Wave to Bank File in Minutes
Export from Wave. Generate CPA-005. Pay vendors via direct deposit.
Free accounting meets affordable EFT.
The Wave + EFT situation
Wave is free accounting software (great!). But for paying out:
- Wave Payroll handles direct deposit for employees (at a cost)
- Vendor payments aren't automated—you pay manually
- No CPA-005 export for Canadian bank file uploads
- Contractor payments require e-Transfer, cheques, or manual bank entry
The solution: Export your bill/payment data from Wave. Import into EFT Flow. Generate the CPA-005 file. Upload to your bank. Done.
How it works
Export bills, expenses, or accounts payable report to CSV.
Drag and drop your CSV file.
Tell EFT Flow which Wave columns map to payee, amount, etc.
EFT Flow matches vendor names to bank details in your saved list.
Bank-ready file generated. Upload to your bank.
Free accounting + affordable EFT
Wave users love free. EFT Flow isn't free, but it's affordable:
Wave (free)
- Accounting: Free
- Invoicing: Free
- Receipt scanning: Free
- Reports: Free
EFT Flow
- Monthly: $95/month
- Lifetime: $2,990 once
- No per-payment fees
- Unlimited vendors
The math: If you're doing 20+ vendor payments per month, EFT Flow costs less than e-Transfer fees ($1-2 each) would. And it's much faster than manual bank entry.
Exporting from Wave
Wave offers CSV exports for various reports:
Where to export
- Bills: Purchases → Bills → Export
- Vendors report: Reports → Accounts Payable Aging
- Transactions: Accounting → Transactions → Export
The exact report depends on how you track payments in Wave. Any export that includes vendor names and amounts works. Map the columns once in EFT Flow, and you're set for future imports.
What about Wave Payroll?
Wave Payroll is a separate paid service that handles employee direct deposit. Here's how it compares:
| Wave Payroll | Wave + EFT Flow | |
|---|---|---|
| Best for | Employees (T4 workers) | Contractors, vendors, suppliers |
| Calculates deductions | Yes (CPP, EI, tax) | No (you calculate) |
| Direct deposit | Yes (included) | Yes (via bank file) |
| Cost | $20/month + $6/employee | $95/month flat |
Use both: Wave Payroll for employees (it calculates deductions and files with CRA). EFT Flow for contractors and vendors (simple payments, no deductions needed).
Common Wave + EFT Flow use cases
Contractor payments
Track contractor bills in Wave. Export when ready to pay. Generate EFT file. Contractors get direct deposit instead of e-Transfers or cheques.
Supplier payments
Enter supplier bills in Wave. Export your AP. Pay all suppliers in one bank file upload.
DIY payroll
If you're handling payroll calculations yourself (small team, simple situation), use EFT Flow for the direct deposit part.
Rent/commission payments
Regular payments to the same people? Set them up once in EFT Flow. Generate bank file each month.
Wave + EFT Flow FAQ
Can Wave send payments directly?
Wave Payroll handles employee payments. For vendors and contractors, Wave doesn't send payments directly—you need to pay via your bank, e-Transfer, cheques, or EFT file upload.
Should I use Wave Payroll or EFT Flow for my employees?
Wave Payroll is better for employees because it calculates CPP, EI, and tax, and handles CRA remittances. EFT Flow is better for contractors and vendors where you just need to send a payment amount—no deductions involved.
Does Wave support Canadian banks?
Wave is Canadian-founded and supports Canadian businesses. However, Wave itself doesn't generate CPA-005 files for bank upload—that's where EFT Flow comes in.
Is there a free way to do this?
You can always enter payments manually in your bank portal (free but time-consuming) or use e-Transfers ($1-2 each). EFT Flow's value is saving time and money when you have multiple regular payments.
Ready to add EFT to your Wave workflow?
Export from Wave, generate CPA-005 with EFT Flow, upload to your bank. Free accounting + affordable EFT. $95/month flat.