Two Ways to Import Bank Statements into Wave
Wave Accounting offers two methods for importing bank transactions: automatic connection via Plaid and manual CSV upload. Each method has distinct advantages and significant limitations.
Automatic Import (Plaid)
Connects to 9,000+ banks automatically
Updates every 24 hours
Frequently disconnects requiring manual reconnection
Can take up to 7 days for transactions to appear
No control over sync timing
Manual CSV Upload
Import on your schedule
Works with any bank worldwide
Maximum 100 rows per file
Strict date format (MM/DD/YYYY only)
No special characters allowed
Common Plaid Connection Problems
Wave partners with Plaid to handle automatic bank connections. While convenient when working, Plaid connections are notoriously unreliable and require frequent manual intervention.
Critical Limitation
Wave's Plaid integration frequently breaks when banks update their systems, change security protocols, or require user acknowledgment of notifications. Users report sync issues occurring as often as weekly, requiring repeated reconnection attempts.
Why Connections Break
- Bank System Changes: When your bank updates their platform, Plaid must update their integration, causing temporary disconnections
- Credential Updates: If you change your online banking username or password, Wave loses access and cannot auto-import
- Bank Notifications: Unread alerts or security notifications in your bank account can block Plaid from accessing transaction data
- Security Protocol Changes: Banks regularly update authentication requirements, requiring re-authorization in Wave
How to Reconnect Broken Bank Connection
- 1.Log into your online banking portal and clear any notifications or alerts
- 2.In Wave, go to Accounting → Connected Accounts
- 3.Find the disconnected bank (marked with warning icon)
- 4.Click "Reconnect" and re-enter your bank credentials
- 5.Wait 24-48 hours for transactions to sync (may take up to 7 days)
Wave CSV Format Requirements (Strict)
Wave's CSV import feature has rigid formatting requirements. Files that don't match these exact specifications will fail to upload without clear error messages.
Required CSV Structure
Mandatory Columns
Date
MM/DD/YYYY format only
Amount
Single column (+ or -)
Description
Can be empty
Critical Limitations
Maximum 100 Rows Per File
If your statement has 150 transactions, you must split it into two separate CSV files
Maximum 4 Columns Total
Delete any extra columns like check numbers, balance, or transaction type before uploading
No Special Characters
Characters like #, &, $, * will cause upload failures. Must be removed manually.
Single Amount Column Required
If your bank provides separate "Deposit" and "Withdrawal" columns, you must merge them into one Amount column
Short File Names Only
Long file names cause errors. Use simple names like "jan2025.csv"
Amount Formatting Rules
Accepted separators: Spaces, commas, apostrophes, or decimals
Negative amounts: Use brackets (1,234.56) or minus sign -1234.56
Currency symbols: Ignored (currency matches the payment account you select during upload)
Example: "1,234.56" and "1234.56" both work. "(500.00)" and "-500.00" both represent withdrawals.
Manual CSV Formatting Is Time-Consuming
Meeting Wave's CSV requirements typically takes 15-30 minutes per statement. You must manually merge deposit/withdrawal columns, split files over 100 rows, remove special characters, fix date formats, and delete extra columns. This defeats the purpose of automation.
Step-by-Step: Import Bank Statement into Wave
Once you have a properly formatted CSV file (or OFX/QBO file from your bank), follow these steps to import into Wave Accounting.
Download Bank Statement
Log into your online banking portal and download your statement in one of these formats:
Wave recommends OFX, QBO, QFX, or ASO when available. CSV is supported but more complex.
Navigate to Transactions
In Wave, click Accounting → Transactions from the left-side menu. At the top right, click the More button and select Upload transactions.
Upload File and Select Account
Click Choose File and select your downloaded statement. In the Payment account dropdown, select the bank account that matches your statement.
Confirm Import Details
Wave will analyze your file and ask you to confirm:
- Date format: Click "Confirm date" after verifying MM/DD/YYYY
- Amount columns: Click "Confirm amounts" after verifying positive/negative values
- Description column: Click "Select description" to confirm transaction details field
Complete Upload
Click Upload my statement to finalize the import. Wave will process the file and redirect you to the Transactions page where you can review all imported transactions.
Review and Categorize Transactions
After import, review all transactions for accuracy. Wave does not auto-categorize uploaded transactions—you must manually assign each transaction to an accounting category (Income, Expense, Transfer, etc.).
Common Wave Import Errors & Solutions
Wave's error messages are often vague. Here are the most common import failures and how to fix them.
Error: "Your CSV file has more than four columns"
Cause: Your CSV contains extra columns like Check Number, Balance, Transaction Type, etc.
Solution: Open the CSV in Excel or Google Sheets. Delete all columns except Date, Amount, and Description. Save and re-upload.
Error: "File has more than 100 rows"
Cause: Your statement has more than 100 transactions.
Solution: Split your CSV into multiple files. For a 250-transaction statement, create three files: rows 1-100, rows 101-200, rows 201-250. Upload each file separately.
Error: "Cannot read your CSV file"
Cause: Special characters (#, &, $, *) in your data or incorrect date format.
Solution: Search for and remove all special characters. Verify all dates are in MM/DD/YYYY format (not DD/MM/YYYY or YYYY-MM-DD). Re-save and upload.
Error: "File name too long"
Cause: Your CSV file name exceeds Wave's character limit.
Solution: Rename file to something short like "jan2025.csv" or "statement.csv" before uploading.
Error: Duplicate Transactions After Upload
Cause: You uploaded a CSV that overlaps with transactions already imported via Plaid bank connection.
Solution: Before uploading, manually delete the date range from your bank feed that matches your CSV. Then upload the CSV to fill the gap.
Error: "Wave cannot upload your file"
Cause: You have separate Deposit and Withdrawal columns instead of a single Amount column.
Solution: Create a new column called "Amount." For each row, if Deposit has a value, copy it as positive. If Withdrawal has a value, copy it as negative (add a minus sign). Delete the original Deposit and Withdrawal columns.
Wave Import Limitations You Should Know
No Multi-Account Detection
If your bank statement includes multiple accounts (checking + savings in one PDF), Wave cannot separate them automatically. You must manually split the accounts before importing.
No AI Categorization
Wave does not auto-categorize uploaded CSV transactions. You must manually assign each transaction to an accounting category after import. For 100-transaction statements, expect 10-15 minutes of manual categorization.
Cannot Process PDF Directly
Wave cannot read PDF bank statements. You must first convert the PDF to CSV format externally before uploading. Most banks don't provide CSV downloads, requiring third-party conversion tools.
Sync Delays (Plaid Connection)
Even with working Plaid connection, transactions can take 24 hours to 7 days to appear in Wave. You have no control over sync timing, which delays month-end close and reconciliation.
No Batch Processing
You cannot upload multiple bank statements at once. Each statement requires separate upload, column confirmation, and review. For firms managing multiple clients or accounts, this becomes extremely time-consuming.
Limited File Format Support
Wave only accepts OFX, QBO, QFX, ASO, or CSV. Many international banks provide statements in other formats (XLSX, TXT, MT940) which Wave cannot process. You need manual format conversion.
