Converting from Wave to QuickBooks Online account is a tedious process. You're currently using Wave Accounting software, but you want to switch over to QuickBooks Online. And it's not only switching to QuickBooks Online, but also migrating your data from Wave Accounting.
We can help! We offer a service where our team will convert your data into QBO format so you don't have to worry about losing any information or having errors in your financial reports.
Why do you need to convert from wave to QuickBooks Online? Why quickbooks is better than wave accounting software.
In our experience, QuickBooks is a much more powerful and comprehensive accounting software than Wave. QuickBooks offers more features, such as the ability to create custom invoice forms, detailed financial reports, and track inventory levels. Additionally, QuickBooks is designed to work with other software programs such as Microsoft Excel, so you can easily create complex financial reports.
How Does Wave To QuickBooks Online Conversion Work?
The first step is to identify the type of migration you need to do, Basic migration that only brings Chart of accounts, customers, and suppliers and opening balances or Standard migration that brings all transactional data for one historical year and current year to date.
After you choose which migration you need our team will start the conversion process. The second step is to provide user access of your wave account to MMC
In the Next step, MMC team will import the Wave data into a QuickBooks Online trial Account, this will take, this will take a few hours to complete and after that's done we'll send you the QBO file with all of your transactions.
You can verify the file is imported with no errors as we send you a comparative trial balance between Wave and QuickBooks online after the migration
Our team has years of experience with both Wave Accounting Software and QuickBooks Online Accounting Software (QBO). We know exactly how to convert from wave to qbo without sacrificing any information or causing an interruption in service.
Contact us today to learn more about our Wave to QuickBooks Online Conversion Service or any of our other services.
- Chart of Accounts
- Customer Details
- Supplier Details
- Opening Account Balances
- Aged Receivables
- Aged Payables
- Bank Transactions (Includes Invoice payments, Bill payments, and other Bank Transactions) (All Bank Transactions reconciled as it was done in wave)
- Credit Card
- Invoices and Credit Notes Detailed
- Bills and Bill credit Detailed
- All Manual Journals
- Inactive Contacts/Accounts can be brought over on special request
- The entire conversion and matching of Reports are done on ACCRUAL Basis.
- We make our best attempt to give you the exact image of your Wave data, however, due to the limitations of few fields which are different in wave and QBO, we might have to use some workarounds to bring the transactions.
- Track Inventory
- Fixed Asset
- Expense Claims
- Memorised Transactions
- Payment Terms
- Custom VAT Rates
- Invoice Templates
- Time Sheets
- Repeating Invoices after the "Convert To" date
- Deleted/Void Transactions
- Allocation of Invoices or Bills against credit notes
- Transaction lines with Nil Values
- Sales Rep
- Customer Jobs
- Unreconciled Entry
- We are specialist in converting core financial information and we try our best to bring the other non-financial information as well, however, because of the limitation of APIs of both software’s, we might not be able to get few fields
- Chart of Accounts - Sub Accounts in wave are converted as Independent Accounts in QBO
- Chart of Accounts - Inactive Accounts, if used in wave in the conversion period are turned as Active Accounts in QBO
- Open Receivable and Payable Invoices shall contain only single line showing the unpaid balance of Invoice in QBO
- Custom Sales Tax Rates are converted into standard Sales Tax Rate with "Tax Adjustment" entry as a separate line item in QBO
- Inter Bank Transfers may be converted through a Clearing Account in QBO
- System Accounts like Retained Earnings, VAT control Account are used in QBO for their counterpart accounts in Wave
- We bring inventory details like name, code, description, sales account, purchase account, sales price, purchase price etc. Since we don’t do tracked inventory, as part of the migration, we import all the items as "non-inventory" type in QBO and after the completion of the migration, you need to manually change the type from 'Non-Inventory' to 'Inventory' and add the quantity on hand manually for each item
- In multi-currency files, while feeding the opening balances on the conversion date, QBO would use the same exchange rate for the conversion date for all the multi-currency accounts. This might cause a difference in the debit and credit side of the trial balance.
- Rounding can be different in QBO and Wave because of the data precision techniques used in both software.
- Blank Bill reference Numbers and Invoice reference Numbers:- In case we find any invoice or bill without a number, we use a dummy number example for Bills:- Bill1, Bill2 and for Invoices - Inv1, Inv2.
- Duplicate reference Number in bank transactions or invoices/bills:- In case we find duplicate reference numbers then we use transaction numbers instead of reference numbers or make the numbers unique by appending an extra character with a hyphen
- Limitation of Reference number:- QBO have limitations of 20 characters for Reference number thus for the reference numbers more than 20 characters we have to trim them to 20 characters.