Bank reconciliation upgrade: Keep your books in order & stay on top of your accounting

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  • ChelseaKChelseaK Administrator Posts: 262 admin

    @carleen What month are you reconciling for? What end date are you selecting? You would get this error if you select a date outside of the month you're reconciling for. Please confirm and if need be, we'll dig deeper into this!

    @RT3Consulting Ya, the reconciliation feature does not account for checks or deposits in transit. It's designed so that you can compare your Wave ending balance with your bank statement. If you are looking for an accrual based report (which accounts for money in transit), I recommend checking out the Profit and Loss (Income Statement) in your Reports section!

  • BarsinABarsinA Administrator Posts: 1,535 admin

    Hey there @carleen

    We might need a bit more info from you if you don't mind. Typically when reconciling your account your statement will give you an end date and sometimes this can fall in the middle of the month. Let's say you wanted to reconcile your May statement which ends on May 15 You would want to forgo using the calendar tool and manually type in the date. Even though the date ends halfway through the month, this is still the May statement you're reconciling. Please reach out with a bit more info if this doesn't work out for you and I'd be happy to dive in a bit further.

    @RT3Consulting

    The Money in Transit, being a holding account, isn't likely to mirror an account in your real-life bank account. Theoretically, this account should always be in flux, depending on 1) when you receive a payment through Wave and 2) when that same payment actually lands in your bank account.

    Let me end by saying our account reconciliation tool is currently undergoing a remodeling at the moment, and I had the privilege of seeing it in early development stages. It is going to be a DRAMATIC improvement. So stay tuned everyone!

  • carleencarleen Member Posts: 3

    I was trying to manually change the end date for my bank statement period. as per quoted above:
    "Wave automatically sets the period to end on the last day of the month, but if your bank statements run on a different schedule, for example from the 21st to the 20th of every month, you’ll want to make sure to edit the end date."

    I couldn't proceed because I kept receiving this error "The month and year of the end date doesn't match those in the URL."

  • ripekaripeka Member Posts: 7

    is there a reconciliation report I can print out for my accountant that confirms that I have reconciled in the software? Otherwise, I will need to take a screen shot to prove this which seems silly.

  • JamieDJamieD Administrator Posts: 1,145 admin

    Hey @carleen. Could you please include a screenshot of exactly what you are seeing here in terms of trying to change the end dates for your reconciliation? This will help us further determine what could be going on here -- as such, if you want to send me a DM with your email address, I would be happy to work with you via support ticket as we may need collaborative access to your account so we can further assist.

    @ripeka In terms of a reconciliation report.. there isn't really much other than taking a screenshot of the reconciliation page itself. You could (essentially) export a PDF of the Account Transactions report for each month that you've reconciled... but I'm not so sure that this is something your accounting would be looking for. We're looking at adding a new reconciliation feature in the near future.. and it might have more of what your accountant is looking for. Stay tuned.

  • atomatom Member Posts: 1

    Where is this reconciliation panel everyone speaks of? I have no such option under the accounting tab.

  • JamieDJamieD Administrator Posts: 1,145 admin

    Hey @atom. The reconciliation feature is available to our users on the most recently updated version of our software .. in this case, my assumption is that you are still on our legacy software. With that being said, to properly reconcile your accounts, you will just need to go to the Transactions page, filter by specific account/date range and verify each transaction associated with that timeline (and account).

  • wind0383wind0383 Member Posts: 1

    Hi,

    My Wave Balance shows 0 whereas all transactions has been put . So i can't reconcile my bank

    Thanks for your response.

  • ChelseaKChelseaK Administrator Posts: 262 admin

    @wind0383 Thanks for reaching out for support on this! Hmm, I'm wondering if you are selecting for the correct account at the top right of the screen? Which account are you wanting to reconcile? What Wave balance are you expecting?

  • arsenarsen Member Posts: 3

    @alexlewiszarkos said:
    Hi @arsen . You can change your statement end date when entering your Ending Balance Amount. If your statement ends on May 3rd for example, then you should be setting the May date to the 3rd.

    Unfortunately I have certain statements carrying over to the next. To give a more concrete example, I have statements ending on the 28th, some on the 29th some on the 31st and even some on the 1st. That being said regardless of which I choose as the month, I always have issues reconciling.

    I can't ask the bank to change the way they do things. But it would be nice if wave could accommodate these scenarios.

  • BarsinABarsinA Administrator Posts: 1,535 admin

    Hey @arsen

    Your accounts should have a consistent reconciliation end date. At the top right of your reconciliation page you'll see the drop down to select an account. Once you've selected the account you wish to reconcile, you'll be able to change the end date as Alex said. If your accounts end in the middle of the month you'll want to manually type in the date rather than trying to select it with the calendar tool as this doesn't always work. Hope that gives a bit more clarity into our accounts rec tool! Let us know if you have any other issues.

  • christopherdaweschristopherdawes Member Posts: 5

    Is there a way to change the accounting date a transaction applies to without changing the actual transaction date? For example, if I received a late customer payment in January of 2019 that applied to the tax year 2018, if I leave the transaction date unchanged, it messes up my tax reporting (won't match my annual budget), but if I change the transaction date to 2018, it messes up my reconciliation (will no longer match my bank statement).
    Thanks,
    Chris

  • ChelseaKChelseaK Administrator Posts: 262 admin

    @christopherdawes If you change the date on the transaction in Wave to when you actually received the payment, this would be the ideal way of doing things. Then, your bank statement would line-up with Wave and you'd be able to reconcile your accounts. Your reports would be okay too- Wave can generate reports on an accrual basis which would account for the taxes on the 2019 payment. You also have the option of generating a Sales Tax report on a cash basis which wouldn't account for that incoming payment in 2019- it would just calculate for the specific time period you select! Conundrum solved! B)

  • Lisa_LKSS2018Lisa_LKSS2018 Member Posts: 2

    Hi there
    I have just joined Wave. I want to start from the beginning of my financial year (1 April 2019) and have imported the transactions for that period. Because my financial year ends on 31 March, I have already finalised my 2018/19 accounts and do not need to import or reconcile these and in fact they would overly complicated my accounts. How can I get around having to reconcile back to July 2018.
    thank you
    Lisa

  • JamieDJamieD Administrator Posts: 1,145 admin

    Hey @Lisa_LKSS2018. Technically you can skip reconciliation for those months leading up to April 1st, 2019 -- however, my suggestion is that you simply just delete the transactions that are associated with the months that have already been finalized. This will allow you to start fresh and track properly for April 1st.

  • MoonflowerQueenMoonflowerQueen Member Posts: 1

    HI there,
    I seemed to have made a mistake with my recon balance and it already closed. How can I go about fixing this please?

  • ChelseaKChelseaK Administrator Posts: 262 admin

    @MoonflowerQueen Oh, no problem! If you accidentally put in the wrong balance when reconciling, you can click the pencil icon beside the statement balance and change the amount. Then, you will be able to select 'Reconcile' again.

    I've provided a screenshot to show you what I mean!

  • LenyLeny Member Posts: 2

    Hi there,
    I have a bank transaction which paid out on 31/7/19 by giro and it's only cleared and reflected in the bank statement on 1/8/19. Is there a way I can reconcile without changing the date of outgoing payment to 1/8/19 because technically the expense is already incurred on the month of July. It will not show a true and prudent monthly P&L.

    Thanks!

  • EmmaPEmmaP Administrator Posts: 639 admin

    Hi @Leny thanks for reaching out! What type of payment was it? Typically we would refer to what is recorded on your bank statement, as this is a true record of your accounts.

  • 3WP3WP Member Posts: 3

    Reconciliation module is not showing on my Wave App...Please what do I do...Actually it is old version, how do I upgrade, Please put me through

    Thanks

  • JordanDJordanD Administrator, Moderator Posts: 501 admin

    Hey @3WP and Welcome to Wave's Community Forum!

    The Team here at Wave HQ are working hard to migrate all of the Wavers still on the classic version of Wave to the upgraded version by the end of the year. It's proving to be a tricky process, mainly because we do not want to risk losing any of the data that you are currently storing in Wave. We have migrated over 97% of Wavers at this point, so I'd expect that you should hear from us shortly when we begin to migrate your account. Thank you for sticking with us and I'm excited for you to experience the upgraded version of Wave in the near future

  • 3WP3WP Member Posts: 3

    Thanks @JordanD for the response... Wave is really a good package, highly user friendly even someone with non-accounting knowledge can relate with it...

    I wait for the time Wave will be suitable for Inventory Control/Accounting which I believe you are working towards...

    I have recommended you package to two small firms in Nigeria already

    Also to quickly point out, exporting FS to Microsoft Excel scatters the figures ( they are not compacted in one cell). Hope you will look into it

    Lastly, on the updated platform, there is no Journal Module

    Please keep up the good work

    edited October 23, 2019
  • EmmaPEmmaP Administrator Posts: 639 admin

    Hey @3WP! Thanks the feedback on this and for spreading the word about Wave, we appreciate it! If you want to find Journal transactions in the updated platform head to: Accounting > Transactions > click 'More' > Add journal transaction. Hope that helps :)

  • 3WP3WP Member Posts: 3

    Wow @EmmaP Thanks so much...I got it B)

  • gerbablogerbablo Member Posts: 4

    Could you reinstate a verified balance or suppose it should now be called a "reviewed" balance under the transactions page? Going through a bank statement and matching every transaction seems like a lot of double work since I am more or less already doing that when I "review" a transaction. Then I only need to go back and see what is wrong if the balances aren't matching up. Far more efficient for my work flow that what you are forcing upon me with the upgrade.

  • BarsinABarsinA Administrator Posts: 1,535 admin

    Hey there @gerbablo

    The old version of Wave Accounting only considered verified transactions for reconciliation, however, all transactions were included on reports, which to instances where users considered an account reconciled, but reports were wrong.

    The new version counts all transactions in reconciliation to ensure that the transactions that are on reports are reconciled with your bank, helping you keep your reports accurate. Starting reconciliation from the earliest available month is the best way to determine where these errant transactions are, and correct them if need be.

    The good news is that the new reconciliation tool allows you most of the functionality of the transactions page, so that you can make edits to any transactions that you see incorrectly entered in a period, and add any that are missing right in the reconciliation tool. We also save all of your progress, and you can get right back to the period you were working on by expanding the timeline view for an account, and clicking on the icon representing a period end date if you need to keep working later. You don't need to get everything done in one shot!

    I understand that this is a frustrating consequence of the accounting update, and I’m here to help with any questions that you have while you’re getting acquainted with the updated system.

  • BogusRedBogusRed Member Posts: 3

    I just want to say thank you so much for the upgrades to the reconciling feature. I used to waste tons of time trying to reconcile my accounts with a google doc spreadsheet. When Waveapps introduced the reconcile feature it was pretty bare bones but still got the job done and saved me time.

    With the upgrades, I noticed you improved the latency with it. Before it would have stale information and I'd have to wait before completing the reconcile if I had to make transaction mistakes. This reduced my confidence as to whether my books were actually reconciled. Now it reacts immediately and I have confidence that it's accurate.

    These new upgrades make it even easier to catch and fix mistakes since I can now see the relevant transactions if things don't match up and i can quickly correct dates or numbers. I also noticed I'm now able to backdate reconciles which I wasn't able to do before for accounts that had no prior reconciles. I tend to do my accounting in bulk at the end of the year so this feature addition has helped me a lot

    Thank you Waveapps team!

  • Viktor_Cheung_2019Viktor_Cheung_2019 Member Posts: 2

    Dear Sir,

    I have problem with the reconciling the account.

    The feature is good, but the problem is the bank statement ( it show the transaction amount and the balance in the same line) is in date order from oldest to the newest while the order in wave is from newest to oldest. If the wave account also showing in the order from oldest to the newest, I can easily check the balance whether it matched with the record line by line.

    My question is if there is any way to change the sorting by date from oldest to newest in the reconciliation page?

  • Viktor_Cheung_2019Viktor_Cheung_2019 Member Posts: 2

    I found a "Migration Adjustment Entry" when I doing the reconciliation with a saving account.

    I found one entry with the same amount in the saving account. Is it a duplicated entry?

    What should I do with this? Should I delete it?

  • TravIncTravInc Member Posts: 0

    I have to have an accounting software that allows me to print a reconciliation report. Can you not do this in Wave??

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