Copy Default Accounting Details

Copying transactions from real accounts

Updated: January 04, There are many reasons you may need to move your accounting data into a new system, or close one set of books and open another.

For example, you might want to change software, or just start over with a clean slate.

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This guide will give you detailed steps to follow that will recreate the beginning balances of your accounts so you can pick up your bookkeeping in a new Wave account right where you left off.

These instructions will use December To create a new account, you must use a different email than the one you use for your existing account. Set up your new business Go through the steps to add the details about your business including the correct Country and Currency. Wave will automatically select these based on the location we detect. Set up Administrator permissions for your old account To move information between two Wave accounts, you can use a tool called Wave Connect.

To make this possible, you can set up your old account as an administrator of the new Wave account you just set up.

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Click the top option for Admin and enter the user email for your old account, then click Invite User. You can read more about the Admin role here.

Next, log out of Wave. This step is important! You should receive an email with an invitation to collaborate to the primary email address on your old account. 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.

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You should see both accounts listed in the drop-down navigation menu. Part 2: Set up your business in the new account Before you start moving information over to your new Wave account, you'll need to do some set-up. Add sales taxes 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. Customize your Chart of Accounts You probably have a set of accounts that you want to continue using.

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You'll see your chart of accounts, a list of asset, liability, income, expense and equity accounts. Based on the Eddie starts making money type you select when setting up your new account, Wave pre-populates some accounts.

Add new accounts by clicking Add a New Account in the upper right-hand corner of the page. Make sure to add any Cash and Bank accounts, and any custom Income and Expense accounts you need.

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You can skip this step! Add a Clearing Account for the balances from the old business To ensure that your business value is carried over to the new set of books, you'll need to add an Equity account to your Chart of Accounts. The following sections of this guide will cover the necessary steps to enter the correct information for these accounts.

Note: If you're moving over from our legacy accounting system, you'll have the option to download your chart of accounts.

How to Move Your Data Between Wave Accounts or From Another Accounting System

Wave automatically defaults to a fiscal year-end of December Choose your template, accent color, and upload a logo. You can set any other invoice preferences here as well. Part 3: Get your existing data When you're moving data between two accounting systems, it's important that you export your information from your old books. In this step we'll walk you through how to get your data out of a Wave account so that you can move it to a new Wave account. Save this report, or print a copy. You'll use it later when you enter starting balances into your new account.

Whether you're coming from an existing Wave account or from another system, we'd recommend exporting the rest of your data in CSV format, since you'll be able to use this file format to upload transactions to Wave.

If you're moving transactions from an existing Wave account, you can set up Wave Connect to move the information between your two accounts. 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. 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. Don't worry! We'll add Accounts Payable in Part 6. Part 4: Import your customers and products Importing your customers and products into your new account makes it easy to ensure that you can quickly get back to running your business and seamlessly invoicing your clients.

We recommend using Wave Connect to upload your customers and products into your new account. 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 Import your customers In the same sheet where you downloaded your customers or products, choose Upload copying transactions from real accounts the Wave Connect menu rather than Download.

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You can then Validate the data, and then upload. From the upload menu, select your new business as the destination, and the input fields you want to use for copying transactions from real accounts 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.

Import your Products Repeat steps 1—2 of this section, re-importing the sheet with the products that you downloaded from your original account. You can follow the instructions in the article here to do that. Products will need to be added individually.

You can only bulk upload products using Wave Connect. You should see a button that says Disconnect your Stripe Account. 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. Please note that taking this action from Stripe will disconnect the account from all connected services, not just Wave.

Part 6: Enter all outstanding Invoices and Bills Entering outstanding invoices and bills will input your Accounts Receivable and Accounts Payable balances into your copying transactions from real accounts Wave account. This will also ensure that you're able to keep track of outstanding payments that you owe or that are owed to you, without needing to go back to an old account.

For outstanding invoices that have already been sent, choose skip sending when creating the new copy.

Copy Default Accounting Details

If you have any Recurring Invoice schedules in your old Wave account, be sure to end them and create a new schedule in your new account. You'll want to pick up at the next billing date to ensure that you don't send an copying transactions from real accounts to a customer twice. If you have bills and invoices that are in foreign currencies, you'll need to record these converted into your home currency when you enter them in the new account.

It's important that you record any payments you make on these bills or receive on these invoices converted to the home currency to ensure that the amounts are recorded accurately. 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.

Part 7: Enter your Sales Tax Balances In order to get your sales tax report correctly entered, it will take several steps. Hang in there and follow along: If you don't remit Sales Tax, skip to the next step in this Guide! Read this article to learn more. We covered this in Step 2 of this guide. This will create the accounts for bookkeeping, so if you didn't do this yet, go back and make sure that you do. Find in your original books, as of Copying transactions from real accounts 31, the balance due for each sales tax you collect.

If any of these taxes are recoverabledetermine of the total balance due, how much is due because of being collected on sales, and how much is due to you for being paid on purchases.

The Accounting System and Accounting Basics

On a separate sheet of paper, make a note of how much you need to increase copying transactions from real accounts decrease the amount of tax on the Sales Tax Report in order to make it match the amount you owe according to your old records.

Change the date to December 31 or the date that matches the trial balance report from your old accounting records.

These definitions define the journal entries that enable an organization to meet specific fiscal, regulatory, and analytical requirements. These definitions are then grouped into subledger accounting methods and assigned collectively to a ledger. By using the AMB, you can define the way subledger transactions are accounted. The AMB includes the following features that are discussed in this chapter: Accounting options that determine different characteristics of the journal entry Descriptions that appear on the subledger journal header and lines which provide additional information about the journal entry For example, a subledger journal entry created for a Payables invoice can show the supplier name and invoice number. Account derivation rules to construct the accounts for a subledger journal entry line Users define various rules in the AMB to determine how a journal entry account is derived.

Compare the amounts of sales taxes on Sales and Purchases in the report to the ending balance on your old Trial Balance Report. Repeat steps 6 through 9 on the list until the amounts match your old Trial Balance Report. Part 8: Enter starting balances for your new Wave account Entering the starting balances for your company's accounts is the critical part of this process where you're moving your business' information from one set of books to the other.

We'll go through this step by step, and at the end you will be ready to start fresh with your new Wave account. If you have bank accounts in a foreign currency, enter these first.

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Find the balance of the foreign currency bank account, in the foreign currency, as of December The balance of the account is EUR According to your bank, this is valued at USD Click Save and close the pane. Repeat these steps to add a starting balance transaction for all of the foreign currency bank accounts your business has, in the currency of the bank account.

Next, enter the balance of your home currency bank accounts. Find the balance of your bank accounts, loans, and lines of credit as of December In the details pane that opens, choose the bank account in the Account dropdown.

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Enter the balance of the Account in the Total amount field. Repeat these steps to add a starting balance transaction for all of the bank accounts your business has.

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In the details pane that opens, choose the credit card or loan account in the Account dropdown. Repeat these steps to add a starting balance transaction for all of the credit cards, loans, and liability accounts your business has.

Compare the balances of all accounts between these two reports and make a note of the differences. Make an entry for the rest of your account balances, and use the "Old company balances" clearing account to balance the transaction. When you've entered copying transactions from real accounts of the balances, Save the journal entry.