Setting up Fund Accounting

Updated by Sanjay Vora

As part of your monthly plan, Avestor includes bookkeeping/accounting for your fund entity. The accounting for the fund will be setup on either Wave Accounting software (owned by H&R Block) or Quickbooks Accounting software.

There are a minimum of two companies that need to tracked – the fund entity and the fund management entity. Additional entities may need to be tracked for specific asset level entities.

Accounting will be setup for your fund after launch when you have your first investment. Avestor will provide more details at that time.

DO NOT SET UP YOUR OWN FUND ACCOUNTING. There is a specific set of chart of accounts that we need to setup for the fund and its important to let the Avestor team handle that.

For the management entity or asset level entities, Wave is a good choice since it is free. Below are instructions on how to set up.

  1. Go to and create an account using your company email.
  2. Set up a company using the LLC name. We recommend using financial services as the option of type of company. The chart of accounts can be adjusted later.
  3. After setting the company, you will need to customize the chart of accounts for your specific needs. Select Settings on the left navigation bar to access the Chart of Accounts.
  4. The next step is to connect your bank account. Click on Banking on the left navigation bar. Select Connected Accounts to go to the Connected Accounts page.
  5. Click on Connect Account button
  6. Follow the instructions to find your bank and connect your bank account to Wave. Wave will need to import all bank transactions to manage the books.
  7. After setting up the bank account, click on Banking in the left navigation bar
  8. Select Transactions. If you have any transactions, they will be imported here.

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