Enter a starting balance for an account with existing transactions

To adjust the balance of an account with existing transactions as of a specific date, add a starting balance to the account. You can do this at any time, including at the beginning of a fiscal year.

To watch a video explanation of these steps, see Enter starting balances for your accounts, starting at chapter 3.

There are three steps in this process: finding your closing balance, adding a new reconciliation period, and reconciling the account.

Step 1

To find your closing balance:

Open your bank statement for the account. Find the closing balance on the day before your desired starting balance date. For example, if your starting balance date is May 1, find the closing balance for April 30.

Step 2

Next, to start reconciling the account, add a new reconciliation period:

1. Log in at waveapps.com
2. On the left-side menu, go to Accounting > Transactions.
3. Switch the Reconciliation toggle to on.
4. Select the account you want to add a starting balance to.
5. To create a reconciliation period:
   1. Enter the ending balance date. In our example, this is April 30, 2026.
   2. Enter the closing balance as of this date.
   3. Click Start reconciling.

Note the difference between your Closing balance and the Matched balance.

Step 3

The last step is to add the starting balance transaction, which reconciles the account by balancing the difference between your Closing balance and Matched balance.

To add the starting balance transaction:

1. Click the Add transaction button at the top of the page.
2. Choose deposit if the Matched balance is lower than the Closing balance, or withdrawal if the Matched balance is higher.
3. For the description enter something like Prior period adjustments.
4. For the date select the closing date of your bank statement. In our example, this is April 30, 2026.
5. For the amount enter the difference between the Matched balance and the Closing balance.
6. Select the Category Owner's Equity.
7. Click Save.