Bank reconciliation upgrade: Keep your books in order & stay on top of your accounting

SystemSystem Posts: 188 admin

imageBank reconciliation upgrade: Keep your books in order & stay on top of your accounting

Bank reconciliation is a way to make sure all the transactions on your bank statement are in Wave, and vice versa. It’s an important part of keeping your bookkeeping up to date, so we’ve made some ...

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edited January 2, 2019 in Help Center Discussion
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  • WildyWildy Member Posts: 2

    Looks like you've "upgraded" the reconcile function based on the pictures I've seen of your earlier (I assume) versions. Personally, the old one is a much more typical and intuitive option. The new one is pretty much useless to someone used to a practical method.

  • livinglightshowslivinglightshows Member Posts: 4

    If you are seeing a discrepancy it could also be because you recorded a check you have written but the recipient has not yet cashed it so the bank statement does not show it as cleared. I am completely perplexed how Wave expects a company to know an accurate running balance in a given bank account since there is no mechanism to reconcile in the traditional definition of the word. If you make a separate account for uncleared checks then to know a current balance you would always have to subtract the balance of the one account from the other and do a bunch of extra work to move transactions back and forth or create balancing entries.

  • JudeRoseJudeRose Member Posts: 20

    I don't also expect the bank balance and Wave balance to be the same. In my mind reconciliation is not all about the balance being the same, its more about understand the discrepancy. I'm quite happy if I know the difference, I really don't want to force Wave to be the same as bank act.

  • bnquinnbnquinn Member Posts: 1

    The new reconciliation method means that the software is now only good for businesses running on an actual cash basis and means that those of us trying to see the real picture on an accruals basis cannot do that because we have to keep moving outstanding transactions forwards just to make Wave look like the bank statement.
    Sorry - the previous approach was better.

  • Nate516Nate516 Member Posts: 1

    Having the transactions and reconciliation amounts on different pages makes it much harder to reconcile. I liked the old way quite a bit, I found it intuitive. I'm struggling with this new way. Is it possible to offer the old way with a button? A video tutorial would also be helpful. I greatly appreciate your system, with this (new) exception I like it MUCH better than Quickbooks!

  • meraliwoodmeraliwood Member Posts: 1

    I encounter a problem when customers pay with Wave. I had a payment recorded by Wave on one date, but it did not reach my band account until two days later. The problem? When it hit my bank account it was a new month so my books will not reconcile without changing the bank balance since I cannot change the date on a Wave transaction. If there is another way, please let me know. Not a fan of the changes so far.

  • AnnyBAnnyB Member Posts: 1

    I am having problems with the new reconcilation upgrade. It, unlike the previous version, does not allow for cheques that were written in one month but clear through the bank in the following month. This is very common for me, especially when I write cheques close to the end of the month. In the previous version I could "unverify" cheques that were written in say April but did not clear the bank until May. In this way I could show an April statement that has the same Wave total as my April bank statement. I would then revert those items to "verified" as they had already cleared in May by the time I recieved my April bank statement. I need a way to be able to allow for these uncleared cheques, or else Wave is constantly telling my I am not reconciled

  • HuntsvillePostHuntsvillePost Member Posts: 3

    Not at all what I need. What I need:

    • terms: account transactions -- these are things I have done in Wave, like and invoice or a journal transaction; connected transactions -- these are transactions received from connecting an account to a bank, etc
    • do NOT automatically put connected transactions into an account (this would probably be a major change to Wave)
    • connected transactions should be held for user review
    • the system can auto-match as many connected transactions with account transactions and present these for review ("These match, would you like to accept the matches?")
    • for connected transactions that could not be matched, the user can search for the correct transaction, or have the connected transaction entered into the account so it's now an account transaction
    • a reconciliation report would show 1) connected transactions that haven't been matched and 2) account transactions that haven't been matched. In this way, the user knows how the books differ from the bank account
  • ShayShay Member Posts: 1

    Wave makes bulk deposits to my bank from several paid invoices. I am unable to reconcile the Wave deposit in my bank statement to match my customers paid invoices individually. This makes the new reconciliation process VERY cumbersome.

  • CaptainMCaptainM Member Posts: 1

    I love Wave, but the problem I have is that my Bank Statements do not always go from 1st the end of month, for example my VISA goes from 6 Dec 2018 to 4 Jan 2019. I tried to change the Ending Balance Date manually, but cannot [Save]. Can you please fix it to allow custom end date? Otherwise I will not be able to use the feature... or give me back to old way as it worked well.

  • mustbekeenemustbekeene Member Posts: 2

    Sorry but i really don't like this new reconciliation feature. My bank statements come once every 3 months. Also i don't have bank statements for cash in hand (petty cash). Previously what worked for me was having the bank balance available on the transactions page and i would reconcile to that. Can you please reinstate that feature.

  • geosgeos Member Posts: 1

    I agree with many of these comments. Putting the reconciliation feature on a separate page is causing a lot of problems. First, you can't just do a quick check to make sure that everything is correct. Second, you can't quickly select or deselect entries to see where the problem is (e.g., if something is double entered, not entered, or posted on a separate month). I don't see the benefit of having removed the quick check reconciliation feature on the Transactions page. It was very useful (and even necessary) for many people.

  • ericrericr Member Posts: 1

    I like this new reconciliation feature a lot. Plus to all those who say they liked the running balance on the old transactions page, you can do mini-reconciliations with this feature throughout the month. Just put in the date you are looking up your bank/credit card balance and the current balance on the account, and the goal is to have the zero difference. I used to do this in Quickbooks all the time. I definitely like this new feature as well as the other new things recently rolled out (like the cash flow statement!).

  • SimonHSimonH Member Posts: 1

    SO I list the transactions for the month and identify the ones that have not cleared through the bank. Manually I can see that the balances now match. What should I do then to make the [Reconciled] flag go green?

  • SandraKWSandraKW Member Posts: 7

    This upgraded reconciliation system is absolutely horrible. I can no longer manually check/verify transactions as I compare to my statement and checkbook. In fact, the reconciliation report is on a separate page, which is not intuitive for me at all. If there is a discrepancy, you have to go elsewhere to fix it, then start all over. Too cumbersome for me. I can't change the reconciliation dates for checks that have cleared in a different month. Why are most of my previously reconciled monthly statements no longer reconciled? Must I go back and reconcile 3-1/2 years worth of statements all over again??? The previous system was so much easier. I am considering leaving WAVE because of this. I loved it before, but now it's just stressful and aggravating.

  • cleannicleanni Member Posts: 1

    Yes, my bank accounts run from one month to the 1st week of the next month and it wont let me change the date. My statements never end at the end of the current month is there anyway to change this on wave? Also all my accounts right back to 2016 have now been reconciled!!! Do I have to go back and change them all?????

  • volunteertreasurervolunteertreasurer Member Posts: 2

    and if they don't match? How do we account for transactions that haven't gone through the bank yet but we have posted to wave?

  • volunteertreasurervolunteertreasurer Member Posts: 2

    Why is wave payments listed as a seperate account to balance? These payments end up in the chequing account so shouldn't they show up there?

  • AudioamdvideoAudioamdvideo Member Posts: 2
    I was wondering if anyone can tell me how do I send a Invoice contract to a customer and have them agree to it legally by signing it.?!?!? I think this application is great for making something more professional and giving a receipt but I need a legally binding contract
  • AudioamdvideoAudioamdvideo Member Posts: 2
    Furthermore is there a telephone number for technical support for this website. I can’t find it and that’s highly inconvenient. I’m honestly about to start using QuickBooks if I can’t get a telephone number to help me
  • littleapplelittleapple Member Posts: 1

    I had 1 transaction that posted in the next month so I changed the date to the following month on that one transaction.
    Now the opening and ending balances match on report but still show unreconciled on the reconciliation page. How can this be fixed?

  • ReHarrReHarr Member Posts: 1

    Hello. I have the same problem. I have fixed the problems (I had the incorrect dates). It shows these in the accounts transactions page, but the reconciliation will not update to the new changes. I'm getting desperate as I need to hand everything into the accountant tomorrow for my 2018 taxes. Please help.

  • JamieDJamieD Administrator Posts: 795 admin

    Hey everyone! I just wanted to pop in this thread to give you an update that we are looking/hearing what you are saying about the reconciliation feature. Our community team will be building out a reply here shortly. Stay tuned.

  • arsenarsen Member Posts: 1

    Hi, I'm having the same issue as many others where my statement date sometimes ends 1 or 2 days after the end of the month in which for some reason most transactions occur which throws off the Reconciliation feature. Current feature works great in a perfect world.

  • alexlewiszarkosalexlewiszarkos Administrator Posts: 336 admin

    Hi @arsen . You can change your statement end date when entering your Ending Balance Amount. If your statement ends on May 3rd for example, then you should be setting the May date to the 3rd.

  • A_137A_137 Member Posts: 1
    I'm finding it impossible to reconcile using this new feature...the old feature was so easy. I've decided not to waste any more time trying to figure this out in the hope that by the time I need to submit my tax return that the old system will be back in place or this new system will be altered so it's useable. Otherwise and unfortunately I'm going to find a new accounting software.
  • Stuartd131162Stuartd131162 Member Posts: 3
    There was an error saving your balance. Please try again later.
    I keep getting this message when i try to add my month end banking figure in the reconcilliation window?
  • BarsinBarsin Administrator Posts: 78 admin

    Hey there @Stuartd131162

    Looks like we ran into a bit of an issue with our account reconciliation tool which should in theory be fixed by our developers by now! Can you try reconciling your account again and letting us know if you have the same trouble?

    Do reach out if you're still receiving the same error! Have. Take care!

  • carleencarleen Member Posts: 2

    When I change the end date, I get this error in red and it won't let me save. "The month and year of the end date doesn't match those in the URL." Help please!

  • RT3ConsultingRT3Consulting Member Posts: 1

    the bank reconciliation feature doesn't allow for any checks or deposits in transit, so its not really usable other than to compare with the bank statement. The reconciliation isn't really as useful as it could be....

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