account

    Run a trial balance report for today in your new Wave account. Compare and confirm that the balances for Accounts Receivable and Accounts Payable are the same between your old and new accounts.

    In the new account, you’ll also have balances in any of the income or expense accounts that you allocated products to on an invoice or bill, entries into any payment account to which you allocated a partial payment, and entries into any tax accounts that you collected sales tax for, or paid sales tax for (recoverable only).
  4. Run a trial balance report in your old account for March 31, 2019

    In order to prepare your account to import transactions starting on April 1, 2019, you need to know the balance of the accounts on March 31. If you wish to pick a date further in the past, you can certainly do that as well. However, keep in mind that any transactions that you upload will have to be re-categorized again after uploading. We recommend only uploading what you need to be compliant with MTD filing for Q2 2019.

  5. Run a trial balance report for the new account for March 31, 2019

    If you had any outstanding invoices or bills that were raised before the March 31, or if you mistakenly entered a date in the past, you should see entries on the trial balance in the new account for March 31, 2019.

    Confirm that you are seeing only the correct balances for any items you recreated with a date before March 31 in step 1 before proceeding.

  6. Calculate the difference between any balances that have entries in the new account

    To ensure that nothing is double counted, you’ll need to calculate the difference between the March 31 trial balance in the old account and the March 31 trial balance in the new account. If your March 31 trial balance for the new account is $0, proceed to step 7.

    To calculate the difference, subtract the amount on the March 31 balance sheet for the new account from the amount on the March 31 balance sheet for the new account. For example, if the trial balance of the Sales account in the old account is $1000, and the trial balance of the Sales account in the new account is $200, you would calculate a balance difference of $800. Note this number down for each account where there is a value on the March 31 balance sheet for the new account. You’ll need these amounts in the next step.
  7. Enter your March 31 account balances in Wave.

    Under Accounting click the Transactions page. From here click the More button, then click on Add Journal Transaction. With your March 31 trial balance from your old account in front of you, copy the amounts from the old trial balance into the journal entry. For amounts that you calculated a difference for in step 6, enter the amount of the difference only.

    Your debits should equal your credits. If you are having problems saving, check the balances at the bottom of the entry to make sure they equal.

  8. Run another March 31 trial balance for the new account, and compare

    To make sure you're all set up with the correct balances for March 31, run a new March 31 Trial Balance in the new Wave account. Then, compare Wave's trial balance with the March 31 trial balance from the old account in Step 4. If you find a discrepancy, go back and edit the Journal Transaction in step 7.

  9. Import your Q2 transactions

    To ensure that you have all of the right details to file for MTD, you’ll need to import your Q2 transactions into your new Wave account. You can use Connect your Bank, use Wave Connect, or upload a CSV to Wave that includes the transactions that you entered during Q2. Please note: you can only upload transactions to one Bank account at a time.

    Connecting your bank: You can connect a bank to Wave to automatically import transactions by going to More > Connect a Bank on the Transactions page. When setting up the new bank connection, you can select the option to import past transactions. Some banks may allow for past transaction import up to 90 days. Once the connection is established and the transactions are imported, make sure to remove any that imported for a date prior to March 31. If the bank import only captured some transactions, and you have a gap between March 31 and the first imported transaction, you’ll need to import the remaining transactions using Wave Connect or a CSV upload.

    If you’re using Wave Connect: Open a transaction CSV from your Bank. From the upload menu, select the fields that you’ll be uploading to your new Wave account, and then select the new Wave account from the business list as the destination. You’ll also need to choose the destination bank account. Validate the data, and then upload.

    If you’re using a CSV Upload: On the Transactions page, choose More > Upload a Bank Statement. You can upload a statement in CSV, OFX, QFX, QBO, and ASO format.

  10. Categorize your Q2 transactions, and make sure to apply sales taxes

    To ensure your VAT 100 report is accurate, the final step will be to recategorize all of the transactions that you imported to your new account. The quickest way to do this is by bulk categorizing. You can select the check-boxes to the left of the transactions and then click Edit from the actions and filters bar at the top of the page. This will allow you to add a category from the Chart of Accounts you set up in Step 2. You can click the plus sign below the category selection to add another change and add tax at the same time that you’re categorizing transactions.

Part 7: Transfer your account balances (if you’re not filing under MTD, or for any other purpose)

  1. Re-create any outstanding (unpaid/partially paid) invoices and/or bills

    Outstanding invoices and bills will affect your Accounts Receivable and Accounts Payable balances. To ensure that you don't end up double counting balances later, and that you can record invoice payments like you usually do, you’ll need to first recreate outstanding invoices and bills in your new Wave account.

    Make sure that you set up the correct income accounts when you transferred your products to the new account. This will ensure that the invoices that you recreate have the same bookkeeping impact as the originals. The same goes for Bills, make sure that you choose the same expense categories as the original so that your books stay the same.

    For outstanding invoices that have already been sent, you can skip sending when creating the new copy. When you’re done, you should have a copy of each outstanding Invoice and Bill in both of your Wave accounts.

    Unless you made manually entries to either your Accounts Receivable or your Accounts Payable account, the balances for these accounts should now match between your old Wave account and new Wave account.

  2. Run a Trial balance report in the old account

    Run a Trial Balance report in your old Wave account, and export and save a copy of this report. Note that this report will include outstanding invoices and bills.

  3. Run a Trial balance report in the new account

    Run a Trial Balance report in your new Wave account. Compare and confirm that the balances for Accounts Receivable and Accounts Payable are the same between your old and new accounts. In the new account, you’ll also have balances in any of the Income or Expense accounts that you allocated products to on an Invoice or Bill, as well as entries into any payment account that you allocated a partial payment to.

  4. Calculate the difference between any balances that have entries in the new account

    To ensure that nothing is double counted, you’ll need to calculate the difference between the trial balance in the old account and the trial balance in the new account. For example, if the trial balance of the Sales account in the old account is $1000, and the trial balance of the Sales account in the new account is $200, note down the balance difference of $800. You’ll need these amounts in the next step.

  5. Enter your account balances in Wave.

    Under Accounting click the Transactions page. From here click the More button, then click Add Journal Transaction. With your trial balance from your old accounting application in front of you, copy the amounts from the old trial balance into the journal entry. For amounts that you calculated a difference for in step 4, enter the amount of the difference only.

    Your debits should equal your credits. If you are having problems saving, check the balances at the bottom of the entry to make sure they equal.

  6. Run another trial balance for the new account, and compare

    To make sure you're all set up with the correct balances, run a Trial Balance in the new Wave account. Then, compare Wave's trial balance with the balance from the old account in Step 3.

    If you find a discrepancy, go back and edit the Journal Transaction in step 5.

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