verifying accounts
thomsonwest_14
Member Posts: 3
Our mastercard and bank accounts are not verifying and balancing properly anymore. Transactions that were verified from previous statement show up not verified next month.
We also had issues with duplicate transactions.
0
Comments
Hi, @thomsonwest_14.
Can you tell me what you mean by "verifying" here? The "Verified" checkmark in Wave is just that, a checkmark. It allows you to easily spot transactions that you haven't yet matched to the ones from your bank statement.
As for duplicate transactions, those can happen if you have an active bank connection and are also recording your invoices as paid on the Invoices page. You have two options: you can either delete the matching transaction uploaded from your bank, or, instead of recording payments to your invoices on the Invoices page, wait for the transaction from your bank to import and categorize it as "Payment for an invoice".
When I say verifying, I mean as I am trying to reconcile my bank statement and I enter the new balances and start cross checking the bank statement with bank account transactions on wave, I would be checking off ( hit the checkmark) or verifying those transactions. Before wave did some "construction" to the site my bank statements were reconciling. Now when I try to reconcile bank statements or mastercard statements there are transactions that show up from the previous month that I had already verified therefore my accounts are reconciling.
I do not have an active bank connection with your site.
Hi, @thomsonwest_14.
How do you enter your transactions in Wave right now? Do you do everything by hand or upload your bank statement? Could you also tell me what transactions are duplicated? That might give me more insight on what's happening.
When you say your balances aren't reconciling, are you basing that on the current balance as it shows for your online banking and on the transactions page, or do you compare your bank statement with a balance sheet or Account Transactions report with the same date?
We use Wave in the most simple way possible. A basic chart of accounts, manually enter Journal transactions with nothing automated. The reconciliation function in Wave was awesome. It allowed me to easily reconcile to my paper statements each month UNTIL Wave did construction a few months ago. Then, some entries that had long been "verified" showed up in my unverified list. Some turned out to be duplicates so we deleted them and thought we were good. HOWEVER in the last couple of months, its happening again - entries that I checked as Verified 2 months ago are suddenly showing up as not verified?? Is this a known bug? Any help is appreciated.
Hi, @thomsonwest_14.
Are these duplicates the same kind of transactions? Can you give me an example? Usually, when duplicates happen, it's because payments are recorded on invoices or bills, and those same transactions make it through a bank connection or are imported through a bank connection.
If you give me more details about the transaction or show me examples with screenshots, I might be able to help make sense of what's happening.