How to reconcile against a credit card statement

philip456philip456 Member Posts: 15

My credit card statement is dated the 3rd of the month. The transactions are listed from the 3rd of the prevous month, upto the 3rd of this month, with the total owed on the 3rd.

The reconciliation page will only let me reconcile against the last day of the month.

Am I missing something? How to reconcile against the credit card statement?

edited March 6, 2019 in Sales & Invoicing

Comments

  • MikegMikeg Member Posts: 383 ✭✭✭

    philip456,
    I do a lot of bookkeeping for clients with varying cut off dates on their credit cards. I just do a visual check to be sure it agrees back to the statement. Go to Reports/Accounts Balances, pick your account and drill down. It gives you a running balance by date. Compare the statement balance to the appropriate date in Wave. They should agree. If they don't, then you at least have a chronological list to compare against your credit card.

    Mike G, CPA
    www.mgfinancial.net
    Better Service - Better Pricing

  • philip456philip456 Member Posts: 15

    That's worked. Many thanks.

    I'm really pleased with Wave, in so many aspects. Hopefully at some point Wave will allow reconciliaton for different dates, not just the end of the month.

  • GrittCommGrittComm Member Posts: 7

    Hello, I am having the same issue, but my statement is usually the 21 day of the month. My July statement from the bank will have June and July transactions, which Wave doesn't like. So, I change Juen transactions to July to make the account balance. I don't think this is the right thing to do, but it's the only way I can get it to work.

  • MikegMikeg Member Posts: 383 ✭✭✭

    @GrittComm,
    Please see my comment above. I would not change dates. Just use the account balances to make sure it agrees back to your credit card statement on the cutoff date.

  • GrittCommGrittComm Member Posts: 7

    The statement balance I enter in Wave is the balance on my bank statement. The transactions in Wave match my statement, but the Wave balance is wrong. It makes no sense.

  • MikegMikeg Member Posts: 383 ✭✭✭

    @GrittComm,
    It sounds to me like your Wave running balance is not agreeing to the bank. This could be because your opening balance in Wave does not match what the bank has. You can have all the transactions coming through but if the opening balance is not correct, Wave will never match what the bank has. I would suggest checking the opening balance against your outside accounts.

  • GrittCommGrittComm Member Posts: 7

    Thank you, I will have to contact Wave directly. The starting balance I enter does match my bank statement and the transactions in Wave also match. Again, the statement comes mid-month and I don't think Wave likes it.

  • MikegMikeg Member Posts: 383 ✭✭✭

    @GrittComm,
    Understand. If you go to account balances under reports you can drill down into the account. You will see a running balance by date. You should be able to check the balance in Wave on July 21st versus what your credit card has.

  • GrittCommGrittComm Member Posts: 7

    Thanks again, Mike. I did that, and the balance in Wave is wrong. I weeded out all of the duplicate entries, but it is still incorrect. I went through transactions for the entire year, and they all match — it makes no sense. Dan

  • MikegMikeg Member Posts: 383 ✭✭✭

    @GrittComm,
    Sorry to hear. I'm available for hire if you are interested. But I can describe the process I would go through. Let's say you are starting in Jan 1. I would make sure what is in Wave agrees to bank. Make a quick scan for the month and check ending balance. If is off, determine difference. See if anything matches that in the month. If not go transaction by transaction to be sure they agree. Make any necessary adjustments. By the time I get to the 31st it should agree. Move on to Feb. Same steps. Sometimes an error earlier in the year corrected will fix everything going forward. Best of luck

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