Appearing as part of our 2011 fiscal year end and tax preparation resources for small businesses.
"Right now, I use a different accounting application, but I'm switching to Wave"
1. In your other accounting application, run a "Trial Balance" report. This trial balance should cover your entire fiscal year (presumably 2011), unless you have data from other sources already in Wave. If that is the case, avoid repeating data from overlapping time periods. (i.e., if you only want to import data from July to December, only run the trial balance for that period.)
2. Sign in to Wave.
3. If you have more than one business set up in Wave, make sure you have selected the correct business. Go to Settings.
4. Select Account Balances. Make sure that each account in your old Trial Balance is also represented in Wave. If any are missing, add an account.
5. Before you begin to input any information into Wave, make sure the Sales Taxes in Wave are set up properly for your needs. You can do that under Settings > Wave Setup. Make sure your Wave account includes all the sales taxes you tracked in your old accounting software, as well as any others you may deal with now.
6. With your Trial Balance from your old accounting application in front of you, copy the amounts from the old trial balance to Wave’s Account Balances.
7. As Wave will not have the specific transaction history, ensure you keep a copy of your old accounting information for your records.
8. Congratulations, you can skip Step 2 and move on directly to Step 3!
Need more help? If you want more assistance, or if you prefer to let someone else do the work, we can put you in touch with accountants and bookkeepers from the Wave Pro Network. Find a Wave Pro.
For more information about small business tax preparation and fiscal year end, see our Year-end Survival Guide.
Make your next tax year as pain-free as possible: Sign up for free online accounting for small businesses, by Wave.