Understanding bank connections

SystemSystem Posts: 355 admin

imageUnderstanding bank connections

Wave works with a specialist provider of secure bank data connections to offer you the ability to import your bank transaction data. We believe data connections are a huge asset when it comes to yo...

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edited December 14, 2018 in Help Center Discussion
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  • pcsmartspcsmarts Member Posts: 2

    It would be very useful to have a portal where by users could see which bank connections are having issues at the moment.

  • ErikErik Administrator Posts: 194 admin

    Hi @pcsmarts that is a great idea -- I've submitted it to the team as a feature request!

  • virgilwasherevirgilwashere Member Posts: 10

    @pcsmarts said:
    It would be very useful to have a portal where by users could see which bank connections are having issues at the moment.

    Try this page: https://learn.pocketsmith.com/article/212-current-bank-feed-issues

    It's accurate from my perspective.

  • PattiOPattiO Member Posts: 2

    It would be great if we could edit or give a nickname to the accounts connected from each institution. We have several from one institution and sometimes it is a gamble at which one I am picking for reports or such. Thanks!

  • JamieDJamieD Administrator Posts: 1,145 admin

    Hey @PattiO. When you are adding a bank connection in Wave, you should have the option to select a 'payment account' associated with it when importing into your business. These payment accounts are technically your asset accounts, which can be edited to have specific names in Wave. I feel as though this help centre article should give you a bit more insight on how to accomplish this: https://support.waveapps.com/hc/en-us/articles/115004972106-Understanding-your-new-improved-chart-of-accounts

  • LisaW_2LisaW_2 Member Posts: 1

    I am finding debit purchases listed twice in my wave account and only once on my bank statements. One of the transactions shows the name of the store and the other one doesn't. Both have the same date. Is this a problem on the wave side or the bank side? Thank you

  • JamieDJamieD Administrator Posts: 1,145 admin

    Hey @LisaW_2. I would first make sure that under the Bank Connections tab that you don't have multiple accounts importing into your business -- this could be the reason for the duplicates here. If there aren't two accounts importing into your business, but you are still seeing that duplicate transactions are coming through, we may need to do a bit of further investigating, so I do recommend filing a support ticket here: https://support.waveapps.com/hc/en-us/requests/new

  • DavidMcDonaghDavidMcDonagh Member Posts: 1

    Thanks this is clear, but why are you sending so many emails saying there is something wrong with my connection when it was your decision not to integrate with Open Banking. A real shame as I now have to find another product, and yours is great.

  • EmmaPEmmaP Administrator Posts: 639 admin

    Hi @DavidMcDonagh, thanks for reaching out! I'm so sorry you received this email! It was sent out in error and we are trying to determine exactly why it was sent, so we can prevent it from happening in the future. We know the decision has been tough, so if we can support you in any other way let us know!

  • CindyLCindyL Member Posts: 1

    HI
    I would like to know if there is a limit to the amount of bank accounts you can link to wave? If the company has maybe 2 checking accounts can both accounts be added,along with a credit card account and maybe a market link account?

  • JordanDJordanD Administrator, Moderator Posts: 487 admin

    Hey @CindyL and welcome to Wave's Community Forum!

    There isn't typically a maximum to how many bank accounts that you can link to Wave to import transactions for your bookkeeping. In saying that, some institutions and bank account types may not be able to connect or import due to restrictions from our third party data aggregator.

    If you are looking to connect an account for depositing payments received through Wave, or for funding payroll, then there is a maximum of one account that can be used in either of these cases.

  • CelineCeline Member Posts: 2

    Hello,

    I have 2 lines with the same account name and different amounts. Only one is currently connected to my bank. I'd like to delete the one not connected because it creates a lot of confusion.
    Please let me know how to do it.

    Thanks

  • ConnorMConnorM Member, Administrator Posts: 1,033 admin

    Hey @Celine! If you're referring to your connected accounts within Wave, the way that the bank connection works is that any applicable account is going to show on that page. Your best bet is going to be continuing to ignore it. If there's a secondary option for you to rename it, then I'd recommend adding a 'do not use' tag, or something to that effect, to that unwanted bank account!

  • CelineCeline Member Posts: 2

    Thanks I solved it by disconnecting and archiving.
    It is working very well now :)

  • RailcarmoverRailcarmover Member Posts: 3
    App doesn’t allow bank connection, why?
  • EmmaPEmmaP Administrator Posts: 639 admin

    Hey @Railcarmover! Thanks for reaching out here! Where are you trying to make a bank connection from? Are you using the Invoicing by Wave or Receipts by Wave app? If so, these apps are specifically for those purposes so you will not be able to find other functions as you would when you are logged into your Wave account (such as bank connections, reports, transactions page etc).

  • StevebayStevebay Member Posts: 1
    I just recently signed up with wave and received a payment on an invoice. Now after seeing Waves requirements and integration I am no longer interested in connecting my account. How do I get access to the money they have received to my account
  • ConnorMConnorM Member, Administrator Posts: 1,033 admin

    Hey @Stevebay! If you'd like, you should be able to send in a ticket to our support staff from this link here. You will not be able to receive those funds without first finishing your payments setup - otherwise the funds will be returned to your customer.

  • RareartRareart Member Posts: 2

    I cannot find any help to get to customer service to use my new bank account. I need this ASAP for payments. Everything is still the same except I changed banks

  • AlexLAlexL Administrator Posts: 1,725 admin

    Hi @Rareart , what's the issue that you're having with your bank account? Let us know and someone would be happy to help!

  • RareartRareart Member Posts: 2

    Hi..I have an art show starting tomorrow and I have a different bank now. Chase...I loved Wave and would really like to use it again. I need to be able to add the banking and I can’t accept payments it says because you changed something..? My lowest sale will probably be $3000 and most of the others are 5000 pretty much the same sales as my pop up gallery.
    Thank you so much. For responding!

  • SFWaver2016SFWaver2016 Member Posts: 12

    As Wave seems to have no interest in switching back to the data integrator that did a good job of importing data, how can customers export the full Wave systems (not just financial statements, but all transactions and notations and the relationships those transactions? Is there a database that can be downloaded for integration with accounting software that still integrates with business banking accounts?

  • nutritioncoachnutritioncoach Member Posts: 5

    When I switched to the new bank connections my credit card created a new credit card account which it is now importing into instead of the original one. How do I merge the two balances?

  • AnnaPAnnaP Member Posts: 1

    I have tried to import my banking information twice. Each time I have only selected one of the accounts at the bank and it is importing all accounts. Is this a known issue?

  • AlexLAlexL Administrator Posts: 1,725 admin

    Hey @nutritioncoach , you can bulk change the account by selecting all of the transactions that you're looking to change with the tick boxes next to them, and selecting Edit at the top of the page. This should surface a drop down menu where you can change the account,.

    Hi @AnnaP , the bank connection will pull all of the accounts associated to your bank login into Wave. You can toggle certain accounts off if you don't want to use them through the Banking > Connected Accounts page but there's no way to actually remove them.

  • nutritioncoachnutritioncoach Member Posts: 5

    Thanks for your reply Alex but it didn't answer my question exactly. When I updated to your new bank connections Wave created a duplicate credit card account to import transactions into for my credit card instead of using the account that was already there. I want my transactions to import directly to the original credit card account not the new one wave created. How do I get rid of the duplicate cc account Wave created and import to the correct cc account?

    @nutritioncoach said:
    When I switched to the new bank connections my credit card created a new credit card account which it is now importing into instead of the original one. How do I merge the two balances?
    @AlexL said:
    Hey @nutritioncoach , you can bulk change the account by selecting all of the transactions that you're looking to change with the tick boxes next to them, and selecting Edit at the top of the page. This should surface a drop down menu where you can change the account,.

  • PadrePPadreP Member Posts: 2

    Hi, I just recently set up my Wave account and opened a new bank account for a particular biz. I have successfully connected it but when I click on "Connected Accounts" it shows me all of my accounts at the same bank that I can toggle on/off. This is fine but I want to make sure that my partners in this business, who have access to Wave, cannot also see the other accounts (that include my personal ones)

  • ShotsterShotster Member Posts: 3

    Just about to open a business bank account. How do I know if the bank I will choose is supported by Wave - i.e. can be connected, sync'd, and whatever else?

  • PadrePPadreP Member Posts: 2

    @Shotster said:
    Just about to open a business bank account. How do I know if the bank I will choose is supported by Wave - i.e. can be connected, sync'd, and whatever else?

    Click on the Banking button on the main screen and then "Connected Accounts", in the upper right hand corner of the next screen you will see a blue button that says "Connect Account". After you click on that you will be able to see the supported banks.

  • BarsinABarsinA Administrator Posts: 1,407 admin

    Hey @nutritioncoach

    So this was a common issue with our migration onto the new platform for some banks. Instead of connecting to the already existing account, it created new ones. What you'll want to do is add these new accounts (even though they will duplicate. Select the check boxes from the previous account and move all the transactions over to the new one using the Bulk Edit tool. Once that is done you'll want to archive the former account in your chart of accounts.

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