Your Wave Accounting Upgrade: Using the Read-Only View of the Old Version

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Your Wave Accounting Upgrade: Using the Read-Only View of the Old Version

We’ve built the ability to access a read only view of the old version of Wave Accounting reports and transactions to help you better understand the differences in your data between the new version ...

Read the full story here

JamesNilsenMisra

Hi @System, @JustinA , @BarsinA & all,

the Read-Only View of the Old Version

1 What is it exactly? & How might one go about using it most effectively?
The description reads:

This is a read-only view of your transactions page on the old version of Wave Accounting. It includes transactions recorded before your account was updated to the new version, and Bill and Invoice transactions made up to October 28th, 2019.

1.1. The Migration Adjustment Entries aren't there, however I do see recently imported transactions that occurred post migration.
1.2 So it would seem to be a portal into the Old Wave View, where one can even see the present - just not invoice transactions done after Halloween?
2.Migration Mitigation
@JustinA lists the effects of migration, in:New Accounting Experience - Adjustment Entries with Skipped Transactions:

2.1 Invoice Calculations Changes to the way invoice and bill totals are calculated when there are many line items on the invoice
2.2 Currency Exchanges
2.3 Skipped Transactions,
2.3.1 Single side transfers
2.3.2 Same account transfers
2.3.3 Same account & Category Transactions
2.3.4 Invalid moved transactions:In the previous system Wave allowed you to move imported transactions from one business to another business or your personal account. In rare cases, we found transactions like this that were associated with an account from Business A, and a category from Business B,
2.3.5 Broken Transactions

Downloading All Transactions

3.1 @BarsinA shows how to track Skipped Transactions, in the comments of the same article,:

With respect to the skipped transactions, you can download them all under the CSV download available under Settings>Data Export. This contains any transactions which may have been 'skipped'

3.2 When I download all my transactions (via the System>Data Export>Accounting) it has the Migration Adjustment Journal Entries too.
3.3 It would seem then that it provides a combination of the old and new transactions?
3.4 Not sure yet if any of my invoices add up differently than before, whether any transactions were single sided, skipped or broken.
3.5 I've saved a pdf of the Old Read-Only Version, page by page, and am considering converting to Excel to troubleshoot what has changed.
3.6 Perhaps only from the transactions in 3.2 above.
3.7 I do wonder whether this will be quicker than going through all the receipts again, which were all uploaded to Wave, and linked to each transaction... Via the Shoeboxed plugin.

Shoeboxed?

4 I'm thinking that some of the categorisation issues that have been mentioned were equally incompatible with Shoebox imports perhaps?

By the way the link to the Full Story, https://support.waveapps.com/hc/en-us/articles/360035210312-Your-Wave-Accounting-Upgrade-Using-the-Read-Only-View-of-the-Old-Version as does the Learn more link on the transactions page:
https://support.waveapps.com/hc/en-us/articles/360035210312

AlexL

Hey @JamesNilsenMisra , I appreciate you thinking out loud here while giving us your thoughts. The current article has been archived as all of our users have now been moved over to our new software.
If you don't have any migration entries it's because you didn't need them for your account to be moved. IN addition to this, the reason you can't see anything after October is because this is probably when your account was moved over.

The reason for the read only view is that a lot of users had expressed discrepancies in their accounting or balances that didn't line up. Adding it allows users to confirm any balances or amounts that they think may not be correct.

I'll be archiving this thread as our Help Center article is now gone, but I'll give you a few days to respond before I do.

Let me know if you have any further questions

JamesNilsenMisra

Hi @AlexL,

To clarify, I see Migration Journal Entries in the new version, debiting & crediting revenue across various Income Accounts only.
I have a sneaking suspicion that the need for the migration entries, may have something to do with how invoices are recorded as paid. When one marks an invoice paid in Wave, that triggers automatic debits to Income accounts. Yet when there are different income accounts on one invoice, for one payment, it is seemingly a bit tricky to check that it all balances out correctly each time.

Workflow
Do you have any advice on how best to cross check the transactions across my income accounts?

Knowing that some users found discrepancies, it would seem imperative that we all do a quick audit, to check the old and the new are in alignment.

The reason for the read only view is that a lot of users had expressed discrepancies in their accounting or balances that didn't line up. Adding it allows users to confirm any balances or amounts that they think may not be correct.

• I'm still trying to understand what this Read-Only-Old-Version portal presents one with exactly, so that I can know how to use it effectively.
• How come the read-only-old-version shows invoices done on the old system only, yet all transactions done on the new system?
• How do we use it effectively?
• Workflow: How do you recommend one begins and completes such a process?

• The balances on the Read-Only-Old-Version portal update when one makes changes on the new version, so was one supposed to view the read-only-view first prior to continuing with the bookkeeping on the new system?

• Please could you give some insight into my proposals above 3.2-3.7 & 4 too.

Please could you unarchive the "current" article as I do think there maybe useful insights from other users, which one might not have thought about. Alternatively, please could you send me the current article? Why do you prefer archiving this information despite the fact that all users have been migrated, and yet may not be aware of the possible issues within their accounts, let alone how to sort it out?

Also, please don't archive this thread just yet, as I would prefer to be able to post any useful findings here as I go, and to have the assistance of anyone that has found similar issues and workflows.

Thanks so much for all your assistance and support.

Barsin

Hey there @JamesNilsenMisra

In the previous version of Wave, you had to go to the existing chart of accounts (CoA), choose Add an Account, and choose an existing pre-made account. If you couldn't find exactly what you were looking for, you were able to re-name any existing account. As a result, some users would be forced to choose something that closely matched what they desired, but wasn't the exact account type, or you could choose a random account and simply rename it.

In order to migrate users, we mapped the accounts in the previous version to the corresponding account and sub-type in the new version of Wave. There was no way for the system to interpret a custom-named account and map it to the new version. So, re-named accounts ended up migrating over as what they were originally intended for in the old account.

My apologies about this. I understand that it has likely affected your bookkeeping, however, you are able to fix this with a bit of work.

The invoicing in the previous version (especially for Wave Payments users) had slightly different bookkeeping which is why we've had to migrate those transactions in adjustment entries.

Migration Adjustment Entry

The adjustment entries that you see as a result of your account update ensure that the totals of your new reports are exactly the same as they were in the old version of Wave Accounting. There is no action required on your part with respect to these entries.

We've written a detailed explanation about these adjustments in our Help Center that goes over why there were some cases where adjustments needed to be made when updating your account to the new version of Wave Accounting. You can read that here.

If there is anything that you wish to change about the adjustments, you'll want to do so by using a reversing journal entry. You can add a journal entry by using the More drop-down menu on the Transactions page.

We've unlocked the article for you revisit if you like!