First Timer Reconciling March 2019

pieranglerpierangler Member Posts: 2

I am new to Wave. I am working on reconciling my first month of transactions for my small business. I have imported my transactions, categorized them, and marked them as reviewed. I then went on to reconciliation and entered my bank ending balance. The ending Wave Balance is 0 and shows a difference that is my ending balance of my bank account. What am I doing wrong?

Comments

  • MerlinAccounts_UKMerlinAccounts_UK Member Posts: 96 ✭✭

    You're not actually reconciling correctly - the whole purpose of reconciling is to prove that your Wave bank account entries match to your bank statements, so if you are getting any differences you've either not used the reconciliation feature correctly or you haven't correctly entered/uploaded your bank activity. That or you are reconciling something else?

    Perhaps you could share a screen shot?

  • pieranglerpierangler Member Posts: 2

    A screen shot of my Reconciliation page. I uploaded my bank transactions and categorized them. I don't know how to enter Wave entries that are needed to reconcile against. That is probably the issue. Do I need to be entering a separate accounting of each transaction that I make first, then upload my banking transactions? I am a first timer with accounting software.

  • Agent460Agent460 Member Posts: 2

    I think the issue might be related to your choice in the drop down menu (upper right hand corner of your screen shot). Try choosing the Connected Account you want to reconcile. For instance, when I'm reconciling my bank account 'Checking Account - Huntington' appears in the same drop down where 'Accounting' appears in yours. This is what I named my bank account in the Chart of Accounts. If your transactions uploaded into Wave, you should see the total amount of those transactions in Wave Balance.

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