Wave is an accounting software as QuickBooks, it takes care of your accounting needs by tracking income and expenses, it helps in creating and sending invoices to your customers and it also helps in the scanning of your receipts.
Now if your small business is growing and you want to transfer your accounting data to more robust accounting software, then QuickBooks might be the appropriate option for you. But whenever you switch accounting software, you will have to transfer your data as well from old software to new one. We will discuss below all options we do have for importing the data from Wave to QuickBooks.
Data Import options from Wave Accounting Software to QuickBooks
Well, unfortunately, direct import functionality from Wave to QuickBooks is not available. But you can export the data from Wave in CSV or excel format and then import it in QuickBooks using import data functionality.
Following lists and items can be imported into QuickBooks without much hassle with the help of CSV or excel file:
- Customers and suppliers.
- Chart of Accounts.
- Product and services, Invoice, credit notes, etc.
- Sales receipts & bills
There are few things in wave software that cannot be converted as such for import purposes in QuickBooks:
- Budgets, Track inventory feature, Chart of Accounts (description, classes, and items)
- Quantity of inventory and sales prices, Fixed assets,
- Expense claims, memorized transactions, payment terms.
- Custom VAT rates, Invoice templates, timesheets, deleted/void transactions.
- Transactions lines with nil value, attachments, and unreconciled entries.
So, you may have to create these lists and items from the scratch in QuickBooks. There are several workarounds for these things as well, which you can research for and apply if you do not want to start from scratch.
Now when we have got some knowledge over the data import from Wave accounting to QuickBooks, let us look into some FAQs to have more clarity around the topic.
What is the Process of Exporting the Data from Wave software?
For exporting the data from wave, click on settings in the wave software, click on data Export after scrolling down to the bottom of the menu. Now under the Accounting heading, choose export as excel or CSV format. The export file will then be emailed to your email address which you use in Wave.
What Email Address QuickBooks use to send the Invoices to me?
QuickBooks uses QuickBooks@notification.intuit.com as a default email address for sending invoices, transactions, and receipts.
In what Scenario a Business Owner should Choose Wave instead of QuickBooks?
When your main stressing point is cost as you have just started, you can choose Wave, because it is completely free software and provides all the simple services and is easy to use.
Why would Someone Prefer QuickBooks over Free Wave Accounting Software?
Well, Wave is indeed free, but when your business is growing, you would want the most comprehensive accounting tool, and while using QuickBooks you can take advantage of advanced reporting, inventory management, mileage tracking, and many other services.