Reconciliation question

Delta_Fly_1976Delta_Fly_1976 Member Posts: 5

We don't quite understand the reconciliation function. We enter the bank ending balance and statement date and sometimes find a difference for uncashed checks but no way to mark them as still outstanding in the Wave statement. It seems that the process works backward, instead of reconciling the Wave statement to the bank's, we reconcile the bank's to Wave? Is the intent that we reconcile the bank statement to the wave statement by changing the bank statement amount to account for the missing entries to match the Wave balance in the box that allows editing?

Comments

  • Angie_BWGBAngie_BWGB Member Posts: 2

    Yes - please give direction on how to check which transactions you want to reconcile each month to match bank statement.

  • Katie_WaveKatie_Wave Administrator Posts: 19 admin

    To get started, I'd encourage you to check out this Help Centre page that goes into some detail about how to use the Reconciliation tool.

    @Delta_Fly_1976 Your bank statement will reflect the exact details of what's happened in your account. You should be comparing the statement you receive from the bank to what you've recorded in Wave to ensure that things are accurate, and then make adjustments as required by adding missing transactions, deleting duplicates, etc. With respect to checks that have yet to be cashed, you can wait to record the expense until the check has been cashed, or record the expense as a Bill. This tool is available under the Purchases menu, and is the best way to keep track of your accounts payable with Wave. You can read more about Bills here.

  • applesapples Member Posts: 10

    @Angie_BWGB The reconciliation tool in Wave does not have a box where you can check off the items that have been cleared. You will basically need to eyeball GL transactions against bank statement to verify entries that have been cleared. For cheques uncleared, you could possibly change the transaction date to the next month so that it will be picked up for that reconciliation.

  • Delta_Fly_1976Delta_Fly_1976 Member Posts: 5

    Thank you. Pretty much what we concluded after numerous cycles through the reconciliation process and pulling our hair out! You reconcile the bank statement to Wave instead of the other way around.

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