1. June 1, 2026 — Legacy free accounts migrate to "Starter Plan"
Wave is renaming and re-aligning its free tier. Legacy free accounts that don’t use certain features get auto-migrated to the new "Starter Plan" — still free, but with restrictions.
Wave free-tier changes — June 1, 2026
Migrate from Wave to HelloBooks
Facts verified 2026-05-21 · Re-verify at support.waveapps.com · 8-step guide
Wave is re-aligning its free tier on June 1, 2026 — collaborator access requires a Pro upgrade, and bank-feed automation is shifting toward Pro. If you got Wave’s April 30, 2026 email about plan changes, this guide walks the 8-step migration to HelloBooks — where the Free Plan keeps bank connections, 3 collaborators, AI bookkeeping, and unlimited features.
What changed at Wave on June 1, 2026
Honest summary — re-verify directly at Wave’s Help Center FAQ for legacy businesses before acting on this guide.
2. Collaborators (multi-user) require Pro Plan
As of June 1, 2026, collaborators (additional users on your Wave business) cannot access accounts unless you upgrade to the Pro Plan before that date. If your bookkeeper or CPA shares your Wave account, that access is at risk.
3. Bank connections may be restricted
Wave is re-aligning its free plan to "core manual features." Live bank-feed automation is shifting to the Pro Plan. Manual entry remains free; automated reconciliation does not.
4. Affected businesses notified April 30, 2026
Wave sent emails on April 30, 2026 to legacy-free customers explaining the changes. If you got that email, this guide is for you. Verify the details directly at Wave’s Help Center before acting.
Why HelloBooks for Wave refugees
1. Truly free, unlimited users
HelloBooks Free Plan includes 500 AI credits/month, 3 users, and ALL features (verified 2026-05-21). HelloBooks Pro is $9.99/mo flat with UNLIMITED users — invite your bookkeeper, CPA, partner, and team at no per-user cost. Compare with Wave Pro at ~$16/mo for similar collaboration features.
2. AI bookkeeping vs manual entry
Wave’s free-tier re-alignment pushes you toward "core manual features." HelloBooks deploys AI agents that auto-categorize transactions, OCR bills, and flag anomalies — even on the Free Plan. Less manual entry, not more.
3. Inventory + tax compliance Wave doesn’t do
Wave lacks inventory tracking, project profitability, multi-entity consolidation, and India GST / UK MTD / AU BAS / CA GST/HST. HelloBooks ships all of these on every plan. If your business grew past invoicing-only, Wave was always going to break — June 2026 just made the decision urgent.
4. AI Accountant Directory + Practice Management
Wave has no equivalent to a vetted accountant directory or built-in Practice Management. HelloBooks has both, free — invite a CPA at hellobooks.ai/find-an-accountant and use HelloBooks PM at no extra cost.
The 8-step migration
Plan 2-5 days end-to-end. Start at least 2 weeks before your trigger date so AI categorization has time to train.
Step 1
Confirm your timeline
If you got the April 30, 2026 email from Wave, your trigger date is June 1, 2026. Plan the migration to complete BEFORE then so you don’t lose collaborator access.
Step 2
Export your Wave data
In Wave: Settings > Data Export. Download Chart of Accounts (CSV), Customer list, Vendor list, Invoice history, Transaction history, and Trial Balance for your cutover date.
Step 3
Sign up free at HelloBooks
Create your HelloBooks account at no cost — Free Plan with 500 AI credits/month and full reporting. No credit card.
Step 4
Import the Wave CSVs
Use the HelloBooks CSV importer. The AI assists with account mapping (Wave’s CoA structure is simpler than QBO/Xero, so this is typically fast). Review the suggested mappings.
Step 5
Connect your bank via Plaid
Link your bank via Plaid for 11,000+ US bank coverage with real-time feeds. HelloBooks Free Plan includes bank connection — no Pro upgrade required to keep automated feeds (unlike Wave’s June 2026 change).
Step 6
Let the AI categorize
The AI categorizes historical transactions and learns your vendor patterns. Spot-check 50 transactions and correct any mismatches.
Step 7
Invite collaborators
On Wave you had to upgrade to Pro for collaborator access. On HelloBooks, invite your CPA, bookkeeper, partner — unlimited users on Pro, 3 users on Free.
Step 8
Reconcile and verify
Run P&L and Balance Sheet in BOTH Wave and HelloBooks for a recent period. Confirm totals match. Reconcile bank accounts in HelloBooks. Archive your Wave export for compliance.
Don’t wait — collaborator access ends June 1, 2026
If your CPA, bookkeeper, or partner shares your Wave account today, plan the migration BEFORE June 1, 2026. Free HelloBooks signup, free QuickBooks-style CSV importer, AI categorization included.