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

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  • volunteertreasurervolunteertreasurer Member Posts: 3

    When I go into the reconciliation screen there is an account called "payments by wave" that is not reconciled. How do I reconcile this account? Why are there a bunch of entries in it? I feel like those should be in my checking account rather than in the Payments by Wave account?

  • AlexLAlexL Administrator Posts: 1,759 admin

    @BogusRed Very happy to hear that the new reconciliation feature is making life easier for you :smile:

    Hey @Viktor_Cheung_2019 . I'm afraid there's no way to sort the reconciliation page in a different way. It does naturally load as newest to oldest.

    In regards to the adjustment entry, this article will explain it further.

    Hi @volunteertreasurer . The Payments by Wave holding account is what we use to track Payments made through Wave to ensure that it can reconcile appropriately (the payment is made on one day, and it hits the bank on a different day). The PbW account is used to hold the money until it actually hits your bank account. Our Help Center article here breaks down exactly how this process works.

    If your bank account is not set up to pull in bank transactions automatically, you will have to create transactions on the day that they hit your account as transfers from the Payments by Wave account (to successfully move the money).

    Take a look at the article as well as my post, and if you have any further questions, don't hesitate to let us know!

  • nutritioncoachnutritioncoach Member Posts: 5

    I entered the wrong statement ending date. Now I can't reconcile the statement because I apparently can't edit that date. Very frustrating.

  • ConnorMConnorM Member, Administrator Posts: 1,175 admin

    Hey @nutritioncoach! You should actually be able to edit that date just fine! Pop into a reconciliation period, and then click this icon:

    That'll let you change your statement ending date there :)

  • nutritioncoachnutritioncoach Member Posts: 5

    Thank you!

  • rmcnairrmcnair Member Posts: 1

    When I enter data into Wave everything balances OK but when I do a reconciliation there is always a discrepancy showing so what am I doing wrong?

  • BarsinABarsinA Administrator Posts: 1,535 admin

    Hey @rmcnair

    I merged your conversation into this bank reconciliation thread. I also see that you reached out in our support ticket queue. We're currently dealing with a delay since this time of year is very busy for Wave however I've merged this question into your current ticket and I'm hoping to prioritize your ticket sooner!

  • Randy_L1959Randy_L1959 Member Posts: 1

    I opened up my January bank reconciliation but there are about a weeks worth of transactions that are not listed. I tried February and all the transactions are there for that month.
    Randy

  • NicoletteBNicoletteB Administrator Posts: 122 admin

    @Randy_L1959 Hm, that's a bit odd. Can you post some screenshots that showcase these transactions not showing up on your Reconciliation page but exist on the Transactions page. That would give some more insight into what could be the issue.

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