Wave Accounting Integration Guide: Import Bank Statements Free

Wave offers free accounting software perfect for small businesses and freelancers. This guide walks you through importing bank statement transactions into Wave for comprehensive financial tracking without manual data entry.

Wave Bank Import Overview

Wave provides automatic bank connections for many institutions, but CSV imports are essential when:

• Bank Not Listed: Your bank isn't in Wave's supported list
• Connection Issues: Temporary problems with automatic feeds
• Historical Data: Transactions before you started using Wave
• Credit Union Accounts: Smaller institutions without API support
• Business Accounts: Some business accounts lack automatic connectivity

CSV Format Requirements

Required Columns

• Date: Transaction date (MM/DD/YYYY or YYYY-MM-DD)
• Description: Transaction description or vendor name
• Amount: Single column with positive/negative values, OR
• Debit/Credit: Separate columns for money in/out

Optional But Helpful

• Category: Pre-categorize for faster processing
• Check Number: For check transactions
• Notes: Additional details

Step-by-Step Import Process

Step 1: Convert Your Statement

1. Visit ConvertBank and upload your PDF bank statement
2. Select CSV as the output format
3. Download your converted file

Step 2: Access Wave Import

1. Log into your Wave account at waveapps.com
2. Go to Accounting → Transactions
3. Click Import in the upper right
4. Select Upload a CSV or other bank file

Step 3: Select Account

1. Choose the bank account for these transactions
2. If the account doesn't exist, click Add a new account
3. Click Continue

Step 4: Upload and Map

1. Click Select a file and choose your CSV
2. Wave will preview the first few rows
3. Map each column to Wave fields:
   • Date
   • Description
   • Amount (or Debit/Credit)
4. Skip columns you don't need
5. Click Continue

Step 5: Review and Import

1. Review the transaction preview
2. Check that amounts appear correct (deposits positive, withdrawals negative)
3. Click Import to complete

Transaction Categorization

After importing, categorize transactions for accurate financial reports:

Wave Categories

• Income: Sales, Services, Interest, Other Income
• Expenses: Advertising, Bank Fees, Insurance, Office, Professional Services, Rent, Supplies, Travel, Utilities
• Assets: Bank Accounts, Equipment, Inventory
• Liabilities: Credit Cards, Loans, Accounts Payable

Batch Categorization Tips

1. Sort transactions by description in the Transactions view
2. Select multiple similar transactions using checkboxes
3. Click Categorize to apply the same category to all

Reconciling in Wave

Reconciliation ensures your Wave records match your actual bank balance:

1. Go to Accounting → Reconciliation
2. Select the bank account to reconcile
3. Enter the statement ending date and balance
4. Check off transactions that appear on your statement
5. The difference should be $0 when complete
6. Click Finish to lock the reconciled period

Troubleshooting Common Issues

Frequently Asked Questions

Is Wave really free?

Yes, Wave's core accounting, invoicing, and receipt scanning are completely free. They make money through optional payment processing and payroll services.

How many transactions can I import at once?

Wave handles files with thousands of transactions, though large imports may take a few minutes to process. For very large files, consider splitting by quarter.

Can I delete imported transactions?

Yes. Go to Transactions, filter by date range, select the transactions, and delete them. Be careful not to delete reconciled transactions.

Does Wave support multiple currencies?

Yes, Wave supports multiple currencies. When importing, ensure amounts are in the currency set for that bank account.

Can I import to multiple accounts at once?

No, each import is for one account. Create separate CSV files for each bank account and import them individually.