How does Wave import transactions from connected financial institutions?

SystemSystem Posts: 412 admin

imageHow does Wave import transactions from connected financial institutions?

To help automate your bookkeeping and save you time, Wave has partnered with a bank data provider, Plaid, to import transaction data from your connected financial institutions.

As a bank data prov...

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edited January 8, 2020 in Accounting Technical Support


  • Brad2RogersBrad2Rogers Member Posts: 1

    Can't link my existing accounts with the new account that I'm setting up. On the old system it was just simply a choice which account you wanted to link the bank account to. On the new version there's no way to do that. Why

  • RonaldsRonalds Member Posts: 5

    Soooo it may now take up to 7 days for a transaction to show up on the new system?
    When on the prior setup we could manually pull the transactions our self with a handy update button...
    HOW is this an upgrade.
    It does not save time when you want to keep on top of your transactions when they are current in your mind and on your desk.
    Last weeks paperwork is old already in this fast paced business and online world.

  • emilyemily Member Posts: 1

    Ditto. I agree with Ronald's post. i find this new system totally aggravating for the reasons he has already listed. And this will not be adequate way to do book keeping for me. Besides what Ronalds listed, i have the following complaint: Two of my banks are not yet working to integrate. Two of my credit cards are importing, but two bank connections just keeps saying, "Try back later." I think it has been 10 days since i've been "trying back" only to still get that disappointing response.
    i will need to find another whole program and forget Wave.

  • mjhmjh Member Posts: 9 admin

    Our prior bank data provider would pull transactions and hold them until requested. Now transactions are sent to us right away. If you are not seeing an update for that amount of time, contact support so we can investigate.

    Sorry to hear about your trouble connecting your bank. If you are seeing that message to try back later after 10 days, that is not normal. Please contact support so we can investigate why this is happening.

    With this update, we no longer allow importing different account types, for example a "Checking account", which is an "Asset account" can only import into an account under "Assets - Cash and Bank". The only exclusion is the account "Cash on Hand", which cannot be imported into.
    We also no longer allow more than 1 bank account to import into an account in Wave.
    If you are not seeing the option to "Import into" an account, check to see if the accounts are compatible and that no other account is already importing into it.

  • CultureGapCultureGap Member Posts: 15

    This new system sucks. Neither of my accounts will connect like it did before. Wave tells me I should contact the credit card provider to lodge a complaint to hopefully solve the problem? Why change something that was working fine and now is completely broken? Was there no testing done before rolling this feature out?

  • kcarichnerkcarichner Member Posts: 1

    Wave has been great for years! After this "upgrade" one of our main CC accounts will no longer import, contacted the company and they stated that there is no future plans to repair this connection. Our other main bank account will not resume imports either...Get to the MFA code screen and after waiting 30-45 minutes no code was ever sent. This is not a good way to start off the year... Is there any support on this "upgrade"?

  • ErinGErinG Member Posts: 2

    This is seriously infuriating. My bank is no longer supported by the new system, apparently.

  • SamSHLASamSHLA Member Posts: 1

    I was able to get my small, local bank to connect. However, my Capital One credit card is not able to be linked with a message from Wave saying the issue is on the CO side and to call them, which I did and was told that likely the company Wave is using is not on their approved list. Soooooo, Wave, what are you doing to fix this? While admittedly not 100% informed of all the reasons a change was needed on Wave's end, to call this an upgrade is wrong as this app is now less functional than it was previously. We want things that provide us with less work in a seamless way, not the other way around.

  • AbiveljAbivelj Member Posts: 3

    My workaround for my capital one credit card was to export transactions into QBO file and upload into Wave. It's not ideal, but that's a solution in the short-term, hopefully.

  • GtahilianiGtahiliani Member Posts: 3

    This new system is sucks. Wont connect to banks, even big national banks. Says 2 factor authentication is not supported with new system. It worked before.
    Definitely a down grade. Come on Wave, what gives?

  • viktord89pd2viktord89pd2 Member Posts: 1

    Wave what are you trying to do make people go to quickbooks, please fix this data connections ASAP

  • LeditrixLeditrix Member Posts: 2

    Capital One ... la la la ... Capital One ... la la la... Capital One at war with plaid ... la la la...

  • DigdogDigdog Member Posts: 2

    Looks like Vancity Visa is no longer supported - is this true?

  • RogueAthleticsRogueAthletics Member Posts: 1

    I'm sick of these changes with no warning!!! Once again, only the personal side of my bank is supported. I don't use something as cumbersome as Wave for personal accounting. I use it for my businesses. MAKE SURE YOU CONNECT BUSINESS BANKING WHEN YOU CHANGE PROVIDERS! This is the third time I've had to deal with this in two years.

  • WavebackWaveback Member Posts: 2

    This is insance, as small business we cannot be relying on your filing upgrades and broken connections that worked prior. How soon can you fix this mess as New Year is a great time to move to a new accounting service?

  • GeonistaGeonista Member Posts: 1

    Time to pay for something that works, good bye Wave!

  • AlexLAlexL Member Posts: 2,869 ✭✭✭

    Hi everyone. Our data aggregator doesn't support certain accounts like mortgage/loan accounts. If you can't find your financial institution or account on the list, it's because it isn't supported at the moment. Our aggregator is always adding new bank accounts, so please check back in the future to see if your account has been added.

    In the meantime, please feel free to use our Google Sheets integration called Wave Connect which should make it easier for you to import your transactions into Wave.

    In regards to Capital One, our aggregator is working on supporting this connection, so we have our fingers crossed that this will be happening soon.

    Lastly, if your financial institution or account is supported but you're having issues connecting to it, please submit a ticket to our Support team so they can take a further look.

  • DamonDamon Member Posts: 2

    Anyone having this problem? My Bank of America accounts toggled themselves to "off." When I turn them on, it asks me to link the bank account to the corresponding Wave account. There are a few options, but the existing wave account is NOT an option. So I can't do anything. Help.

  • AlexLAlexL Member Posts: 2,869 ✭✭✭

    Hey @Damon , do you have the Wave account created in your Chart of Accounts?

  • DamonDamon Member Posts: 2

    Yes, of course. The wave accounts exist and have years of data in them. I'm just not able to link them to the •new* bank of america connection. Sigh.

  • Jordan_OPJordan_OP Member Posts: 2

    Wow, my business bank is no longer supported. These new upgrades have made things much more difficult on our end, and now with our business account not being able to connect, I'm at a loss for what to do.
    I had developed some workarounds in the past, will I have to figure out new workarounds just to get Wave to function properly?
    We have put in countless hours of data entry for our shop to best use Wave's invoicing, products and services... but if balancing the books is going to be more and more difficult / counterintuitive, and our bank suddenly unsupported, why should we continue to invest time into Wave?
    Please advise!

  • AlexLAlexL Member Posts: 2,869 ✭✭✭

    @Damon please contact our Support team so they can take a further look at your connection and escalate it to our aggregator if necessary.

  • CorieCorie Member Posts: 3

    Business bank accounts and credit cards no longer supported :( This will be very difficult to book keep now.

  • NikkisartNikkisart Member Posts: 1

    Ok this sucks that you've gone to this Plaid character and now Capital One Business is not supported (evidently due to mismanagement of the relationship on Plaid's part, not Cap1's) sooooo...why don't you revert those of us that the connection used to work on back to the legacy system. You didn't roll everyone onto this new system all at once which tells me that the capability is there not to convert everyone (or at least to revert those of us who are having the problem). Help me understand why this isn't a solution for one of the top 10 Financial Institutions in the U.S. (I.e. a lot of us are using it)???

  • BarsinBarsin Member, Moderator Posts: 2,041 ✭✭✭


    Check out this community thread on Integration Issues with Capital One for more context

    edited February 5, 2020
This discussion has been closed.