Wave Accounting No Support outside US and Canada

[snappyfish]

So wave accounting was FREE but have just announced this.

https://community.waveapps.com/disc...users-outside-of-the-united-states-and-canada

Does anyone here in UK use wave accounting? I have been 3 years self employed and unsure what to do now.

All my invoices are on wave online. I don't have physical copies. Well all my accounting is accessed online. Simply what do I need to do?

Thanks

 

[fisicx]

Use a different accounting package. Not much else you can do.

 

[UK Contractor Accountant]

The option they give on their website:

"With this in mind, Wave has partnered with Zoho to secure a special offer from Zoho Books for Wave Users outside of North America. Zoho Books is a cloud-based accounting, invoicing, and payments processing software. We are actively working with the Zoho team to ensure that we can provide the easiest path for you to transfer your data and get set up with Zoho Books, and will provide you with more details shortly. In the meantime, we encourage you to check out what Zoho has to offer while you continue to use Wave."

 

[snappyfish]

Use a different accounting package. Not much else you can do.

Yes I get that.

The option they give on their website:

"With this in mind, Wave has partnered with Zoho to secure a special offer from Zoho Books for Wave Users outside of North America. Zoho Books is a cloud-based accounting, invoicing, and payments processing software. We are actively working with the Zoho team to ensure that we can provide the easiest path for you to transfer your data and get set up with Zoho Books, and will provide you with more details shortly. In the meantime, we encourage you to check out what Zoho has to offer while you continue to use Wave."

Yes. With all data stuck in wave what do I do with it? That is if I don't use this option? For my accounts what is best practice in keeping old data?

 

[UK Contractor Accountant]

if Zoho can transfer all your data over I am sure other Cloud Based software can do so.

Just need to choose one you are happy with - Sage Cloud, QuickBooks, FreeAgent, KashFlow etc.

Failing that you need to export all the data from Wave (CSV files) and save to a suitable storage facility - in the Cloud or local.

 

[Scalloway]

When I've changed accounting systems I downloaded ledger listings as PDFs as they are a lot easier to refer to. As UK Contractor Accountant says you can save your data as CSVs. Your new system may allow youy to import it.

 

[Spur Support Services]

Consider seeking help from your accountant. They may favour and be able to offer you good deals on a particular package and guide you in how much data you should transfer to that package.

You need to keep 5 years of accounting records including all your bank statements, receipts and invoices. (see HMRC's guidance on "Business Records if you're Self Employed").

However, you don't necessarily need to replicate all your historical data in the new system.

UK Contractor Accountant's advice to extract to CSV (preferably then opening in Excel and resaved as an Excel Workbook), will allow your accounting books to be retained.
Seek guidance from your accountants to ensure that you extract data from sufficient areas for suitable date ranges. (For instance your contacts can probably be exported on mass and then reimported to the new system)
My preference would be UK Contractors Accountant's CSV's for each year of all transactional data as I can easily pivot that data and I would also check it to further extracts of the TB, Profit and Loss and Balance Sheet for each financial year.

The soft copies of your purchase invoices is probably your biggest worry (and to a lesser extent sales invoices, which can probably just be printed in bulk to pdf). Try contacting Wave support and see what they advise.
They may need you to give them access to a suitable "Dropbox", "GoogleDrive" or similar where you want the documents stored, assuming that they have access to the file storage structure in the background of the Wave accounting system and simply dump the records into a named repository.
In your dropbox, consider setting up a folder structure to ensure you can locate the relevant invoices at a later date. (Potentially group by year and hopefully Wave will group by contact within that year)

I hope this is helpful

 

[ecommerce84]

I also use Wave, as it has a great user interface.

They aren’t going to kick any UK businesses out, so you’ll have access to the software for as long as you wish but there won’t be any support for UK businesses or any chance of implementation of MTD. Bank feeds and the ability for your customers to make Card payments through their Stripe implementation are also being discontinued.

None of these apply to me at the moment, so I intend to keep using it, and will reassess as I reach my year end as I’d prefer to switch the. If I’m going to.

 

[snappyfish]

I also use Wave, as it has a great user interface.

They aren’t going to kick any UK businesses out, so you’ll have access to the software for as long as you wish but there won’t be any support for UK businesses or any chance of implementation of MTD. Bank feeds and the ability for your customers to make Card payments through their Stripe implementation are also being discontinued.

None of these applies to me at the moment, so I intend to keep using it, and will reassess as I reach my year-end as I’d prefer to switch the. If I’m going to.

ok, bank feed went a while ago. So I am ok with that using manual upload via google sheets, are they supporting google sheets?

I'm guessing I could use a card terminal and a different merchant. And take bank transfer where possible if customers are ok with that.

As long as my Data stats there I can make copies per year which is only three years up to this April 2021.

I'm looking at FREE Bokio at the moment. And testing stuff on a test account.

 

[DontAsk]

This is why I'll never use cloud accounting software

 

[snappyfish]

This is why I'll never use cloud accounting software

Not really helpful. But I understand haha

 

[snappyfish]

So in terms on keeping records for HMRC investigation for example are invoices in .CSV data ok?

 

[Nico Albrecht]

No rocket sience. Export data out and save either as xls or cvs and import in any of those accounting softwares you wanna use. All you have to do is during the import to let know what each colum means so can be imported correctly.