Appearing as part of our 2011 fiscal year end and tax preparation resources for small businesses.
"My bank statement is my best source of transaction records"
1. First, you'll need to determine the period for which you need a bank statement. The goal is to fill any gaps that exist in the data record in Wave. For example, assuming your fiscal year is January 1 to December 31, let's imagine that you signed up for Wave on September 1 and have all your information up to date from them on. In that case, you'll want to access your online banking records from January 1 to August 31. Of course, if you need the entire year's worth of data, see if you can download the whole thing.
2. Now you need to determine how far back your bank will allow you to export an electronic statement. If your bank allows you to export data for the entire period you identified in Step 1, you're set. If you can only get a part of that period, you'll have to deal with the remaining time by using your Quick Entry instructions.
3. Sign on to your online banking site.
4. Following directions provided by your bank, download your electronic statements in either .OFX, .QBO, .QFX, or .ASO format. If all your business accounts are included in a single report, you're set. If not, you will need to download separate reports for each bank account, credit card, etc.
5. Sign in to Wave.
6. If you have more than one business set up in Wave, make sure you have selected the correct business, then go to Imported Transactions.
7. Select Upload a Bank Statement. The page will look different depending on whether or not it already has any transactions.
8. Select Choose File, and upload the file you’ve just downloaded from your bank. From the Payment Account drop-down menu, select the most applicable option. If nothing in the list fits, you can use Cash on Hand or create a Payment Account by clicking the "+" sign and following the instructions. Select Upload.
9. Do this for every electronic bank statement you download.
10. Your information is now in Wave, you can move on to step 2!
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.
Are you still using a shoebox for your accounting? Or a clunky, expensive accounting application? Make your next tax year as pain-free as possible: Sign up for free online accounting for small businesses from Wave.