Hi all Looking to migrate from Wave and was surprised to see no Trial Balance function, which Wave uses as a key migration tool. How best to bring in Mid year balances?

Hi SHCC,

We do have a trial balance report in the Reports section of QuickBooks Online that shows the overview of the accounts

However the best way to import mid-year balances would be to use our Chart of Accounts import feature to import your accounts from Wave, and then use the Journal Entry import feature to bring over the balances. Both can be accessed from the Gear Icon, then Import Data under the third column.

From those pages, download our sample .CSV file to map the fields from Wave and into the .CSV file, then upload it through the Import Accounts section.

Here's some more information about importing Chart of Accounts and importing Journal Entries.

Bonny

Thanks Bonny. 

So my accounts have a mixture of positive and negative balances. Do I import as that? Or as all positive values?

Hi SHCC,

If you're entering the opening balance in the Chart of Accounts sample .CSV import file, just enter the figures as positive or negative from your Wave balances, and what that will do is create an opening balance transaction for that figure. Note that importing opening balances via the Chart of Accounts import is only applicable for Balance Sheet accounts.

For P&L accounts (expense and income accounts), first ensure you've imported the account names in with the Chart of Accounts import, and then you will need to use the journal entry import feature to bring their opening balances in. 

Bonny

Thanks Bonny. See how I go!