Import Transactions Files under Wave Accounting

Wave Accounting can import transactions from OFX files (Microsoft Money OFX, QuickBooks QBO, Simply Accounting (Sage) ASO). However, it fails on OFX files where the decimal separator is not a dot. North American users rarely see this issue. But the OFX spec allows both dot and comma as valid decimal separators.

Use the ProperConvert app to convert your transaction files to the OFX format, which is the best option Wave Accounting supports.

If you use Wave Accounting, try their direct bank download first. If that option is not available or does not work, and you have transaction files, use this guide.

File Formats supported by Wave

Wave Accounting supports import for OFX/QFX/QBO files. The best option would be the OFX format.

If you have another format like CSV/Excel, PDF, QIF, or MT940, use ProperConvert to convert your files to OFX. For the OFX variant, select "OFX All apps".

Supported file Details

Wave imports OFX files with the following transaction details:

date.
amount.
description.
transaction ID (used internally by Wave, not shown to users).

Required decimal separator by Wave

The OFX spec allows both dot and comma as decimal separators. Some apps accept both, but Wave Accounting only accepts a dot.

ProperConvert lets you set the decimal separator for OFX files. Set it to dot so the files work with Wave Accounting.

How does Wave assign the Expense and Income Accounts (Category)

OFX files do not carry category details, and they should not. Your bank does not know your accounting setup. Wave Accounting learns your category choices over time. It then preselects them for your next import.

Is there Bank Feeds like in Quickbooks?

No. Wave Accounting imports directly into the register but marks transactions as "not reviewed". Once you review a transaction and assign an account, it counts toward the balance.

Does Wave Accounting support transfers between accounts?

It does not support transfers, and neither does the OFX format. But Wave Accounting has a useful tool to find matching transactions across two accounts for the same date and amount. You can then mark them as a transfer.

Learn More

QBO - What is QBO (web connect) file format?
QFX - What is QFX file/format and how to open it?
OFX - What Is OFX File Format and How to Open it?
QIF - What is QIF file/format and how to open it?
QuickBooks - How to import transactions into Quickbooks