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Running Checking Account Balance
R_L
Member Posts: 3
Hi - in process of recording historical transactions (from 13-24 months ago) into Wave, i.e., into Checking Account. Is there a way to see a running total of the cash balance in our checking account? This would make it easier to reconcile bank statements as well. In Accounting/Transactions I see a list of all the historical transactions, but do not see a way to see the cash balance totals in the checking account after each transaction. Thanks in advance for your help.
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Hey @R_L, the running total should be displaying in a couple of places. The first would be beside the Account name on the Accounting > Transactions page in the drop down on the top left. If you're not seeing this, it may be because you are on our classic system. But don't worry, we're currently migrating everyone over to the updated system which will display it there.
The other spots to view the running balance is on your account Dashboard, and lastly in the Account Balances report. Hope this helps!
I have a related issue about showing account balances as reported on Wave vs actuals from the bank. The old system allowed you to see both numbers and showed the discrepancy if any. Wave has been notorious for missing or doubling up on transactions and the old transaction filter allowed us to catch those errors. How do we do that in the new system?
@VSB_Guy we gave this function a dedicated page -- you can find this by navigating to Accounting>Reconciliation
Hi Erik, I saw that, but it's asking me to input things manually... I've been using Wave for 3 years so the system should be able to show the verfified/reconciled accounts automatically as it used to. The old system would show the amount verified in Wave, the amount shown in the bank account and any difference between the 2. If a transaction was missed or doubled up (which frankly happened more often than it should), you could easily identify which transaction based on the amount. Now we don't seem to have that function easily available.
I concur with VSB_Guy, the new reconciliation page is more of a throwback to paper accounting methods. Please bring back the dynamic comparison of real-time bank balances with verified transactions.
Thanks for the feedback @MadMax67! Our team is looking to make some adjustments to the reconciliation workflow early in the new year, as you're not the only person who's expressed this. Keep an eye out for these refinements in 2019; otherwise, have a happy new year!
Many people are expressing their discontent on a process change. You simply do not break what is not broken. And it is broken for sure. Adding a search by values, gl account parent-child and performance improvements would have been plenty. Actually, leaving it completely alone would be better than what we have now, (actually do not have now). An accounting system without a register balance is not an accounting system. What is WAVE now?
I concur, I NEED to see a running register balance. I often enter future dated transactions (e.g. post-dated cheques I've made, pre-authorized transactions) and there's now no easy way to see if I will have the cash balance to honor pending transactions. Every other software / cloud solution has this!
This is huge right here! Who ever heard of a check register without a running balance after each transaction? This column is sorely missing from the Transaction page. It makes it impossible to see if my accounts will have enough money in them after various payments hit over the coming weeks. PLEASE add a Balance column!
Hey folks,
Thanks for getting in touch and highlighting this concern. Apologies for the inconvenience that the lack of running balance has caused. We're going to be adding this functionality in the next couple of months to better support your needs.
I know it's not ideal, but in the interim, if you run the account transactions report for the relevant account with an end date in the future, you will be able to see the running balance that way.
Thanks for your patience as we work towards having this functionality available on the transactions page.
Hi, do we have an update yet on when this feature will be implemented? The lack of a running balance renders Waveapps almost useless for me at the moment.
Hey @andrewkennedymusic! Thanks for checking in on this, we are still working on implementing an update to this feature. Once that is implemented, you will be informed, as will this thread!
Still waiting for this...? I understand that your are still working on it now but it is now much more than "a couple of months"
Hi @MoroccoDave ! We appreciate you checking in on this. Great software takes time, and we want to make sure that when we re-launch reconciliation, it's even better than the legacy experience. To help us make sure that this feature is the best that it can be, we would greatly appreciate your insight into how you would personally use a running balance feature for your workflow.
I don't have anything new to add that wasn't already addressed in the comments by @Clifton @DancingSamurai & @pdetti . I just wanted to get an update on timing of when this may actually happen.
When a Wave project manager says say it should take only a couple of months to implement and it still isn't there after 4.5 months with no updates, I start to lose trust in Wave employees being able to actually deliver on their promises or if this is actually a priority.
This appears to be a relatively minor change by adding another data column to the transaction page (maybe not), but when there is no communication other than we'll let you know when it's implemented, that's not too helpful. Most of us are in the system every day and and would probably notice the change to the system before we even checked our email and see when it's been implemented.
FYI- I'm not upset, just want better clarity of your roadmap. I appreciate Wave and all you have done to create this great product.
Dave
AGREED. I mean I have had a running balance in every accounting program I’ve used since the 90’s. lol. Look, I really like a lot about Wave but the few basic features that are missing are inexcusable. I use it for a small side business. QBO for my real companies. Could not use this for a real business due to lacking basic feature set. No recurring bills? Say what? lol
An update on a bunch of these old threads would be great.
Thanks!
This lack of a running balance (OK, and some other issues, like the fact that your bank connections stopped working and the only answer given was 'sorry, it's not our fault, too many banks, keep trying hopefully it will work soon!") means I'm done with Wave after my year-end. Just too time-consuming for my bookkeeping. Hopefully I can get some reports out that my accountant can use.
Too bad really, I had such high hopes (your advertising is slick) after the trainwreck that is the desktop version of Quicken -- Wave has got great potential but 6 months later and you haven't put back a critical feature that a simple spreadsheet could give me... it's just not good enough. A plain spreadsheet would suit my needs better, at this point... (at least Excel doesn't INTERRUPT MY WORK to tell me the transaction I am ABOUT TO CATEGORIZE -- if it wasn't for the intervening pop-up bubble -- is similar to the one I just saved...! NO I don't want to reload the page to show me just that one transaction, it's RIGHT THERE IN FRONT OF ME already, GTF out of my way... sigh). /end rant
@pdetti @DancingSamurai Appreciate chiming in on this post. Full transparency, we still don't have a plan for having a running balance in the Transactions page. If you could please provide more context as to why this feature is a must-have in Wave, that would be extremely helpful. The more detail of your business, and how this feature could directly improve your workflow based on your business needs, the better idea we have when it comes to considering user needs when implementing features.
Jamie, for me it is impossible to run my business now knowing how much money I WILL have in my account when all the entries hit the bank. The live balance from the bank connection only shows what is in there right this minute. When I have payments that get auto paid throughout a given month on certain dates, I put those in the register so I can see how much WILL I have once all those payments hit the bank. This is basically impossible to do in Wave and is the sole reason for keeping a checkbook register! lol I mean that is why we have a register in the first place, to see how much money do we really have as each payment hits the account.
Which brings me to why Recurring Bills are so important. Most things today are auto-paid, so I want them to be AUTO entered! Any recurring bills I have that the amount does not change on, rent, monthly insurance payment, cable TV, internet, wireless phone bill, cleaning service, the list goes on... I have to waste tons of time entering all these in and watching for when they hit and merging them etc etc. It is crazy. They should be set up as Recurring Payments and when they hit the bank and are pulled down via the bank connection they should auto match, so all you do is click approve or not if it made a mistake matching.
There should be a Reminders section, so you can enter bills that change each month as you get them with a due date, and the little Reminders section on the dashboard shows you all up coming bills by due date.
When you combine these 3 things... you save tons of time not entering and re-entering the same damn bills every month, auto match makes it simple to approve once they hit the bank, you can see how much money you have WHEN you have it by the running balance into the future. You can see when every bill is due in the Reminders so you can pay them and enter them into your register and you know how much money you have by the date they will be withdrawn on via the running balance.
I am sure there are even more things I could wish for but those are the top 3 that make it miserable to use Wave for me.
Thanks,
Paul
If you could please provide more context as to why this feature is a must-have in Wave, that would be extremely helpful. The more detail of your business, and how this feature could directly improve your workflow based on your business needs, the better idea we have when it comes to considering user needs when implementing features.
Hi @pdetti
Barsin here. Thanks so much for this detailed response to Jamie's inquiry. It will give our developers more context when looking into future changes with our product. We appreciate this kind of constructive criticism over a one line request without any background knowledge on how it would benefit the user. I just wanted to reach out on behalf of Jamie to say thanks for this!
It's been a year since this thread was opened and there's still no running balance on the transaction screen.
I will be moving my accounts to Quickbooks Online after Dec 31 because:
Sorry guys. I waited for you to resolve these issues but I can't wait any longer.
Hey @pards . I get where you coming from so I understand your frustration. Few things to ask/comment on here.
1. Creating a running balance on the Transactions isn't currently on our short term roadmap and for full transparency, I don't think this will be coming at any point in the near future.
2. Is this a TD Visa Aeroplan card? If it is, fully disconnecting and reconnecting the connection should fix it.
3. What's the issue that you're having with the Tangerine integration?
Let me know!
Wow, I just went through this entire thread and it went from we'll get you a running balance in account transactions in a couple of months to it isn't currently on our short term roadmap, nor will it be any time in the future. What is that? Were you ever actually working on it? I know Wave is a free software but I was going to use it with an organization I'm affiliated with and they don't want to use it without this basic feature. I'm sure you lost several users because of this so I'm wondering why you won't add it?
Hey @Jennywo. Thanks for reaching out here. When Wave is looking into the features that we're going to be implementing into the platform, there are a number of things that come into consideration, including what we can feasibly do given the needs of our users. Over time, those needs change, and might move towards a need we hadn't considered previously. If the spaces that we need to improve our platform on would have a greater impact for a wider group of our users, then we would tend to prioritize that first. Focusing on the shifting needs of the many sometimes means that things like running checking account balances, which we had previously promised a shorter timeline on implementation for, can get deprioritized. We're trying to do better with the promises that we make as far as what can responsibly be developed and released into the platform, and we appreciate your patience and understanding along the way.