Stuck on Unreconciled. How do I Reconcile?

knightknightknightknight Member Posts: 4

I'm stuck on Account Reconciliation or just not sure how to use it. From what I understand is it will compare the Start and End of your bank statment and show the difference.

So I've managed to do 6 months where the Start and End didn't change.

Then I had a cheque come in and I also paid for some sub-contracted work within the same month.

I then get the 'Unreconciled' label to which I then click 'Reconcile' to fix the issue.

But this is where I'm stuck how do I correct/fix this!?!

edited July 3, 2018 in Accounting

Comments

  • knightknightknightknight Member Posts: 4

    Okay I've managed to figure this out. The only page in the help I found was, What is bank reconciliation and how do I use it? which wasn't that helpful if you get stuck or as I found out needed to edit/change something.

    So all I needed to do was click the pencil icon which was not that obvious when your looking at the Account Reconciliation page with the Reconile action button.

    My bank statements where dated 18th of each month. When I ran initially started the reconcile I left this as the 30th, as the previous months had not change and those reconciled without issue. After changing the dates to the 18th for the 'unreconciled' accounts they are now fine.

    I also tried the time zone change from GMT to EDT as that issue seemed to keep come up in recent search results! But for me the accounts reconciled in GMT and EDT in OSX 10.11.6 in Chrome 67.x and FireFox v61.x. Seem's to be a rather strange issue to have for accounting software!!

    So I'm not sure if that is because each bank has a set statement issue date for all customers and Wave recognises this when you connect your bank account?

    Otherwise I don't get why I had issue with the two different Ending dates. Six months of accounts the dates are 'Ending xxx 30, 2016' with no activity, reconciled. While with activity my dates 'Ending xxx 30, 2016' didn't reconcile but once changed 'Ending xxx 18, 2016' they reconciled. :s I might just go back and change the end date for those previous six months to match the rest.

    I'm account noob and while the documentation is sparse these things can seem a bit mystic..

  • AlexiaAlexia Administrator Posts: 3,315 admin

    Hi, @knightknight.

    I'll start by saying that I'm really happy to hear you figured it out in the end! Let's see how I can help explain away the weirdness.

    By default, the reconciliation system defaults to the last day of the month. Some banks use different dates as their end-date for given statements, however, so it's why you might have to change that date manually. The Bank Reconciliation feature really only compares the balance you put in for your bank on a given date to the balance on Wave at the same date. If there's a discrepancy there, it sounds the alarm and sets you on a hunt to find the problem transaction.

    The timezone issue was actually resolved just last week. There used to be an issue where the reconciliation feature always thought it was in the Eastern Time Zone (where our HQ is located). The workaround was to change your timezone temporarily, but it isn't necessary to do so anymore.

    I hope this clears things up a bit! If you have more questions, I'd love to help!

  • knightknightknightknight Member Posts: 4

    Just found this post which made a bit more sense on ending statement dates: Bank Reconciliation Upgrade: Keep Your Books in Order & Stay on Top of Your Accounting

  • knightknightknightknight Member Posts: 4

    Thanks @Alexia, the reason why your comparing the two makes sense.

    What has confused me is why I could reconcile 6 months of transactions ending on 30th but I could not continue the 30th for rest of the months. It was not until I changed this to 18th that the months would then reconcile.

    It doesn't matter now as I've figured out how to edit and set my ending date so all is good.

  • AlexiaAlexia Administrator Posts: 3,315 admin

    More than happy to hear it, @knightknight!

    Let me know if you run into any other issues!

  • WildyWildy Member Posts: 2

    My reconcile page doesn't look anything like the one you displayed.

  • ErikErik Administrator Posts: 190 admin

    @Wildy are you experiencing any issues with reconciling? If so, can you please upload a screenshot of what you are seeing and experiencing?

  • NCCWarriorstreasuryNCCWarriorstreasury Member Posts: 2

    I'm confused. Before the upgrade I had no trouble reconciling. All my accounts were reconciled every month with 0 difference. Since the upgrade all the months that were reconciled with 0 difference now say unreconciled and show a difference. I checked the dates every month to make sure the statement end date matched the reconcile pages dates. I'm at a loss for how to clear these now. Can someone help me? I've emailed support but I keep getting the exact same email as a reply. Thanks!

  • Ryan_WRyan_W Administrator Posts: 461 admin

    Hey @NCCWarriorstreasury, I took a look and saw your previous emails, and our team's response was based on a different issue that happened around that time, and were letting you know that the specific issue was resolved.

    However, there are different rules in the reconciliation for the new version which you should know about. In the previous version of Wave, only verified transactions contributed to your reconciliation; however, this led to a lot of people simply ignoring some transactions, and not factoring them into reconciliation (even though unverified transactions still communicate with Reports). In the new version, both reviewed and not reviewed transactions contribute to your reconciliation. I'd take a look at some older transactions, and see if this is what's changed. Once you identify the difference in the balances, the best solution is to manually create a journal entry that recognizes this adjustment.

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