BANK RECONCILIATION SHOWS INCORRECT BALANCE

LittleFishLittleFish Member Posts: 9

My bank recon shows a different balance on a particular date than it shows on the report.
Anyone else had this problem?

Comments

  • JamieDJamieD Administrator Posts: 628 admin

    Hey @LittleFish ! I would be more than happy to further look into this particular issue -- could you perhaps send along some screenshots with the reconciliation page as well as the specific report that you are looking it? It could be that there are missing transactions under the particular report you are looking at, but it would be great to get some clarification with a screenshot.

  • LittleFishLittleFish Member Posts: 9

    Hi @JamieD
    See below screenshots. Note Pic 1: Bank reconciliation amounts (according to Wave) in August and September 2016.
    Then I click on "RECONCILE" and it takes me to the Account Transactions (General Ledger) reports as shown in pic 2 (Aug) and Pic 3 (Sept) which show different balances according to Wave. The error occurs only in those 2 months and I think it could be deleted transactions which haven't fully disappeared because there have been a lot of additions & deletions in the account. Hope this clarifies. Thank you.

    Same if I go to the report manually (ie. not via the reconciliation tool)

  • JamieDJamieD Administrator Posts: 628 admin

    Hi @LittleFish. Thanks again for sharing screenshots with me here. One thing that I will suggest is that you actually print out a physical copy of your bank statements, and match them up one by one with exactly shows up in Wave. Wave works on the basis that it's as real world as possible, and by matching up your bank statement with the transaction page in Wave, this should help you properly reconcile.

  • LittleFishLittleFish Member Posts: 9

    Hi @JamieD
    I have done so. The amount on the report is the correct one. The amounts drawing through to the reconciliation and TB screens are the wrong ones. So I thinks it's a problem with the software.

    Tx

  • MarkobMarkob Member Posts: 1

    I have the same problem. One of the debits (anyone else see their columns in the report labelled incorrectly - Credits are labelled Debits, and vice versa, but this is not the issue I'm concerned with at present) is being added as a credit so the reconciliation is out. Any solution to this?

  • Katie_SilkinaKatie_Silkina Guest, Unconfirmed, Applicant, Member, Administrator, Moderator, Employers Posts: 73 admin

    @LittleFish apologies about the delay here, are you still seeing balances differ between reconciliation and the account transactions report?

    @Markob sounds a bit different from the thread here. Have you looked into the details of these transactions? Are withdrawals and deposits marked correctly? Feel free to send along any screenshots to help us figure this out.

  • JHRED1JHRED1 Member Posts: 13

    @markob I noticed this as well, credits/debits are switched when I download the transactions so the totals are off. I've resorted to importing the transactions into Excel along with a downloaded bank statement to reconcile. I've also noticed that if I've paid an invoice from the previous month it appears in the bank statement download but not the Wave data download.

    Bottom line is this: I'm a business owner and I employ the services of an accountant to finalise end of year. I'm not an accountant/bookkeeper so I need software which is easy and straight forward, keeping records should be straight forward - it's basic arithmetic. Wave gives me a headache now.

    edited April 4, 2019
  • TimWBTimWB Member Posts: 1

    I am having the same exact problem as LittleFish and no one seems to understand. Has there been a solve for this? @LittleFish @Katie_Silkina

    edited April 4, 2019
  • JHRED1JHRED1 Member Posts: 13

    I'm slowly getting to grips with this. It is more work but it's also a lot clearer; it's definitely growing on me the more I mess about with it.. The Credit/Debit columns are still switched on the downloaded file though.. got to be something to do with how the software calculates the balances and like I said I'm not an accountant or bookkeeper.

  • SamdSamd Administrator Posts: 479 admin

    Hey @JHRED1 and @TimWB - I think part of the issue could definitely be how double entry accounting shows certain entries. So, for Asset and Expense account, an increase is actually marked by a debit and a decrease a credit. Income, liability, and equity follow the increase with credit, decrease with debit however. We usually recommend this resource which goes over it a little better but it can be quite a shift from what you'd think is common practice, especially without a background in accounting (like me - I still need to check which accounts are increased or decreased by debits on the regular).

    The one thing I would recommend however is just double checking in Accounting > Transactions. If you have a bank account connected we do very rarely see an issue in which income and expenses are reversed. I don't think that is the case here, but just in case, and if so let us know!

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