bank account does not balance
EmotionalHealthLtd
Member Posts: 9
It used to be easy to compare actual bank account balance with wave balance. So first question is how do I do that now with the new layout
Previously I was advised to delete the Stripe deposit bank transaction so that it did not duplicate the Wave transaction. Is that still the case with the new wave accounting? I have still been deleting stripe deposit bank transactions and there is a significant difference between my actual bank balance and the balance in wave.
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OK I've just found the Reconciliation section so that answers my first question. But my Wave balance is still £2000 less than actual. Could this be to do with deletion of stripe payments? Or do I need to look for something else
Hey @EmotionalHealthLtd - it could definitely be the case. One way to confirm would to be to try and filter your transactions page to Payments by Wave. It is likely that those funds are still sitting waiting to be cleared as this account counts as a Money in Transit. When the Stripe payments actually hit your account, instead of deleting them in Wave, if you categorize as 'Transfer from Bank, Credit Card or Loan' and then 'Payments by Wave' it should clear out money in transit without double reporting your income. Unfortunately you may need to go back and re-add these Stripe deposits, but let me know if that doesn't appear to be the case.
OK I worked it out. But why no communication about this? I had continued to delete the stripe bank deposits and have had to reinstate them all manually. Surely there could have been an alert on the site or an email or something? Instead the bookkeeping changed overnight with no communication. Yes I know its free but I've just spent a whole day on bookkeeping when I didn't need to.
Hey @EmotionalHealthLtd I hear the frustration about not receiving specific communications about the changes to the bookkeeping in this case. We really try to strike a balance between sending meaningful emails, and providing support resources in our Help Centre on an ongoing basis. In this case we opted for a Help Centre article so that the content is accessible to as many people as possible. I acknowledge that this may not have been the easiest article to find and for that reason, I have included it here for you: https://support.waveapps.com/hc/en-us/articles/115004964423-Bookkeeping-changes-to-Payments-by-Wave
If you have any other insights as to how we could have communicated this better, please let us know. While we are a mostly free app, we never want that to be a reason for us to stop working hard for our users or for it to be the reason why our product may be missing the mark.