To switch from Wave to Xero, choose a conversion date at the start of a month, save Wave's trial balance, aging reports and contact list as of the day before, and enter those figures in Xero as conversion balances. Then import or feed bank transactions into Xero from the conversion date, and reconcile the first month before you close Wave.
Picking a Xero conversion date when leaving Wave
The conversion date is the first day Xero takes over from Wave. Everything earlier stays in Wave and reaches Xero only as balances from the day before. Everything after is entered in Xero. A month start works best, and the first day of your financial year is better still, because the year's reports then sit in one program.
Three sensible choices
- First day of the financial year. The cleanest cut. Wave holds every year up to now, and Xero holds every year from here on.
- First day of a quarter. Good if you file sales tax quarterly, since each return then draws from one program.
- First day of this month. The quickest start, at the cost of a split year.
The same reasoning applies to any switch. The guide to choosing a conversion date when switching to QuickBooks works through the trade-offs in more depth, and its advice carries over to Xero.
Which Wave reports and contacts to save before leaving?
Save the reports that become Xero's starting figures, plus the ones you may need to answer old questions. That means a trial balance, the receivables and payables aging reports, and the customer and vendor lists, all as of the day before the conversion date. Save a profit and loss for each past year too.
A save list
- Trial balance as of the day before the conversion date, as both PDF and spreadsheet.
- Accounts receivable aging, listing each unpaid invoice.
- Accounts payable aging, listing each unpaid bill.
- Customer list with emails and addresses.
- Vendor list with the same details.
- Profit and loss and balance sheet for every year kept in Wave.
- Bank reconciliation or account transaction reports for the final month.
Wave's menus change from time to time, so follow its current help for where each export lives. Keep everything in one folder named for the switch.
Entering Wave figures as Xero conversion balances
Conversion balances are Xero's name for the account balances at the end of the day before the conversion date. You copy them from Wave's trial balance, one account at a time, so Xero opens with the same assets, liabilities and equity that Wave closed with. Unpaid invoices and bills are entered separately so they can be collected and paid.
A worked example
The figures below are examples only, for a conversion date of 2026-07-01, using balances at 2026-06-30.
| Account | Wave trial balance (example) | Xero conversion balance |
|---|---|---|
| Business checking | 11,640.25 debit | 11,640.25 debit |
| Accounts receivable | 3,200.00 debit | Enter as unpaid invoices |
| Accounts payable | 980.40 credit | Enter as unpaid bills |
| Credit card | 612.77 credit | 612.77 credit |
| Owner's equity | 13,247.08 credit | 13,247.08 credit |
The checking balance must equal the bank statement at June 30, not just Wave's figure. If the two disagree, Wave held an unreconciled item, and you should find it before the cut-over.
Starting from scratch instead
Some businesses leave Wave with books that were never really reconciled. In that case, rebuilding from statements may be faster than trusting Wave's numbers. Switching from Excel bookkeeping to QuickBooks describes that start-from-statements approach, and the same steps fit a new Xero organization.
Importing bank statements into Xero from the Wave cut-over date
Bank transactions in Xero start on the conversion date. Connect each bank account's feed, and for any days the feed does not reach, import statement files. Xero's bank reconciliation page says you can import your transaction data manually when a bank does not connect.
Files Xero takes
Xero's statement import takes CSV files, laid out in its own columns. A QBO file is a QuickBooks format; the post on the PDF to QBO converter explains it, but for Xero you want a CSV.
When the bank only offers PDFs
Turning a PDF statement into a Xero CSV by hand means retyping every line. SimpleBankConvert is being built to produce that CSV from the PDF, with payee and reference in their own columns; you can sign up for early access on the get started page.
Import one month per file, oldest first, and compare Xero's balance with the statement's closing balance after each one.
Should you keep Wave and Xero running side by side?
Running both for one month is worth it only if you are unsure the Xero setup is right. Enter that month in both programs, then compare the month-end bank balance and profit in both. After that, stop using Wave for new entries.
What a parallel month catches
- A conversion balance typed into the wrong account.
- An unpaid invoice missing from Xero.
- A bank rule in Xero sending a repeat payee to the wrong expense.
What it costs
Keying the same month twice takes time, and it tempts people to keep both going indefinitely. Set an end date for Wave before you start, and save its final reports before you cancel or stop logging in.