New Business Bank account, and prior transactions as equity

dbuch

Hello,

I recently set up a new business bank account as my company is finally incorporated. I would like to know how do I set up my existing wave account to have my beginning balances for my company at $0 and my equity/contributing capital equal to expenses I incurred to set this corporation up/get it running.

Thank you

Kristian_G

Hey @dbuch,

In a situation like this, you might want to consider creating a new business in Wave altogether. Not only will this allow you update any relevant business info (like any changes that you may have incurred after being incorporated), but it will also allow you to simply start off with a clean slate.

Then, instead of dealing with all of the previous transactions, you can simply add a starting balance journal entry to enter any necessary equity, contributing capital, etc.

I should probably note here that I'm not a trained accountant or anything, so it would be prudent to check in with a CPA in regards to all of this as well!

Last thing I should note is that you can simply keep your old Wave business on the same account, so all of your data, transactions, reports, etc. will all be there if you need it. If you'd prefer to archive this business, you can head to the Settings > Data Export page to save your current business' data.

dbuch

So I can archive the old account and keep the same name and sign in information? I have invoices I also sent out during the time before formation was finalized, will that remain or will I need to transfer the remaining invoice balances to a new invoice? Thanks for the info!