Adjustment entries in your upgraded account

SystemSystem Posts: 270 admin

imageAdjustment entries in your upgraded account

Like all the automatic bookkeeping Wave does for you, when we updated your account to the new accounting platform we automatically accounted for any changes between the old system and the new syste...

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edited November 28, 2019 in Help Center Discussion

Comments

  • MartaPMartaP Member Posts: 5

    Dear Wave Team!
    I feel that I have to give you the feedback on your upgraded system. My foreign bank account does not reconcile because there were many system adjustment posting. Suddenly I have more money in the bank (in foreign currency) then I actually do have. So now I have to go back 7 years backwards and reconcile item by item hundreds of bank postings to understand and reverse your system posting. What I noticed so far is that some transactions were posted in the wrong period , some amounts are incorrect, some are missing. Luckily I am a qualified accountant with many years of experience so I hope I will manage it but it will take few days or weeks to do it! However I am wondering how users who are not accountants can manage to reconcile their transactions. So far I was a big fun of WAVE. I must say that what happened with the upgrade is very frustrating. There are of course some positive changes but unfortunately WAVE is no longer a reliable software.

    edited November 28, 2019
  • EmmaPEmmaP Administrator Posts: 270 admin

    Hi @MartaP! I appreciate you taking the time to provide your feedback here. There have been a lot of changes with the upgrade, including the adjustment entries that have been created. Reconciling is the best way to find where the discrepancies are, but we understand that this is time consuming.
    The old version of Wave Accounting only considered verified transactions for reconciliation, however, all transactions were included on reports, this lead to instances where users considered an account reconciled, but reports were wrong. The new version counts all transactions in reconciliation to ensure that the transactions that are on reports are reconciled with your bank, helping you keep your reports accurate.

    Another option is, if your account was already reconciled, you should be able to enter statement ending balances into Wave and get all months into a reconciled state. If you want to start with just this fiscal year, enter the ending balance of the account you're reconciling at the end of the fiscal year. On the Reconciliation page, Wave will prompt you to enter the balance on your last fiscal year-end if you're getting started. I understand that this is a frustrating consequence of the accounting update, and I appreciate your feedback on this.

  • FaizFaiz Member Posts: 1
    Hello

    I am waves user for years but all of sudden after upgrade, my bank balance have changed which were already reconciled and I paid taxes, year end etc based on these reports and now everything suddenly changed.
    I have thousands of transactions and I am not an accountant so it might take me months to reconsile and it seems impossible for me.

    If waves can keep my data till last finincial year unchanged, that might work but now seriously think to seek alternative options.
  • AlexLAlexL Administrator Posts: 1,118 admin

    Hey @Faiz . First off, thanks for reaching out about this. I understand your frustration with the change and how this has affected your accounts.

    So I can further explain to you what has changed, a limitation of the old version was that while we used your bank balance to compare against verified transactions, the system didn't save the reconciliation itself. We only saved statement balances where you entered them directly, for example, when reconciling an account for which you did not have a bank connected.

    If your account was already reconciled, you should be able to enter statement ending balances into Wave and get all months into a reconciled state.

    If you want to start with just this fiscal year, enter the ending balance of the account you're reconciling at the end of the fiscal year. If you start with the wizard on Reconciliation page, Wave will prompt you to enter the balance on your last fiscal year-end if you're getting started, and the first statement balance you enter doesn't match the Wave balance.

    If you are still seeing your accounts as unreconciled for the months where you’ve entered balances, there are a few things to check. To get set up, I'd recommend heading to your online banking to pull up your bank statements for the periods that need attention and downloading them or pulling them up on another screen, so you're ready to go.

    The old version of Wave Accounting only considered verified transactions for reconciliation, however, all transactions were included on reports, which to instances where users considered an account reconciled, but reports were wrong. The new version counts all transactions in reconciliation to ensure that the transactions that are on reports are reconciled with your bank, helping you keep your reports accurate. Starting reconciliation from the earliest available month is the best way to determine where these errant transactions are, and correct them if need be.

    edited December 9, 2019
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