What types of bank accounts can I connect?

SystemSystem Posts: 282 admin

imageWhat types of bank accounts can I connect?

Bank connections are a powerful tool for automatically importing your transactions to Wave. Wave supports the connection of a wide variety of bank accounts. Read on for the full list.
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edited October 20, 2019 in Help Center Discussion
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  • edshanahanedshanahan Member Posts: 3

    Can I manually set up a bank account in Wave and not link it to Wave? My account type is not supported by Wave.

  • EmmaPEmmaP Administrator Posts: 285 admin

    Hey @edshanahan! Sorry to hear your bank is not supported by Wave. You are correct in your thinking, you can manually add your bank & credit card accounts to your Wave account! Just head to: Accounting > Chart of Accounts > Add an account under the correct tab. You can then upload bank or credit card statements into these accounts so your transactions are populated in your Wave account!

  • edshanahanedshanahan Member Posts: 3

    Great thank you. I didn't see this before. I will try it!

  • ALWVenturesALWVentures Member Posts: 1

    I have a checking business checking account, but I keep getting an error that says "No Supported Accounts". Am I doing something wrong and how can I get this to work?

  • EmmaPEmmaP Administrator Posts: 285 admin

    Hey @ALWVentures! It sounds like the particular accounts you have with this bank may not have a supported connection built for transaction importing yet. This could be why you see a connection for your bank, but are unable to connect successfully. Usually what happens is our data aggregator is able to connect personal accounts but does not have connections built for business accounts. Our data aggregator is always working to build new connections! This Wave guide on understanding bank connections has some great information and has details for other methods you can use to get your transactional data into Wave!

  • meatloafmeatloaf Member Posts: 1

    We are a non-profit with a mutual fund/brokerage account with Vanguard where we keep most of our assets. We regularly write checks from the money market account that we have there to pay vendors. When I link up the account to Wave, it says that there are no transactions. Two questions: (1) How do I create an account to enter these checks manually, and (2) how can I get Wave to show my Vanguard assets in our balance sheet?

  • CaryCary Member Posts: 5

    The new service does not support my FIdelity Small business account either, it is a brokerage account with checkwriting through UMB. Boo! I was able to log onto Fidelity and get a code, but the message came back that there are no supported accounts, I will sadly have to switch my bookeeping

    edited January 4, 2020
  • fischerdffischerdf Member Posts: 3

    you have had a year to make this change successful & if these are the only types of accounts you can import it's a huge failure! My brokerage accounts don't work, HSA & 529 are gone, most credit cards & many bank accounts don't connect. Come on, Fidelity Investments & TD Ameritrade don't work. These are large, well-known companies. Often I get 'internal error; we have been notified' when trying. Why didn't you resolve these internal errors before forcing everyone onto a faulty system???? Some accounts look to incorrect URL's now. How can anyone have a complete accounting picture without complete information???? Everything worked fine before. Why in the world did you switch? I disliked it when I had to use Plaid with my other login; this is even worse.

    edited January 5, 2020
  • AmyLemkinAmyLemkin Member Posts: 1

    My Morgan Stanley account no longer imports, received error message wrong type of account.
    Like many brokerage accounts, there are numerous accounts under my umbrella.
    I would like to import all, but in the interim, at least checking and savings, which according to your message, are supported account types. This is problematic as I have lost my primary bank account being able to upload online.

  • JamieRJamieR Member Posts: 1

    Dear EmmaP:
    PLEASE put your tech team to work on this. Like so many others, my small business checking account no longer is eligible to sync. I understand I may be able to upload statements, but the automated sync used to work so seamlessly and made my life so easy. Thanks.

  • tbader0tbader0 Member Posts: 1

    Need support for Brokerage Accounts!!!!

  • ckosckos Member Posts: 1

    My Business checking looks like it should reconnect but errors "problem processing your request...your account cannot be connected at this time." Any tips?

  • FABcreatesFABcreates Member Posts: 2

    the new bank connection aggregator has not included BUSINESS accounts for Tangerine Bank(only PERSONAL access!) yet so many of us only use WAVE for our BUSINESS. and yes my business credit card from another bank is not supported either. This isn't progress.

    @EmmaP - you typed:
    "Usually what happens is our data aggregator is able to connect personal accounts but does not have connections built for business accounts."
    YET why would WAVE hire an aggrgrator that only connects PERSONAL accounts and not BUSINESS accounts as you are an ACCOUNTING SOFTWARE SOLUTION - that BUSINESSES use!

    edited January 6, 2020
  • BarsinABarsinA Administrator Posts: 633 admin

    Hey everyone,

    I completely understand the frustration you're having here. We apologize that some of you have had your bank accounts affected by this change. A few things to note here:

    1. While your accounts may have been fine previously with our previous aggregator, Wave was having some serious issues with thousands of bank connections going down on the regular. Also every support request that came in gave us very little insight into the connection status between our aggregator and the bank. Our new service with our new aggregator offers us great insight into each connection and bank and some real-time updates of what may be happening to peoples accounts.
    2. Though your account may not be supported now, that doesn't mean that it never will be. Our current aggregator is growing daily and looking to support new types of accounts. Though we cannot make those requests, as it is at the banks discretion, this newer company is constantly expanding.
    3. Once again I apologize that your accounts may not be supported at this time but as always Wave has alternative methods to uploading your transactions
  • CaryCary Member Posts: 5

    Hi @BarsinA, Wave has been excellent for my business and I want to stick with Wave, Can you give a timetable for when connections can be built by your aggregator for the brokerage houses that many of us use, or let us know if they aren't going to do it? I have Fidelity and I've seen Vanguard, TD Ameritrade and Morgan Stanley mentioned by other members. Skipping the biggest brokerages seems like too big a mistake to be just a dropped ball, it seems like a deliberate decision. So the question going forward is will Wave support business brokerage accounts or not? Thank you.

    edited January 7, 2020
  • MJSProductionsMJSProductions Member Posts: 1

    We are getting the same issues - no brokerage account input, a long standing business checking account no longer working, a business credit card that did connect, but now we are seeing an account that we don't own attached to it and its asking if we want to import those transactions. I hope the same isn't true about someone else being asked to import our transactions with the same bank. It doesn't seem like the new system works very well and we weren't even a fan of the website redesign a while back either. If it isn't broke maybe don't try to redesign or fix it. Can it just be re-set to the old Wave so it works?

  • tylerbalabantylerbalaban Member Posts: 2

    I am having the same issue. It's now saying not supported. Can you please provide an update on the issue! I specifically signed up with the bank (BMO) I'm using now because it showed that as a key bank when "connecting banks" on wave and I really wanted it to be as automated as possible.

    edited January 8, 2020
  • VizouVizou Member Posts: 2

    Total bummer. No more checking/equity accounts? You just lost me.

  • VizouVizou Member Posts: 2

    And how am I supposed to get the money OUT of Wave when people pay me for outstanding invoices that have already been sent???? You can't connect with my bank!!!! WTF!!!!???

  • JBrownJBrown Member Posts: 1

    I am a Canadian based company. I do much work with US currency customers and suppliers but I cannot get my US$ bank account to connect so I can have US customer credit card payments deposited right into my US chequing account. Help please.

  • BarsinABarsinA Administrator Posts: 633 admin

    Hey all,

    We understand that your brokerage accounts were disconnected and we apologize that our new aggregator does not support these types of accounts. But know that Wave does offer ways to import your transactions into the software. I understand that this is a temporary fix, however I don't have any ETA's regarding whether these accounts will be supported in the future as we are at the hands of a third party data aggregating software.

    CSV Uploader

    Using our CSV uploader. With the proper formatting, you are able to download a CSV document containing all of your transactions from your online banking website, and upload them directly to Wave. Check out this article on Troubleshooting your csv upload if you run into any problems when uploading your transactions.

    Wave Connect

    WAVE CONNECT.
    Wave Connect allows you to upload or download transactional data, invoices, customer lists, etc, into a Google spreadsheet. Your excel files can be easily transferred into a Google Spreadsheet as well. See this image below of what Wave Connect looks like:
    image All you need to do is input the transactional information into a template that is generated through the add-on feature in Google sheets and it auto-populates right into your Wave account once you've validated the data.

    Given that our partnership with our third-party bank aggregator may cause communication errors between your bank account and Wave, please know that we always serve up alternative methods to using Wave until that connection is successful in the future.

  • BarsinABarsinA Administrator Posts: 633 admin

    Hi @Vizou

    Regarding your payout account that is currently unable to connect using the aggregator, there is a way to manually connect your account to receive funds on future invoice.

    • Select Settings
    • Payouts
    • Enter 0000 (or any dummy account info)
    • Select the "use your bank routing and account numbers" button to manually enter your DD details

  • NEWLLCNEWLLC Member Posts: 2

    I have a corporate credit account with several credit cards. I was previously able to connect to each individual card but now I am only able to connect to the parent account. I need the individual expense transactions captured at the card level. The parent account only shows the total due and total paid. Why was this feature removed under the new vendor and how can I load the individual expenses. Hoping this is not yet another manual work around to a previously automated process.

  • Just_LurkingJust_Lurking Member Posts: 27

    The switch to the new "Plaid" data aggregator appears to be a bit of a train wreck. Is there any chance of rolling that back, at least temporarily, for those of us having issues?

  • CaryCary Member Posts: 5
    Thanks for the update @BarsinA . The csv output from Fidelity needs a huge amount of work. In other words, not a real solution compared to the push button updates we had before. Hopefully the aggregator will develop brokerage connections or Wave will find a better aggregator since there are more than one of them.
  • fischerdffischerdf Member Posts: 3

    Will Plaid be connecting brokerage accounts in the near future? You seem to be implying no. Many people, including myself, use them on a day to day basis. Lack of brokerage accounts has totally messed things up. CSV imports require way too much time and revision to use.

    edited January 13, 2020
  • ShawnPackShawnPack Member Posts: 1

    After the new bank connection update, my First Bankcard M Life Mastercard will connect through authentication, but will not find an account. I will probably have to resort to uploading a CSV file monthly for now. I don't really use this card much for business uses, but I've got business and personal all under one account now.

  • MattOShea777MattOShea777 Member Posts: 2

    Now Envision Financial (A Division Of First West Credit Union) doesn't connect. I only see one of my business accounts which is my Saving not my Chequing. Can anyone help as this is a huge inconvenience for something that worked fine before these new changes.

  • DanaESDanaES Member Posts: 1

    My Tangerine TFSA accounts are not syncing anymore. I hope that this gets remedied quickly as the reason I started using your program was the automation of all the connections. I am not looking forward to manually uploading statements each month.

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