Good day sirs,
I just realised after confirming the new design/layout of Wave that my account balances are negative.
What should I do?
Hi @Molykos - there could be a couple of things triggering this, but I think the first place to look would be to see if there are any odd account starting balances in your Accounting > Transactions page. Following this, pulling up your Profit & Loss, and/or General Ledger Report should give you an idea as to why the values are negative. In this case there is a chance that expenses are being overreported (for instance, recorded once as a bill payment or receipt, but then pulled in by your bank as well) which is causing your balances to be net negative. If you take a look at these reports though and it appears like everything should balance, but your accounts are still all negative, let me know and I can dig in further!
Ok @Samd , will check and get back to you.
Regarding the above on negative balances. I entered my expenses as well as the owner's investment. Then I did a bank reconciliation showing my final bank statement balance as a positive (as there was still money left over from the initial investment), however wave didn't want to reconcile as it showed it's balance as a negative? Only when I changed the statement balance to a negative did it then reconcile to 0. But this is now not accurate as my statement balance is positive?
How do I fix this?
Hey @Jen_01 , take a look at Sam's comment above as it may give you insight into why your final balance shows as negative. If that doesn't help, please send some screenshots of what you're seeing so we can dig into this some more for you.