FAQ - Wave to QuickBooks Online Conversion

1. What we Convert

• Chart of Accounts (We do custom mapping as well)
• 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 will remain unreconciled in QuickBooks Online and can be reconciled at your end at once by entering opening balance and closing balance. This will be the step in the post-conversion process at your end.)
• 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 QuickBooks Online, we might have to use some workarounds to bring the transactions.

2. We Don't Convert

• Budgets
• Track Inventory
• Classes / Job / Department
• Purchase Orders and Sales Estimates
• Fixed Asset
• Expense Claims
• Memorized 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
• Attachments
• 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

3. Workarounds

• Chart of Accounts - Inactive Accounts, if used in Wave in the conversion period are turned as Active Accounts in QuickBooks Online
• Custom Sales Tax Rates are converted into standard Sales Tax Rate with "Tax Adjustment" entry as a separate line item in QuickBooks Online
• System Accounts like Retained Earnings, VAT control Account are used in QuickBooks Online for their counterpart accounts in Wave
• Rounding can be different in QuickBooks Online and Wave because of the data precision techniques used in both software.
• In Purchase Bills - we don’t bring items or products in QuickBooks Online.

4. Sample of how your Wave data will look in QuickBooks Online

Wave Customer

QuickBooks Online Customer

Wave Item

QuickBooks Online Item

Wave Sales Invoice

QuickBooks Online Sales Invoice

Wave Invoice Payment

QuickBooks Online Invoice Payment

Wave Bank Deposit

QuickBooks Online Bank Deposit

Wave Expense

QuickBooks Online Expense