Reconciliation Reimagined ⚖️

2

Comments

  • Suritha83Suritha83 Member Posts: 2

    Hi there

    I am unable to reconcile. One transaction was double imported, I obviously deleted the one that doesn't correspond to the bank statement date.

    Long story short:
    The balance of wave calculates it correctly (Amount A)
    My balance is correct and accurate according to the bank (Amount B)
    The window above the transactions in recon where bank (Amount B) = Wave (Amount C) does not add up

    A does not equal C and does not update.

    It works for cash transactions but not for the bank

    wave.png 159.2K
  • mommyof4grlzmommyof4grlz Member Posts: 17

    Hi everyone! I just thought I'd take a moment to suggest the solution I used for the balance not being correct issue and to say I do believe this issue myself and some others are having is an issue that the wave team is aware of and since so many are running into this issue I imagine it is something they are working on. Since I have communicated with wave a few times in regards to my issue with this; my solution was to create a transaction and I gave it the description of "Reconciliation Adjustment" and left it as an uncategorized expense on the last day of the bank statement period which was first affected by this issue. It let all the affected periods reconcile and I do believe once the issue is fixed it will throw off the reconciliations again and then I can go in search for "Reconciliation Adjustment" and delete the transaction and everything will be perfect.

    edited September 19, 2019
  • AlexLAlexL Administrator Posts: 1,725 admin

    Hey @babzonjay . I've taken a look at your data from our end and tweaked a few things to see if there are any system issues. Can you check your account again and see if it has made a difference?

  • AlexLAlexL Administrator Posts: 1,725 admin

    Hey @Suritha83 . We sent you a DM to follow up!

    edited September 23, 2019
  • BarsinABarsinA Administrator Posts: 1,407 admin

    Hey there @mommyof4grlz

    We appreciate you reaching out and giving a solid workaround for our community. Can you explain or show us some screenshots of any discrepancies you're seeing on your businesses account? I'd be happy to investigate a bit further.

  • mommyof4grlzmommyof4grlz Member Posts: 17

    @BarsinA I am referring to the same reconciliation balance issue it seems many are having. Where my end of period balance and the wave running balance in the reconciliation page are correct but the balance displayed in the header of the reconciliation page is off. This causes all of the following periods to be off by this amount and the periods to display as unreconciled on the accounts summary page

  • dhostettdhostett Member Posts: 1
    Hi is there any plans going forward to having a proper reconciliation system that tracks outstanding checks you've written without creating a silly separate account and tracking them manually? The reconciliation system just seems mostly pointless if I'm still manually tracking it anyway.
  • Suritha83Suritha83 Member Posts: 2

    Hi @AlexL @BarsinA

    Hi there

    Seems like everything is up to date and correct today. Actually logged onto another device, after clearing, history and cache on the old device.

    Hope this will work for everyone.

    Thank you very much. Highly appreciated.

  • BarsinABarsinA Administrator Posts: 1,407 admin

    Hey again @mommyof4grlz

    Sorry to hear you're having difficulties with this. I have looked into your account and it seems like there isn't a bad connection happening (sometimes your number in your account rec can go out of sync with the transactions you have in your transactions page, causing a discrepancy). However it looks like your numbers should be in order. There may be an issue with your accounting so I'd check the reconciled months prior and categorize your transactions in the transactions page to the month that is unreconciled and make sure that all of your transactions are properly accounted for.

    @dhostett

    At this point we're not goin to be introducing a holding account built in to your reconciliation for pending checks. Our system wouldn't have any way of knowing what check's are outstanding without you inputting this into our system.

    @Suritha83

    Glad to hear your system is working again!

  • DaveSGDaveSG Member Posts: 5

    Just had the 'pleasure' of being upgraded. Hate the new reconciliation tool, it seems to do nothing other than let me put a green tick by each transaction. I used to upload bank statements, split and merge transactions, and verify one by one. Completely pointless uploading the statement now, it just creates more work deleting items.

  • tatiavtatiav Member Posts: 10


    Hi, I'm trying to reconcile for August, but it gives me no option for an August reconciliation. It jumps from July to September! How do I get August reconciled???

    edited September 29, 2019
  • mommyof4grlzmommyof4grlz Member Posts: 17

    @tatiav Click on "Add period" to add the August period.

  • tatiavtatiav Member Posts: 10

    @mommyof4grlz Thank you so much!

  • mommyof4grlzmommyof4grlz Member Posts: 17

    @BarsinA I have already checked multiple times I have no transactions in that amount on any of my bank statements I have reviewed every single transaction and all my periods reconcile. I cannot figure out where this mystery transaction is. So unfortunately at this time, I do believe the issue resides in the backend of Wave. This by no means is a deal-breaker to me. I have created a temporary transaction in the amount of the error so that my periods reconcile. My hope is that it will eventually be corrected and then my reconciliations will be wrong again but I will be able to go in and delete the temporary transaction and everything will be hunky-dory again!

  • mommyof4grlzmommyof4grlz Member Posts: 17

    @tatiav anytime my friend! :)

  • accounting4meaccounting4me Member Posts: 26

    Hi there.
    I have recently started my own business.
    When i linked my business bank account to my wave account there was already a small amount of $6.59 in it. When I click in the reconciliation tab is says that my business bank account is unreconsiled in (red colour). When I click on reconcile is takes me to a page that says: transactions matched 0 of 0, statement balance $6.59, wave balance $0.00, difference $6.59.
    There is no option or anything to click to try to fix this (as I want my starting balance to be $0.00).
    As a possible solution I transferred the $6.59 out of my business account to see if it would make a difference and refreshed the link with my bank account with wave.
    Still no difference. So I disconnected my account from wave and its still there, even though I removed the bank account. Then I tried reconnecting the bank account without any starting balance, I made sure to import data from today only and it hasn’t made any difference at all, even after deleting the account and connecting it again with a $0.00 balance. Can I please have some help. I really want this gone. Its driving me mad!

  • JK2416JK2416 Member Posts: 6

    I am using the Checks in Transit account, and have deposits that I want to match up, I understand to use the split deposit, payment for invoice for each check received. Is there a report that can be printed for accounting reconciliation? This would need to include the deposit detail.

  • MrSunshineMrSunshine Member Posts: 1

    I like using Wave, but I feel the people who designed this Reconciliation feature have never done a reconciliation. As people have noted, not treating uncashed checks as just that, uncashed checks, sets bookkeeping back about 300 years. Before the upgrade (which I generally like) I was able to get a verified balance - why wouldn't you just change the calculation of the Wave Balance to calculate Matched Balance? That's what I expect my bank to be equal to.

  • ConnorMConnorM Member, Administrator Posts: 1,033 admin

    Hey @accounting4me! It sounds like what you'll need to do is actually just click into that reconciliation period and click the edit button beside the 'Statement Balance' amount. The edit button looks like a pencil. You should be able to change your statement balance from $6.59 to $0 there. Let me know if that works!

    @JK2416 At this time, we do not have a reconciliation report that you'd be able to run in Wave, but I can make sure that it's noted as a feature idea!

    @MrSunshine Thank you for your feedback here. I'm sorry that this particular part of the upgrade has been a thorn in your side, but we do appreciate that you're liking it for the most part! I'll make sure that this feedback gets to where it needs to be.

  • dkistnerdkistner Member Posts: 3

    Can somebody please look at step 5 on this page and tell me which sentence needs to be corrected? I'm not an accountant, and I've already been thrown for a real loop by the Credit/Debit terms in the new Wave that are backwards from what my bank uses. I know it's an accounting thing. But then I hit this, trying to enter a journal entry to start fresh for 2019.

    https://support.waveapps.com/hc/en-us/articles/360032203492-Adding-a-Year-End-Adjustment-to-Start-Reconciliation

    See the problem? And then, when I tried to follow the rest of the instructions to enter the Reconciliation Adjustment as a journal entry, it won't save. It saves with today's date, "Write a description," and a 0.00 amount. I'm going crazy. Help?

  • BarsinABarsinA Administrator Posts: 1,407 admin

    Hey there @dkistner

    I've got a really handy chart to show you how debits and credits are handled with the different types of accounts in Wave.

    So if you're creating an equity account then you would need to adjust your debits and credits columns accordingly depending on the adjustment you're making. Perhaps you can give us some real world examples of what seems to be the issue on your reconciliation and we can go from there!

  • dkistnerdkistner Member Posts: 3

    Thanks for the chart. It does help. But please do fix the error on the Help page. Clearly, both sentences cannot be true at the same time!

  • Katie_WaveKatie_Wave Administrator, Moderator Posts: 27 admin

    Hey @dkistner thanks for pointing out my typo! I've updated the article so it's accurate now.

    Now that you've entered that $0 Journal Entry, you're almost there! Calculate the difference between the Wave balance and your bank balance on the fiscal year-end, edit the journal entry, and enter that amount to adjust the balance. You can use @BarsinA 's chart as a guide to make sure you're entering the right debits and credits. (But no sweat if you don't get it right on the first try - you can always edit the entry!)

    Give it another shot, and let us know if you still need some help adding your adjustment so you can get back on track with your reconciliation. :)

  • dkistnerdkistner Member Posts: 3

    Thanks, Katie!

  • ValMar357ValMar357 Member Posts: 3

    How can I get 1 on 1 phone call or screen share with a wave employee to get help with your new reconciliation tool? Perhaps if you were able to watch me attempt to reconcile a bank statement, you'd be able to see how it's become the worst experience known to business owner.

  • BrianNBrianN Member Posts: 3

    Is there going to be revision so that a reconciliation can handle outstanding checks. This is a very important feature for actual accounting (not moving transactions to a future month). Thank you

  • Kr8ve1Kr8ve1 Member Posts: 10

    My account is a complete mess. I have to try and reconcile all the way back to 2013. Support only offers apologies or told me to ask a friend to help - how is that a solution for a problem you created. Great timing by the way right before we have to file taxes. I’ve already spent a weekend trying to fix it. Looks like it’s going to take a few weekends at this point.

  • livinglightshowslivinglightshows Member Posts: 7

    The way you guys implemented Reconciliation makes no sense at all. In every other accounting package the period is considered reconciled when the transactions you mark as cleared match the statement balance, not when the transactions entered into the register match the statement balance. Just because you have outstanding checks recorded in the register should not mean that you have an error in your reconciliation for the period. Please fix this. I was hoping your implementing a reconciliation feature was a fix to get rid of that silly workaround where you have to create "Money In Transit" account and store uncleared checks there then subtract that account balance from your bank balance to figure out how much capital you really have available to spend.

  • ValMar357ValMar357 Member Posts: 3

    I'm still trying to understand your logic for reconciling deposits with multiple checks that I have already marked as paid with a comment of the check # so that my clients can receive a receipt. At this point, to make all of this work. I have to delete all of the payments, then apply new payments on the deposit, THEN go back to each of the invoices, and add the check # comment.. simply because you don't allow a way to associate already existing payments to 1 deposit. Also, now that I have to click on a modal to change the category a transaction is associated with. I have to pause and wait for that list of categories to load. Every. Single. Time. Do you realize how much of a waste of time that is and how that slows me down? Isn't this software supposed to be for business owners? Then why does this new system slow me down tremendously and leave me with near-impossible scenarios for reconciliation simply because, and I lol at your response, "the new system doesn't allow it". I think the logic that went into the new system was hyper-focusing too much on a solution for one problem and that it created a slew of much larger problems for your users. Please listen. Please make changes.

  • NLENLE Member Posts: 1

    @BrianN said:
    Is there going to be revision so that a reconciliation can handle outstanding checks. This is a very important feature for actual accounting (not moving transactions to a future month). Thank you

    This 100%! I need to have things like payroll listed in the actual month I wrote it; not weeks later when employees finally get around to cashing the check. The money in transit creates extra work and makes it more difficult to see what money I've spent and what I have available.

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