Reconciliation Reimagined ⚖️

JustinAJustinA Administrator Posts: 36 admin

Hi Wavers!

Our team has been hard at work completely reimagining Account Reconciliation. It’s now easier than ever to get your accounts reconciled, and feel confident about the accuracy of your reports at tax time.

Watch the video!

To get started, head to Accounting>Reconciliation from the left-hand navigation in your Wave Account.

You’ll see each of your connected accounts listed, and can click on the one you’d like to reconcile.

When you enter a bank balance that matches your Wave balance, you’re reconciled!

We’ve added a timeline view which helps you pick up right where you left off, or see where an account became unreconciled.

In the reconciliation view, you can add missing transactions, edit, merge or delete duplicates. Once you’ve matched a transaction in Wave to your bank statement, you can mark it as Matched. Wave shows you a progress bar at the top of the page so you know how much matching you’ve done, and how much you have to go.

You can visit our Help Center for a complete guide to reconciliation here.

edited August 22, 2019 in Accounting Release Updates
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Comments

  • LVeldsLVelds Member Posts: 2

    Glad I wasted days with my cash on hand reconciliation for it to completely disappear.

    How do I reconcile my cash on hand now? My business is 90% cash.

  • GraceGrace Member Posts: 2

    It seems to have backdated until last month. Only 1 account appeared (bank), the rest such as cash on hand and inventory were missing. Is there anyway to add them back?

  • JustinAJustinA Administrator Posts: 36 admin

    @LVelds @Grace Apologies for the issues with Cash on Hand. This system account behaves a bit differently than other bank accounts in the system and we had to make a minor tweak to surface it in reconciliation. We've pushed this change live, and you should now be able to reconcile Cash on Hand.

    @Grace Allowing reconciliation of other types of Asset accounts is a bigger change, but we'll take a look at allowing reconciliation of the inventory subgroup.

  • PaschaPascha Member Posts: 1

    Reconciliation is telling me my bank balance is incorrect as I have cheques that my suppliers haven't banked yet, so they're not appearing on the bank statement.
    How can I tell Wave that these cheques are in the correct period, but mark them as outstanding so they appear next time I reconcile?

  • tekfranztekfranz Member Posts: 21

    @Pascha said:
    Reconciliation is telling me my bank balance is incorrect as I have cheques that my suppliers haven't banked yet, so they're not appearing on the bank statement.
    How can I tell Wave that these cheques are in the correct period, but mark them as outstanding so they appear next time I reconcile?

    @Pascha On any un-cashed checks you will probably want to move those to the next period. I have not tried to new reconciliation but I expect Wave still needs all the checks to be in the current period and on the current Statement. If they are not on the Statement they belong in a Future Period and you would expect to see them on the next Statement your bank sends out.

    My recommendation would be to date them two weeks in the future or date them based on the due date unless they are paying late.

    Un-cashed Checks that are not yet on your current Statement would appear on your next Statement so you would want to date them according to your next statement.

    edited August 31, 2019
  • coffee_guycoffee_guy Member Posts: 1

    Is there a way for me to switch back the previous version of account reconciliation?

  • mcs64155mcs64155 Member Posts: 1

    @tekfranz - The reconciliation program allow you to track outstanding checks and deposits for the period. Otherwise, you are not showing your true cash balance. Changing the date to put them in the next period, only causes you to reflect the balance on the bank statement, but not your true account balance. The correct figure is what is on your books, not what the bank shows. Is there not another option?

  • tekfranztekfranz Member Posts: 21

    OK, I just tried the new reconciliation screen myself.
    It took bit to get the hang of it as I was looking for a way to mark everything reconciled.
    I also had one item that was outside the reconciliation period that I had to go change the date to bring it in.
    I later realized that if the Accounts match the Bank Balance perfectly the Reconcile completes automatically.
    @mcs64155 I don't really know what to say about leaving transactions from previous periods unreconciled. and have them stay their till the transactions are received by the bank. I would suggest it to the Wave team.

    I sort of just use Wave because it is free and work-around any issues as I am saving a lot of money compared to the competition and the product keeps getting better.

    edited September 3, 2019
  • igneoustheoryigneoustheory Member Posts: 3

    The new screen looks good and works well for bank accounts. But, I don't see where I can reconcile my Asset accounts. Did that move?

  • WaveDMMWaveDMM Member Posts: 2

    What happened to the reconciliation report?

  • BarsinABarsinA Administrator Posts: 511 admin

    What you may want to do @Pascha is create a holding account in your chart of accounts. This article has a lot of good content regarding **bookkeeping undeposited checks. It should give you some good steps on how to create a money in transit account to pay off your accounts with, then once the funds land, you'd debit your money in transit asset account.

  • Shawna_C11Shawna_C11 Member Posts: 1

    It seems to work but can I export it to Excel or is there a print feature, I need to be able to add this to monthly reports

  • shawna16097shawna16097 Member Posts: 1

    @JustinA or @BarsinA , how does the reconciliation feature handle outstanding checks? The link shows how to handle outstanding deposits, but not outstanding checks. In other words, I wrote a check at the end of the month that didn't clear until the beginning of the next month. How does Wave allow for that? It seems like it would need to be a part of the reconciliation process. Please help!

  • BarsinABarsinA Administrator Posts: 511 admin

    Unfortunately there is not :(@coffee_guy

    But we assure you that we've made the process significantly better and more standardized with bookkeeping practices. With a little bit of extra time and playing around with the feature, you'll become more comfortable with it. Hopefully you've checked out our Help Center Article but let us know if you have any specific questions

    @igneoustheory

    When you mentioned your asset account is missing, was that referring to your Cash on Hand account? Is it available to you now? Our team should have enabled it. Let us know! Remember reconciliation only works for payment accounts, not accounts in your chart of accounts.

    @WaveDMM

    Just curious what you mean by the reconciliation report? I don't believe this ever existed in our reports page, but our new reconciliation feature should have all of the transactional data you need once you've reconciled your accounts! Let us know if you need any further clarification.

    @Shawna_C11

    Unfortunately we do not have a print feature available in the reconciliation section. I wonder if you'd be able to achieve this by heading to _Reports > Accounts transactions/general ledger > Filter your dates and account to your reconciliation period?

  • BarsinABarsinA Administrator Posts: 511 admin

    I wonder if this article on bookkeeping for undeposited funds would help in this situation @tekfranz.

    Scroll to the bottom of that article for more info from the community.

  • tekfranztekfranz Member Posts: 21

    @BarsinA said:
    I wonder if this article on bookkeeping for undeposited funds would help in this situation @tekfranz.

    Scroll to the bottom of that article for more info from the community.

    Money in Transit...I like it! I just learned something new about Wave.
    I have not used that feature yet but I see how it might resolve the issue a Supplier being Paid, but them not yet having cashed the check.

  • EmmaPEmmaP Administrator Posts: 270 admin

    Hey @shawna16097! So, the process is similar to that in the Wave guide! When you write the check, you would want to record this as an expense transaction in a 'Money in Transit' account in Wave. Categorize it to the according expense account. Once the expense transaction reflects on your bank statement and is imported into your Wave account, you would categorize this transactions as a 'Transfer to Money in Transit'. Doing this should ensure the check is tracked accordingly :)

  • mommyof4grlzmommyof4grlz Member Posts: 15

    UPDATE: I have fixed my problem but unfortunately I had had delete many reconciliation periods that were after the period that was giving me the problem. Since that fixed my issue I believe it is a safe assumption that I had an date error in one of the periods. On with my work!

    UPDATE #2: Well that didn't work after all. Even with the other periods removed the wave balance is still off. I suppose I'll just keep plugging away and see if I can eventually figure it out.

    So my reconciliations have been moving along without a hitch until now. For some reason my wave balance doesn't match my bank balance which is correct and I have quadruple checked the transaction amounts and dates. I can not for the life of me figure out why wave is showing a balance difference of $450 The is the amount of my regular invoices but I can not find one that is out of place and causing my wave balance to be off. All previous periods have been reconciled with no problems at all!!!

    edited September 11, 2019
  • brannettbrannett Member Posts: 2

    Hello @BarsinA

    Really enjoy using your platform. As a trial, before using it day-to-day for my accounts, I started by uploading my older data using the Wave Connect add-on in Google Sheets.
    I have double and triple checked all my transaction amounts and statement amounts that correspond to the monthly clearing of my Credit Card bill (CB).
    To quote @mommyof4grlz "I can not for the life of me figure out why wave is showing a balance difference".
    I have even gone so far as to delete the set of Credit card transactions and the corresponding transfer transaction for payment of the credit card - then re-entering the set of 30 transactions. I've also tried changing the amount of the transfer by one cent to see if it "re-set" the difference, but the old anomoly remains.
    The wave balance in the column beside the transaction corresponds with the statement balance....it's the "Wave Balance" in the white header area above the individual transactions that's out.
    When I tick on any of the "Match" or indeed "Unmatch" icons...the wave balance and statement balance equal and I get the congratulatory party message telling me everything's in order....however the anomoly re-appears immediately when I go to reconcile another period.

    All further periods are thus also showing as out by the same amount.

    One final query - with the new version of the Account Reconciliation, is there a way of deleting the periods added...I can see I could just enter the statement balance as per that date if I add a period with the wrong date...but it would be handy to be able to delete certain periods too!

    Apologies for my rambling....just trying to be as clear as possible in the hopes of helping others, if they've had the same experience.

    Many thanks in advance! - your platform is generally brilliant!! :)



  • mommyof4grlzmommyof4grlz Member Posts: 15

    @brannett first I can answer your question as to deleting a period as I have now done it many times attempting to figure out what is going on. If you click on the the little pencil icon in the header of your reconciliation page it allows you to edit the statement ending date and ending balance. On that screen it also has a small trash can icon on the lower left, that will delete the period. Also the issue you are having with the balance is the exact issue I am having. In the running balance it is correct but in the header balance it is wrong.

  • AlexLAlexL Administrator Posts: 1,118 admin

    @mommyof4grlz @brannett Thanks for pointing this out for us! Would you both be able to shoot me a direct message with the email address you use to log into Wave and the names of your businesses? I'd love to take a further look to see if this is an actual issue in the system that needs to be addressed. Thanks :smile:

  • brannettbrannett Member Posts: 2

    @mommyof4grlz Hey thanks for pointing out the way to delete the periods - that was quite useful...perhaps it's a reasonably well used function that should be more visible?

    I think it would be usefulto have a grid list of all periods would help people balance and reconcile as they go through a month. Being able to import the monthly totals from the monthly credit card statement could be very useful too. and it would be amazing if the wave could detect which transaction totals equallled the monthly statement and automatically added periods.

    Just some ideas!

    @AlexL I'll PM youthe details plus some other methods I tried in order to try an overcome the discrepency! - many thanks in advance for your help!! :smiley:

  • tekfranztekfranz Member Posts: 21

    I found another nifty use for the Reconciliation Screen. You can now work through your reconciliation daily or weekly to see if you are on track with your transaction entry. You can just match the transactions up as the month progresses.

  • igneoustheoryigneoustheory Member Posts: 3

    @BarsinA said:
    ...

    @igneoustheory

    When you mentioned your asset account is missing, was that referring to your Cash on Hand account? Is it available to you now? Our team should have enabled it. Let us know! Remember reconciliation only works for payment accounts, not accounts in your chart of accounts.

    ...

    I use Wave for my business. I created a several accounts to help me manage my inventory. Being able to reconcile these accounts helped me discover problems with my inventory recordkeeping. But, those accounts are no longer available to be reconciled. The only accounts still available are my Cash on Hand, bank and credit card accounts.

    edited September 13, 2019
  • Bob_MBob_M Member Posts: 6

    @BarsinA and @JustinA

    Thank you for a great product and I found the reconciliation update easy to learn and a great improvement!

    Put me down on the list for wanting to reconcile inventory accounts. I see you are already aware of this need. "Allowing reconciliation of other types of Asset accounts is a bigger change, but we'll take a look at allowing reconciliation of the inventory subgroup."

    Bob

  • babzonjaybabzonjay Member Posts: 2

    I'm facing reconciliation technical issues. After reconciling a period, the difference reflected 0.00, and yet, it is depicted in red as shown in the picture! It later shows a 72.00 difference which I find baffling.

  • AlexLAlexL Administrator Posts: 1,118 admin

    @tekfranz Nice to hear you're discovering all of the new little tricks of the product!

    @igneoustheory As Justin mentioned above, you can't reconcile other types of asset accounts at the moment.

    @Bob_M Glad to hear you think it's an improvement to the software, because we think it is too!

  • igneoustheoryigneoustheory Member Posts: 3
    > @AlexL said:
    > @igneoustheory As Justin mentioned above, you can't reconcile other types of asset accounts at the moment.

    Yeah. Functionality was removed from the product. When will it be available again?

    Also, thanks for the prompt responses!

    Jeff
  • ChelseaKChelseaK Administrator Posts: 264 admin

    @babzonjay Hmm, it is odd that the $0.00 difference is showing up in red. I'm wondering if this is a browser issue. Try clearing your cache and cookies to see if that makes a difference on how Wave shows the difference. Also, are you using Chrome, Firefox, or Edge? Wave only support those browsers so if you're using Safari, that could be an issue!

    Did you make any changes from the 1st screenshot to the second screenshot? Were you able to click 'Fix' to see which transactions don't match up with your bank statement? Did you type in the correct statement ending balance? Usually that can be what throws off the reconciliation!

    @igneoustheory We're looking into allowing reconciliation of the inventory subgroup and we will update this thread when concrete decisions are made. :)

    edited September 18, 2019
  • babzonjaybabzonjay Member Posts: 2

    @ChelseaK I use the google chrome browser. I cleared my cache and cookies but nothing has changed. Also, in the first picture, Wave shows a pop up stating that the period has been reconciled and when I click ''reconcile other periods" it shows an imbalance of 72.00 which is shown in the second picture.
    Also, if you check out the second picture, you'll notice that the wave balance on the last transaction (June 29 N287,699.96) isn't the same as the wave balance above (N687,627.96).
    The balance in the bank statement is correct so is the ending balance. Is there anything else I can try?

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