Reconciliation issues

OneClubOneClub Member Posts: 1

Hi there! I can't reconcile my statements. All the transactions are in there and correct, however it is not showing in "verified balance" even though they are verified. I saw previous posts about changing time zone. I have done that, changed to EST. Not sure how to fix this. Extremely frustrating and time consuming. !

edited July 3, 2018 in Accounting

Comments

  • AlexiaAlexia Administrator Posts: 3,315 admin

    Hi, @OneClub.

    The timezone issue was resolved and shouldn't have to be changed anymore.

    Did you match the end-date for reconciliation with the end-date of your statement? Wave defaults to the last day of the month, but not all banks follow the same pattern. The balance showing as "Balance in Wave" should be the balance for that account as it was on the end-date of your statement.

    Can you share a screenshot of your reconciliation screen to give us a better idea of what might be happening?

  • tylertervoorentylertervooren Member Posts: 4

    Hi @Alexia. What is this "Balance in Wave" you speak of? In my account, the pane is titled "verified balance."
    Is this something different?

    I also noticed in another thread people discussing archiving vs. deleting accounts where you gave the advice to archive because deleting was not possible. I have always been able to (and still can) delete accounts, but have never been able to archive them.

    Am I on an old version of your software? I feel like I'm taking crazy pills as I read through some of the threads here.

  • SophiaSophia Administrator Posts: 147 admin

    Hi @tylertervooren I believe Alexia misspoke so my apologies for the confusion, what you are seeing is correct.

    With regards to your second question, you are not taking crazy pills! There is an updated version of Wave accounting that newly created accounts are using; existing accounts are being migrated. For the time being, keep doing what you're doing, and if you're ever confused if something applies to you just reach out here :)

  • CliftonClifton Member Posts: 10
    Where is the account register balance?
    Where is the difference amount between the bank and cleared?

    This is a process change to everyone. When you change a process, you do ask the users and coordinate a major shift in accounting practices. The product is not useful if you do not know the bank account balance, verified register balance and the encumbered balance. Where are these 3 values?
  • ColdbranchColdbranch Member Posts: 1

    I understand that in reconciling an account Wave defaults to the last day of the month. Is there anyway to change that default setting?

  • JamieDJamieD Administrator Posts: 628 admin

    @Clifton I would like to get a stronger sense of your workflow pre-migration regarding the specific balances you are referring to (the register/verified balance no longer exists but you can still view the bank account balance on the dashboard, as well as the transactions page itself). Could you please send me a DM when you get a chance so we can further discuss?

    @Coldbranch You won't be able to adjust the default setting, however, you can still follow the reconciliation process based on your bank statement dates. You will just want to make sure that on the first month you are reconciling the end date select matches up with your bank statement (so it could technically be 12 days into the month if your bank statement end date was let's say June 12th).

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