BANK RECONCILIATION SHOWS INCORRECT BALANCE
LittleFish
Member Posts: 9
My bank recon shows a different balance on a particular date than it shows on the report.
Anyone else had this problem?
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Hey @LittleFish ! I would be more than happy to further look into this particular issue -- could you perhaps send along some screenshots with the reconciliation page as well as the specific report that you are looking it? It could be that there are missing transactions under the particular report you are looking at, but it would be great to get some clarification with a screenshot.
Hi @JamieD
See below screenshots. Note Pic 1: Bank reconciliation amounts (according to Wave) in August and September 2016.
Then I click on "RECONCILE" and it takes me to the Account Transactions (General Ledger) reports as shown in pic 2 (Aug) and Pic 3 (Sept) which show different balances according to Wave. The error occurs only in those 2 months and I think it could be deleted transactions which haven't fully disappeared because there have been a lot of additions & deletions in the account. Hope this clarifies. Thank you.
Same if I go to the report manually (ie. not via the reconciliation tool)
Hi @LittleFish. Thanks again for sharing screenshots with me here. One thing that I will suggest is that you actually print out a physical copy of your bank statements, and match them up one by one with exactly shows up in Wave. Wave works on the basis that it's as real world as possible, and by matching up your bank statement with the transaction page in Wave, this should help you properly reconcile.
Hi @JamieD
I have done so. The amount on the report is the correct one. The amounts drawing through to the reconciliation and TB screens are the wrong ones. So I thinks it's a problem with the software.
Tx
I have the same problem. One of the debits (anyone else see their columns in the report labelled incorrectly - Credits are labelled Debits, and vice versa, but this is not the issue I'm concerned with at present) is being added as a credit so the reconciliation is out. Any solution to this?
@markob I noticed this as well, credits/debits are switched when I download the transactions so the totals are off. I've resorted to importing the transactions into Excel along with a downloaded bank statement to reconcile. I've also noticed that if I've paid an invoice from the previous month it appears in the bank statement download but not the Wave data download.
Bottom line is this: I'm a business owner and I employ the services of an accountant to finalise end of year. I'm not an accountant/bookkeeper so I need software which is easy and straight forward, keeping records should be straight forward - it's basic arithmetic. Wave gives me a headache now.
I am having the same exact problem as LittleFish and no one seems to understand. Has there been a solve for this? @LittleFish @Katie_Silkina
I'm slowly getting to grips with this. It is more work but it's also a lot clearer; it's definitely growing on me the more I mess about with it.. The Credit/Debit columns are still switched on the downloaded file though.. got to be something to do with how the software calculates the balances and like I said I'm not an accountant or bookkeeper.
Hey @JHRED1 and @TimWB - I think part of the issue could definitely be how double entry accounting shows certain entries. So, for Asset and Expense account, an increase is actually marked by a debit and a decrease a credit. Income, liability, and equity follow the increase with credit, decrease with debit however. We usually recommend this resource which goes over it a little better but it can be quite a shift from what you'd think is common practice, especially without a background in accounting (like me - I still need to check which accounts are increased or decreased by debits on the regular).
The one thing I would recommend however is just double checking in Accounting > Transactions. If you have a bank account connected we do very rarely see an issue in which income and expenses are reversed. I don't think that is the case here, but just in case, and if so let us know!
I have the same problem, triple checked the bank statements and the Wave amount differs from the bank. It appears to be an invoice that I have allocated against a payment. Somehow the invoice appears to be duplicated as it matches in the Recon when allocated ???
Hey @Errolp. On the transactions page itself, do you see two transactions associated with that invoice? As in, one for marking the invoice as paid in Wave and the second for the actual deposit into your bank account? If so, you might need to merge these transactions or follow the steps outlined in this help centre article here: https://support.waveapps.com/hc/en-us/articles/115004964423-Bookkeeping-changes-to-Payments-by-Wave - let me know when you get a chance though!
Hi JamieD I have checked the transaction page and there are no double entries. The invoice is part of a bank deposit and is allocated with a number of invoices.
If possible, could you please send us a screenshot of the transaction itself, as well as the report that you are currently trying to work with @Errolp? I just want to get a better sense of what could be going on here -- we might need to take this to a support ticket and then work on it via collaborative access.
hi, i'm having the same issue where the deleted invoice appearing in my report? when i clicked on the invoice it shows the page not exists. How do I delete it from appearing in the record as it messes up the total amount.
Hey @ak7. I feel as though we might need to take this to a support ticket for further investigating here -- if the invoice and all transactions associated with that particular invoice are deleted, it should not appear in the Reports section for any of your invoices. I've sent the email, so let us know when you get a chance to reply.