Change closing date for statement for reconciliation

savvyedsavvyed Member Posts: 3

My credit card closes on the 3rd of the month. So, for instance, a January cycle closes Feb 3. I can't change the closing date to Feb in the reconciliation window. What should I do?
https://screencast.com/t/qAxhNWwn

Comments

  • JordanDJordanD Administrator Posts: 254 admin

    @savvyed The reconciliation tool works based off of the information that you have entered into the first month of reconciliation and assumes that the months thereafter follow the same statement period. Have you reconciled months prior to Jan 2018? If so, if it was completed on a different statement close date. This is likely what has caused this issue. Can you confirm if this is the case?

  • mattwaveusermattwaveuser Member Posts: 1

    I'm having the same exact issue trying to reconcile my credit card statement ending balances. Wells Fargo closes their statement on the 2nd or 3rd of the following month. Wave does not allow for this date to be selected outside of the current month. So for the month of Nov 2018 my Wells Fargo statement balance actually closes on Dec 3, 2018.

    I tried doing as Jordan suggested to reconcile the very first month of the account, however Wave continues to say that any date outside the current month is an "invalid date".

    Is there a way to change the reconciliation date for the Wave Balance and Statement Balance to be a date other than the last day of the month?

  • JamieDJamieD Administrator Posts: 1,091 admin

    @mattwaveuser Technically what you would need to do in this situation (although most likely not ideal) is change the ending balance date to June 2nd. This will allow you to start the next reconciliation month for June 3rd-July 2nd and so on and so forth -- from here, you will be able to adjust the date ranges to match up with your actual statement balances in Wave/also generate reports based on this statement period as well.

  • BSodanoBSodano Member Posts: 2

    Well with that theory in mind. I just started and used a "Beginning Balance" date of Dec 4, 2018. I am having the same issue with checking accounts. This is a major flaw and needs attention.

  • AnthonyMAAnthonyMA Member Posts: 16

    "Major flaw" is an understatement. It's bonkers that you can't reconcile across month ends (in my case, as with many others, 4th to 4th).

  • JamieDJamieD Administrator Posts: 1,091 admin

    @BSodano @AnthonyMA Definitely appreciate your feedback here regarding this specific feature request. I will make sure your voice is heard in terms of being able to adjust specific date ranges for your account reconciliation. With that said though, the currently workaround of adjusting the starting balance date is what will need to be done in order to match up the reconciliation for your specific bank statements.

  • DulaneyDulaney Member Posts: 1

    Same issue with Discover accounts. Our Discover account is from 21st to 20th. Example would be Jan 21 to Feb 20th. We are not able to change the dates even if we adjust the starting balance dates. How soon will this be fixed?

  • Ryan_WRyan_W Administrator Posts: 461 admin

    Hey @Dulaney, we're currently working towards some refinements to reconciliation, and we'll update everyone accordingly once they're ready!

  • Jenn2019Jenn2019 Member Posts: 1

    Just wanted to know if you are close to fixing this issue.

  • ZoeCZoeC Administrator Posts: 389 admin

    Hey @Jenn2019, we are still working on implementing a more streamlined, user friendly reconciliation feature. Once that is implemented, you will be updated, as will this thread! :smile:

  • paulfhousepaulfhouse Member Posts: 1

    Hello Administrators I'm having the same issues and would like to be notified when the changes have been made

  • mustbekeenemustbekeene Member Posts: 2

    Hi @Zoe_caff1 and @Ryan_W
    I see from this thread that you are making some refinements to the reconciliation. Have you requested feedback from your customers. My Bank provides statements once every 3 months so hope you are able to have this as a users configurable field in the settings. Personally i found the old system user friendly where the account difference was displayed in the transaction window.

  • Ryan_WRyan_W Administrator Posts: 461 admin

    @paulfhouse I can't guarantee that we'll be personally contacting you, however we'll be sure to make the callout in-app extremely clear and informative when these improvements are shipped. Keep an eye out in your Wave account in the coming weeks!

    @mustbekeene I can assure you that we've been consulting with our customers and taking a variety of use cases into account (pun kind of intended?) while we come up with the improvements. I can't specifically speak to quarterly statements, although I'm confident that the changes we're bringing will benefit as many people as possible!

  • Carrie_WCarrie_W Member Posts: 10

    I am having this problem as well with my Chase accounts. Please advise as to when it will be fixed as this is a major inconvenience!

  • savvyedsavvyed Member Posts: 3

    My solution is that I just moved everything ahead a month. So, if my Jan statement closes 2/3, then I use that statement as my February statement in Wave. It's working fine.

  • chriscalochriscalo Member Posts: 1

    Agreed with @savvyed: took me a while to figure this out, but if I have a statement date May 1, 2019 (that contains mostly activity from Apr 2019), instead of trying to enter that reconciliation balance for Apr 2019, I enter it for May 2019.

    The stumbling block for me was realizing that Wave doesn't care which day in the month you enter a reconciliation balance, it just needs to be a date within that month. Was frustrating, but makes sense to me now.

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