Before You Start

This guide assumes you have active accounts for both Wave and QuickBooks Online. Administrator access and a basic understanding of accounting are required.

Overview

50 min
Estimated Time
Intermediate
Difficulty
One-time
Effort Type

What You’ll Learn

  • How to prepare your Wave data for a seamless export
  • Exporting Chart of Accounts, customers, and vendors
  • Setting up your new QuickBooks Online company file
  • Importing historical data and verifying accuracy
  • Reconciling opening balances and initial transactions

1. Preparation Steps

Before initiating the migration, ensure these are in order within Wave:

Critical Checks

  • Chart of Accounts is clean and organized
  • Customer and Vendor lists are updated and accurate
  • All bank and credit card accounts are reconciled up to the migration date
  • No outstanding unapplied payments or credits

Recommended Reports to Export (PDF/CSV)

  • Trial Balance (as of migration date)
  • General Ledger (detailed for historical review)
  • Accounts Receivable and Payable Aging Reports
  • Balance Sheet and Profit & Loss (for comparison)

2. Data Export Strategy

You have several approaches for exporting your data from Wave.

Method A: Manual Export from Wave

This involves exporting various reports and lists from Wave directly.

Pros:
  • It’s free and built-in.
  • Gives full control over data review.
  • Suitable for smaller datasets.
Cons:
  • Time-consuming for large data.
  • Limited direct transaction import.
  • Requires manual data entry for transactions.

Method B: Third-Party Migration Tools

These are paid services designed to automate the transfer process.

Expert Tip: For complex migrations or larger datasets, we strongly recommend using a third-party migration tool like Dataslinger or a similar service. They can significantly reduce manual effort and potential for errors during transaction history transfer.

3. Step-by-Step: Exporting from Wave

Here’s how to export your essential data from Wave for import into QuickBooks Online.

  1. 1

    Export Chart of Accounts

    Go to Reports > Chart of Accounts. Export as a CSV file. This will be your mapping guide for QBO.

  2. 2

    Export Customer and Vendor Lists

    Navigate to Sales > Customers and Purchases > Vendors. Use the export function to save these lists as CSVs.

  3. 3

    Export Transaction History (Journal Entries)

    For historical transactions, export your General Ledger or detailed transaction reports. You may need to summarize these into journal entries for import into QBO, especially for transactions prior to your QBO start date.

Here is a sample data structure, which might be used when preparing a CSV for import.

{
  "account_name": "Sales Income",
  "account_type": "Income",
  "starting_balance": 0.00,
  "description": "Revenue from product sales"
}

4. Setting Up QuickBooks Online

  1. 1

    Create Your New QuickBooks Online Company

    Sign up for a new QBO account or create a new company file within your existing subscription. Choose the correct industry and tax entity.

  2. 2

    Configure Company Settings

    Set up your company details, sales tax, currency, and other preferences under the Gear icon > Account and settings.

  3. 3

    Customize Chart of Accounts

    Review the default QBO Chart of Accounts and make adjustments. You’ll map your Wave COA here, creating new accounts as needed to match your Wave structure.

Common Error: Incorrect Start Date

Ensure your QuickBooks Online start date is correctly set. This is the date from which you want to track transactions in QBO. All opening balances should be dated as of this start date.

5. Importing Data into QuickBooks Online

QBO Import Checklist

  • Import Chart of Accounts (after clean up/mapping)
  • Import Customer List (from Wave CSV)
  • Import Vendor List (from Wave CSV)
  • Enter Opening Balances (Bank, A/R, A/P, Equity)
  • Import historical Journal Entries (if applicable)

Need Help?

Get Migration Support

Struggling with the migration process or need a professional to handle it? Our experts can ensure a smooth transition.

Contact Us