Issues with connection to pension account

System

This discussion was created from comments split from: New user - Beginning Balance issue.

bernieled

Hi Alexia,

I have a similar issue, I think. I have a personal pension plan with a provider. I can succesfully connect to the account and can see the current balance on the dashboard. However, Wave puts the account in Property, Plant and Equipment. I'm not sure if that is the correct place for it or not, but once it is there, I can't do anything with it at all. I can't see any transactions. I can't see it appearing in any of the reports - e.g. transaction, trial balance, balance sheet, etc. If I try and make a transfer to it from my current account, it doesn't show on the list of available accounts/categories. The only place I see it is as a balance on the Dashboard. Is this fixable please?

Apologies if I shouldn't have appended this to an existing post.

Regards,

Bernie.

Alexia

Hi, @bernieled.

Personal pension plans are considered fixed assets (as opposed to, say a bank account) Our bank integration system may automatically set up these accounts under the property, plant, equipment section because those are just fixed (long-term) assets. The bank connection should create a starting balance in Wave where it debits the pension account for the balance at the time of creation and credits owner's equity for the same.

You say you're not able to find the starting transaction for this account anywhere at all? There should be a journal transaction for the balance somewhere on Wave. Can you show me a screenshot of your Account Transactions report for that account?

bernieled

Alexia,

Thanks for the response. Please see this. As you say, I would expect to see at least the opening balance...

Regards,

Bernie.

Alexia

Hi, @bernieled.

Can you try clearing your browser's cache and then clicking the "Update Now" button for that account on the Bank Connection page?

Also, have you already tried removing that connection and adding it again?

bernieled

Alexia,

Thanks for the suggestion, but it still doesn't show any transactions - I have tried Chrome and IE. I have removed and deleted the account and it is still the same. Even if I could see the transactions, it account doesn't show up in the Accounts/Transaction account select drop down nor the account selection when trying to perform a transfer.Your colleague Yasmin has access to my account, if you want to take a look.

Regards,

Bernie.

Alexia

Hi, @bernieled.

I know that there is an issue with asset accounts created under the "Property, Plants and Equipment" type not appearing in certain menus. This could be an extension of that same situation.

Can you try creating a new account, in your Chart of Accounts, under Other Long-Term Assets? Once that's done, remove and re-add that connection once again, but choose that new account as the one to link to this connection, rather than the one it creates automatically.

With that said, the account would not appear for transfers, since it's not considered a Payment account in Wave. You would be handling those transactions by adding income or expense transactions, as required.

Let me know if that helps!

bernieled

Hi Alexia,

Thanks for the suggestion, however, the test account I create in long term assets isn't shown in the list when I re-add the account. Only the Cash and Bank accounts are shown and if I select one of these, it still puts itself back into Property and Plant.

Regards,

Bernie.