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Reconciliation Tool Vs Bank Balance

nroweynrowey Member Posts: 2

On the reconciliation function, if I show a transaction that did not clear the bank for the same month as the transaction period occurred, if I leave it unchecked the bank balance and system balance are still different and I cant get to zero. I read that I should re-date the transaction to be the same as month it cleared the bank. Then my financial reporting will be off?

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  • nroweynrowey Member Posts: 2

    Also what changes when you check off (Matched) that a transaction cleared ? on my system nothing happens ?

  • JulianPJulianP Member Posts: 1,002 ✭✭✭

    Hey there @nrowey !

    That's correct. The transactions that you have recorded in Wave, must match your real world bank transactions. This is why a bank statement is used for the process. This tool helps you make sure your transactions are as accurate as possible.

    A transaction is matched when the amount and the date in Wave matches what is on your real world bank statement.

    I encourage you to check out our Reconciliation Help Center article, along with our video tutorial if you haven't already. For your convenience, I attached them below:

    edited February 26, 2021
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