Wave has two different balances for the same account

PaxtonLeePaxtonLee Member Posts: 5

For my business checking account, when viewing on the Dashboard it gives the correct balance - which is $26,708.47.

When viewing under the Transactions (under Accounting) page, it gives an incorrect balance of $26,658.47, which is incorrect and a $50 difference. This is the only bank account and there is $0 in cash on hand.

If I go to Reports -> Balance Sheet, again it gives the incorrect amount ($26,658.47).

If I select details and the business checking is specifically show, the same incorrect balance is shown. However if I click the link to the checking account and scroll to the bottom of the page, the correct balance is shown, $26,708.47.

There aren't that many transactions (less than 50) and I've reviewed the checking transactions and confirmed that everything adds up correctly. It's just that Wave reports an incorrect balance and I can't get it corrected. The issue may have something to do with the fact that I had to re-link my business checking account. There is one check for $50 which may have been the only transaction that may have been downloaded before and after the relinking. I'm not sure if that is the source of the issue but it does only show up once in the transactions.

Since I'm not paying anything to use this app, I don't expect perfection or immediate tech support. You get what you pay for. However a blatant error in accounting could have ramifications and the issue needs to be resolved. I'm sure whatever happened to me could be happening to someone else.

Account Transaction image


Balance Sheet image

Tagged:
edited October 23, 2018 in Accounting Technical Support
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Comments

  • PaxtonLeePaxtonLee Member Posts: 5

    Well, This is extremely disappointing but due to the lack of response or a fix for the errors in the balance sheet, I need to transfer my accounting to a different program. I know the program was free and you get what you pay for, but an error in the background is preventing me from having an accurate accounting.

    This is too bad because I was really liking this program and it is much nicer looking than other freebie programs such as Gnucash.

    I wish Wave the best and I hope they get the bugs worked out because I think it would be a great product for small businesses out there.

    I won't delete my data or disable my account for a few days in case one of the techs wants to look into it to figure out where the bug is. Thanks.

  • TylerKTylerK Member Posts: 94 admin

    Hey @PaxtonLee! Apologies for the delay in responding here - our rebrand has gotten a lot of people about excited about Wave and we are growing our Support Team to ensure we can keep up with the enthusiasm. We appreciate you taking the time to post to get this resolved.

    I am happy to dig into this further as I want to confirm a few things. The Balance Sheet will always post all transactions from the start of your business until X (the date set). A Profit & Loss Statement will generate from Y (start date) to Z (end date). You also should keep in mind that the date you have set your Fiscal Year to may impact things further (this is set through Settings > Dates & Currency. With this said, does a Profit and Loss Statement differ from your Balance Sheet when you set the same date(s) for both?

    With the screenshots provided, I get a good visual of the numbers themselves but would want a bigger picture to diagnose further. If this is indeed a bug, we'd need to get our Application Support Team involved as well.

  • PaxtonLeePaxtonLee Member Posts: 5

    Hi Tyler,
    It is definitely a bug. I have reviewed all transactions and even checked to see if I accidentally made a transaction for a different year. For this business, there are only a few transactions between May and Oct of this year.
    There are different balances for Account Transactions page, and the Account Balances page. I did check the dates when I created the reports.
    You have my permission to review. I've exported into a CSV all transactions and I've went thru it a couple of times and can't figure it out.

    edited October 22, 2018
  • TylerKTylerK Member Posts: 94 admin

    Thanks for confirming @PaxtonLee. I am going to escalate this as previously mentioned. Can you confirm which of your businesses this is happening in? I see a few associated with your email address.

  • PaxtonLeePaxtonLee Member Posts: 5

    Yes, the one starting with Fergie.

  • TylerKTylerK Member Posts: 94 admin

    Thanks for confirming @PaxtonLee - our Accounting Team has pushed a reflow so the data shows correctly. I have confirmed the correct balance is now showing on your Balance Sheet so you should be good to go. Any other questions, just let me know.

    Please also note that I have tagged this thread accordingly so we can investigate how it happened to mitigate all future instances. Accuracy is a key pillar to what Wave does so things like this cannot happen again.

  • PaxtonLeePaxtonLee Member Posts: 5

    Thank you Tyler,
    Much appreciated! I'm wondering if the issue occurred because I had to relink my bank account.
    Never the less, I'm sure your team will get it figured out.

    Thanks again!

  • TylerKTylerK Member Posts: 94 admin

    Appreciate the follow up @PaxtonLee! Definitely not expected or intended behaviour so this helps us narrow our search more to see exactly why it happened.

  • waveisawesomewaveisawesome Member Posts: 13

    Will it happen to me too, so it was a bug ?

  • CharlotteCharlotte Member Posts: 671 admin

    @waveisawesome this should not happen for you. Please let us know if you are experiencing any issues and we'd be happy to take a look.

  • JamesJames Member Posts: 10

    @Charlotte said:
    @waveisawesome this should not happen for you. Please let us know if you are experiencing any issues and we'd be happy to take a look.

    I am having the same issue. It has also mucked up previous months transactions that were correctly reconciled, but now are showing in error. Also Apr, May, June & July seem not to exist as far as my profit & loss is concerned.

    Thanks

  • waveisawesomewaveisawesome Member Posts: 13
    > @James said:
    > @Charlotte said:
    > @waveisawesome this should not happen for you. Please let us know if you are experiencing any issues and we'd be happy to take a look.
    >
    >
    >
    >
    >
    > I am having the same issue. It has also mucked up previous months transactions that were correctly reconciled, but now are showing in error. Also Apr, May, June & July seem not to exist as far as my profit & loss is concerned.
    >
    > Thanks


    See what I meant Wave? I don’t have a solid accounting background to audit like these guys so I trust Wave 100%. I surely should know the slogan “you got what you paid for” and seriously need to budget another $20 ish a month for Quickbooks or MYOB :(
  • JamieDJamieD Administrator Posts: 1,145 admin

    Hey @James. If you could please send me a direct message of your email address as well as your business name, I would be happy to add your business to the list of users experiencing issues with their balances on the transactions page (and also, view your account to see exactly what's going on)

    @waveisawesome As long as you aren't noticing any red flags on your account that indicate whether or not your accounts are balances (it doesn't hurt to reconcile/check every once in awhile) -- you shouldn't have anything to worry about for the time being.

  • waveisawesomewaveisawesome Member Posts: 13
    @JamieD thanks. I have had trouble on reconcile too, did post a topic here but haven’t heard anything
  • JamieDJamieD Administrator Posts: 1,145 admin

    @waveisawesome could you please send me a DM with your email address and business name so I can take a further look -- since you've submitted a support ticket, I would like to be able to contribute to the nature of your request to see if we can come up with a resolution for you.

  • faridahfaridah Member Posts: 38

    @Charlotte said:
    @waveisawesome this should not happen for you. Please let us know if you are experiencing any issues and we'd be happy to take a look.

    this is happening to my client's account as well, I have downloaded the ledger to check against the report
    Profit and loss

    in oct the sales in the ledger 58k, but the report shows only 22k

    58k from account balances

    22k in Profit and Loss Report

    Client is asking why the report is different. Appreciate your assistant

  • faridahfaridah Member Posts: 38

    do we need to tick reviewed in order to get the report accurate.

    I just tried to tick review for few transaction , then the sales figures in the profit and loss report get updated

  • JamieDJamieD Administrator Posts: 1,145 admin

    @faridah Hey there. You will need to make sure that you verified/review the transactions for your income in order to have an accurate depiction of your Profits & Loss statement. With that being said, if you are still running into problems running an accurate income statement, please DM me with your business name and email address so I can take a further look.

  • ArianeAriane Member Posts: 3

    @TylerK said:
    Appreciate the follow up @PaxtonLee! Definitely not expected or intended behaviour so this helps us narrow our search more to see exactly why it happened.

    @TylerK said:
    Thanks for confirming @PaxtonLee - our Accounting Team has pushed a reflow so the data shows correctly. I have confirmed the correct balance is now showing on your Balance Sheet so you should be good to go. Any other questions, just let me know.

    Please also note that I have tagged this thread accordingly so we can investigate how it happened to mitigate all future instances. Accuracy is a key pillar to what Wave does so things like this cannot happen again.

    Hi Tyler,
    We have the exact same problem. I revied all my transactions. Everything is well done, my other accounts are good and my ending balance is the right amount. Same problem though, the amount written in the Transactions section is not the same.


  • AlexLAlexL Administrator Posts: 2,869 admin

    Hey @Ariane , seems you were right. The data on the back end of your account wasn't syncing properly so I made a small tweak. You should now be good to go with no further number issues 🙂.

  • ArianeAriane Member Posts: 3

    @AlexL Thank you so much!!! It's really appreciated!!!

  • Steve_WSteve_W Member Posts: 1

    Hello, I have the same problem in that the balance on the Dashboard for my connected account differs from the Transactions and Reports area. See below.

    Update Jan 1st: This problem cleared itself as the next day the 2 "missing" transactions appeared in the account register.

    Thanks in advance. Steve

    edited January 1, 2021
  • anna_Accountanna_Account Member Posts: 3

    Hi, We have the same problem. for 31 Dec the bank account balance for BS is $31,132.62, but when we click for the details, it shows $30,397.82. We have checked for many times, And we think it may be a system bug. Can you help to check and solve the problem. Thanks a lot.

  • AlexLAlexL Administrator Posts: 2,869 admin

    Hey @anna_Account , it looks like there was indeed an issue with the way that your data was communicating. I've since made a small tweak to your account and you should be seeing a difference in the way the balance shows within the next 30 minutes or so.

    If you're still seeing balance discrepancies after that, please reach out and we'd be happy to take another look.

  • anna_Accountanna_Account Member Posts: 3

    @AlexL Hi, Alex. We have checked again. It was resolved. Thanks a lot.

  • OliviaKOliviaK Member Posts: 3

    Hi @AlexL facing the same issues as the ones described above. I really need it fixed for audit purposes.

    The ledger balance for the cash equivalent account is not the same as the balance sheet report. This is for one of the accounts that I'm an Admin.

    Kindly assist.

    edited March 25, 2021
  • anna_Accountanna_Account Member Posts: 3

    @anna_Account said:
    @AlexL Hi, Alex. We have checked again.

    sorry, we found there is an added Uncategorized Income.
    Still doesn't work.

    Kindly help to check. Thx!

  • paulpatpaulpat Member Posts: 19

    Ok I'm confused.
    I have the same problem with a mismatching account balance in Reports vs General Ledger (as described in a different thread). I only found the error because I know the balance should be zero, and it isn't. If the balance were meant to be any other value, I would never recognize the error.

    So finding the problem seems to rely on users noticing it. And fixing the problem seems to rely on getting Wave to 'reflow' or 'resync' or something. But I don't have time to second-guess the accuracy of every entry in the reports. This thread is 3 years old...

    Wave - if the reports aren't 100% accurate, 100% of the time, how are we supposed to use them at all?

    edited March 30, 2021
  • OliviaKOliviaK Member Posts: 3

    @OliviaK said:
    Hi @AlexL facing the same issues as the ones described above. I really need it fixed for audit purposes.

    The ledger balance for the cash equivalent account is not the same as the balance sheet report. This is for one of the accounts that I'm an Admin.

    Kindly assist.

    @AlexL still awaiting feedback on this.

  • AlexLAlexL Administrator Posts: 2,869 admin

    Hey @OliviaK it looks like the data on the back end of your account wasn't communicating properly. I've gone in and made a couple of small tweaks which should fix any sort of discrepancies that you were seeing in your data.

    If you go into your account and after about 30 minutes you're still seeing issues, let us know and we'd be happy to dig a little bit deeper into the issue.

    Hey @paulpat , I totally understand your hesitancy here. These are essentially bugs which appear in your account which we fix when they're raised. Wave does rely on the user to reconcile their accounts on a regular basis to ensure that everything lines up, and if you do notice that things aren't aligning when they should be, we encourage you to get in touch with us.

    I'm afraid that bugs will always exist in any software, and although we're always trying to make improvements so that there are less and less users seeing these issues, they still do come up from time to time.

    Hi @anna_Account , we're not seeing any issues on this end so I'd encourage you to do a reconciliation of your accounts to ensure that everything is lining up.

    edited April 2, 2021
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