Wave accounting is a promising accounting solution, and it has the importing tool to import your transactions in various OFX formats (Microsoft Money OFX, QuickBooks QBO, Simply Accounting (Sage) ASO), but the import 'chokes' on OFX files where the decimal point is not a dot. When it is very uncommon for North American users to have decimals separated in your OFX file by other than dot character, the OFX specification states that dot and coma are both acceptable decimal separators for amounts in OFX files.
Use the ProperConvert app to convert your transaction files to the OFX format that Wave Accounting supports the best and only option.
If you are using Wave Accounting, try their direct bank download. If this option is not working or limited or you cannot use it and have actual files with transactions, use this guide.
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, MT940, use the ProperConvert app to convert your files to the OFX format. For OFX variant, select the "OFX All apps" option.
Wave imports OFX files with the following transaction details:
Although the OFX specification permits both dot and comma as decimal separators. Some accounting software import OFX files with both dot and comma, but Wave Accounting imports only with dot decimal separator.
The ProperConvert app allows to set specific decimal separator for created OFX files, please make sure to set the decimal separator to dot to have OFX files compatible with Wave Accounting.
OFX files do not carry category (expense/income account details), and they should not. Similar to direct transaction download from online banking, your bank does not know (and should not) about your accounting/bookkeeping setup. Instead, Wave Accounting learns your category choices for subsequent transaction imports and preselects them for you for the next import.
No, Wave Accounting imports directly into the register, but marks transactions as "not reviewed". Once transactions are marked as reviewed with assigned expense or income or transfer account, they are counted for the account balance.
It does not support transfers (the OFX format does not support as well), but Wave Accounting has great interface to find matching transactions under two accounts for the same date and amount and mark them as transfer.
Importing transaction files into Wave Accounting is a straightforward process that can save you time and keep your financial records accurate. Convert to the OFX format with the OFX version set as "OFX All Apps" and decimal separator set as dot. Wave imports transaction details as date, amount, description. Categorization and review are done after import inside Wave.