Downloaded bank transactions being merged into previously downloaded transactions

JEfromCanadaJEfromCanada Member Posts: 8

I have been using Wave accounting for several years and this issue has been there from the very beginning. Not only is it extremely difficult to find, but based on removal of the "sort by amount" feature, it will be be near-impossible. Let me explain.

I run a service business with a relatively small number of services. This means I generate a significant number of invoices for the same amount, and therefore make bank deposits for the same amount. In order to reconcile my sales against deposits, I have created three asset accounts named "Cheques to be deposited", "Cash to be deposited" and "Chequing Account". The last of these is the account associated with my bank. The other two are temporary accounts that I use to signify than an invoice has been paid, but the payments have not yet showed up in my bank account. When a deposit deposit shows up in my transaction list, I manually add an "Add Expense" transaction to reduce the amount in my "holding" account while adding to my bank account balance; and then I merge the two transactions (the bank deposit record, and the transaction I just created) so that the bank balance is not credited twice. Not only does this system allow me to know exactly where the funds are located at any given time, it also serves as a visual reminder that I am still expecting to see downloaded bank transaction in my transaction list.

And now that you understand the background, here is the actual problem with Wave...

On an unfortunately frequent basis, when my bank deposit is loaded into Wave, it doesn't show up on my transaction report. When I was new to Wave, I just thought the transaction was missing and I would patiently wait for the transaction to eventually appear. I then learned that the transaction HAD BEEN DOWNLOADED INTO WAVE, but instead of showing up in the transaction list, it had been INCORRECTLY MERGED with a different transaction of the same amount. The last time this happened was yesterday. I made a deposit for $99.00 into my bank, but today, the transaction did not get displayed after I refreshed the bank connection. So, I started looking for other bank deposit transactions in the amount of $99.00 and found one from 8 days earlier. Sure enough, when I expanded the Details section, I could see TWO separate ATM transactions, with different ID numbers made on different dates, but both in the same amount. My "newest" transaction from November 29th was mis-filed under the details of a transaction posted on November 21st. At this point, I could use the feature that allows a detail from a transaction to be separated and made into its own transaction. And once it appears as its own transaction, I can handle it as usual.

Unfortunately, now that Wave has decided to remove the "sort by amount" feature, it will be much more difficult for me to scroll through my transactions looking for ones with a specific amount. I have already requested a "filter by amount" capability in the "new features" sub-forum, but what would be really great is if Wave could FINALLY solve this "mis-filing" issue. It's really a no-brainer. There should NEVER be a reason for an ATM transaction to be automatically merged with a different ATM transaction if the transaction dates do not match. So close, and yet so far...

Sign In or Register to comment.