Don't forget your opening balance sheet.

Bruce_C49

Wave is a great accounting system. It isn't too difficult to use but there are a few "to-do's" that you or your accountant need to perform before you get started. The first should be - setting up the opening balance sheet for your business (corporation or proprietorship). This populates balance sheet accounts so that, once the business bank account is connected to Wave then the revenue and expense process will flow properly.

The CRA (in Canada) also wants to see the opening balance sheet -- called a T2Sch101. If you use Wave to start up a business that was a proprietorship and is incorporating, you may want an accountant to help you determining the amount of Goodwill to be set up. The CRA will expect to see this as well.