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Working inside Wave: what LedgerBPO does
Wave bookkeeping services from LedgerBPO give US and Canadian small businesses a named accountant who works inside your own Wave account: categorizing bank transactions, merging duplicates, reconciling every account on Wave's reconciliation page, recording Wave Payments and payroll correctly, and closing each month so your accountant gets a trial balance they can use.
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Your subscription, your data
Wave bookkeeping services from LedgerBPO give US and Canadian small businesses a named accountant who works inside your own Wave account: categorizing bank transactions, merging duplicates, reconciling every account on Wave's reconciliation page, recording Wave Payments and payroll correctly, and closing each month so your accountant gets a trial balance they can use.
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Inside your file
Transactions categorized, duplicates merged and every account reconciled in Wave
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Reconciled on a calendar
Wave Payments deposits and fees recorded so the bank agrees
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Reviewed before you see it
Sales tax, payroll and year-end handed to your accountant clean
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A named accountant, a backup and a team lead
Inside your own software, on a fixed close calendar, with a reply from a person within 1 business day. Call +1-657-777-0006 or start a quote.
Get a custom quote 06 / 06
Why businesses on Wave outsource
Wave is free or close to it, which is why so many owners start there and why so few keep it reconciled. The Transactions page fills with uncategorized lines, a re-synced bank connection doubles a month of activity, and Wave Payments deposits land net of fees against invoices marked paid in full. Prior periods are never locked, so last year's numbers keep moving.
A dedicated accountant gives a free tool the discipline of a paid one. We categorize weekly, merge duplicates, reconcile each account to its statement on Wave's reconciliation page, and record fees, payroll and sales tax the way your accountant expects. You keep Wave and your login; the books just stop drifting.
What we do inside Wave
Bank connections and the Transactions page
We keep bank and card connections live in Wave, or import statements where a bank does not connect, then categorize every line against invoices, bills and receipts each week.
Merging duplicates and splits
Re-synced connections and manual entries create doubles. We merge duplicate transactions, split mixed deposits into their parts and keep transfers between accounts from posting as income.
Reconciliation page, every account
Each bank, card and loan account is reconciled to its statement balance on Wave's reconciliation page monthly, with differences chased down rather than adjusted.
Wave Payments and invoices
Card and bank payments through Wave Payments are recorded as the gross invoice payment plus a merchant fee, so deposits match the bank and receivables are right.
Receipts and bills
Receipts captured in Wave's mobile app or forwarded by email are matched to transactions, and vendor bills are recorded with due dates so payables are visible before they are late.
Sales tax, payroll and journal entries
We set up sales tax rates for your state or province, record Wave Payroll journals or your payroll provider's register, and post month-end journal transactions for accruals and depreciation.
Integrations we reconcile
- Wave PaymentsDeposits split into gross payment and processing fee and matched to the bank.
- Wave PayrollWages, taxes and remittances posted to the right accounts and tied to the bank debits.
- PayPalPayPal activity imported and matched to invoices, with fees and transfers reconciled.
- StripePayouts reconciled from Stripe reports to invoices and fees where Stripe is used alongside Wave.
- SquareSquare deposits matched to daily sales and fees from the Square statement.
Migration to and from Wave
Moving to Wave
Moving into Wave usually means leaving spreadsheets or a trial of something bigger. We agree a start date, build the chart of accounts, load opening balances by journal transaction, import customers, vendors and open invoices, connect bank accounts and set sales tax rates. The first month is categorized alongside the old records so the opening position is proven, not assumed.
Moving from Wave
Businesses leave Wave for QuickBooks Online or Xero when they need classes, projects, inventory, multi-currency or a period lock. We reconcile the final month, export the general ledger, trial balance, customer and vendor lists and open invoices, and map Wave's categories to a proper chart of accounts. Wave stays available for lookups until the new system's first close agrees.
Common Wave reconciliation problems we fix
Duplicate transactions after a reconnect
When a bank connection breaks and is re-linked, Wave often pulls weeks of activity that already exists. We find the doubles by date and amount, merge or delete them and re-check the statement balance.
Wave Payments deposits do not match invoices
The invoice shows paid in full while the bank shows the net deposit. We record the merchant fee on each payout so the invoice, the payment and the bank agree.
Transfers posted as income or expense
A move from checking to savings, or a card payment from the bank, gets categorized as revenue or cost. We reclassify them as transfers so profit is not overstated.
Owner draws and personal spending in the P&L
Money taken by the owner is coded as an expense, and personal purchases sit in operating costs. We move them to owner drawings or equity and document the split for your accountant.
Sales tax collected but never tracked
Invoices carry tax while expenses do not, or the rate is never set up, so the remittance is guessed. We set up the rates, apply them consistently and reconcile the sales tax liability before each filing your accountant makes.
Other general ledger platforms
Frequently asked questions
Do you work inside my existing Wave subscription?
Yes. You invite our accountant as a collaborator with the access level you choose, and you keep the account, the bank connections and the owner role whether you are on Wave's free Starter plan or the paid Pro plan. We categorize, reconcile and post in your account and you can remove us at any time.
Can you clean up my Wave file?
Yes. A Wave cleanup works through uncategorized transactions, duplicates from reconnected banks, unrecorded merchant fees, transfers coded as income, owner draws in expenses and missing sales tax. We reconcile every account to a statement and give your accountant a trial balance they can file from. Our bookkeeping cleanup service describes the scope and the hand-off.
How much do Wave bookkeeping services cost?
Pricing depends on volume and scope, so we send a custom quote within 1 business day. The drivers are the number of bank and card accounts, monthly transaction volume, whether you take payments through Wave Payments, and whether payroll, invoicing or sales tax reconciliation are included in the monthly scope.
Does Wave still work in Canada and the US only?
Yes. Wave, which started in Toronto and is now owned by H&R Block, supports businesses in the United States and Canada. Our named accountant sets up state sales tax or GST, HST and PST, reconciles the tax accounts and prepares the figures your accountant files. Businesses elsewhere usually move to Xero or QuickBooks Online.
Is Wave good enough for my accountant at year-end?
For a simple service or retail business, yes, provided it is reconciled. Wave produces a balance sheet, profit and loss, trial balance and general ledger, and we make sure every account is tied to a statement before we send them. Your accountant or CPA still prepares and files the return.
When should I move from Wave to something else?
Move when you need classes or projects, inventory, multiple currencies, approval workflows, several entities or a locked close. We tell you when the workarounds cost more than a subscription and handle the move through our accounting software setup service, with a parallel month checked in both systems.
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