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begining balance

PTOPTO Member Posts: 2

I am a new WAVE user. I connected my bank to WAVE but was confused how to get the balance sheet. the former accountant downloaded all to WAVE but the figures are not correct. May I just record her ending balance as my equity and not to look into her previous 7 years history(it is not my business to check if her bookkeeping is correct.) I recorded her ending balance on June 2018 bank statement as the equity. is it ok?
thanks

in Accounting Technical Support

Comments

  • AlexiaAlexia Member Posts: 3,314 ✭✭✭✭

    Hi, @PTO! Welcome to Wave

    You will need a bit more than just your ending balance, but if you have records of books for the past 7 years, you don't need to add all of those to Wave. The simplest place to start is with a report called your Trial Balances, which is really just the balance of all of your individual accounts.

    If you have that, you can just create a journal entry in Wave that's an exact copy of that report. You can create a journal transaction from the Transactions page, by clicking on "More" in the top-right corner and choosing "Add journal transaction". You'll be able to add as many lines as you need to that journal transaction to make it match your Trial Balances.

    We have a guide on migrating to Wave here, which explains this in further details. It might help out!

    Let me know if you have any questions!

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