reconciliation (again)

snappyfish

so I don't normally use account reconciliation, should I?

I run a small self employed business with somewhere between 50 and 100 transactions occur in wave.

I have looked back through reconciliation and first month that doesn't match is November 2017 Difference is £52.85

Looks like an invoice was recorded as paid in Wave transactions 25/11/2017 by card via stripe payments but actual cleared in hit bank account 4/12/2017

So of course it doesn't match in reconciliation? What do I do?

Samd

Hey @snappyfish! In terms of whether or not you should us reconciliation, I'd say it's a useful tool and we're planning some updates for it to make it more intuitive and easy to work with. With 50-100 transactions a year, you could get away with just looking at Accounting > Transactions and comparing it with your relevant bank statements however (essentially all reconciliation is anyway), but it would come down to a matter of preference.

In terms of that payment that landed in the next month, you should be able to clear this by using transfer accounting.

When the invoice was first paid, Wave would have generated a transaction - likely into Payments by Wave.

You'd then want to re-create the actual deposit into your account which occurred in December. For the category however, you'd select 'Transfer from bank, credit card, or loan', followed by the account to which the initial transaction was applied to (again, likely Payments by Wave). This should then show as funds clearing, so that initially you received payment into a transit account, which was realized by the actual deposit. Once done, your Wave balance and timelines should reconcile against actuals.

Let me know if this helps!

snappyfish

@Samd said:
You'd then want to re-create the actual deposit into your account which occurred in December. For the category however, you'd select 'Transfer from bank, credit card, or loan', followed by the account to which the initial transaction was applied to (again, likely Payments by Wave). This should then show as funds clearing, so that initially you received payment into a transit account, which was realized by the actual deposit. Once done, your Wave balance and timelines should reconcile against actuals.

Let me know if this helps!

I think this was before wave update and payment cant be transferred? Can they?

snappyfish

Hmm wave has allowed me to EDIT the original invoice payment by changing it to accounts "payments by wave" But I cant change it back to "BUSINESS ACCOUNT" which it was originally.

So I had to switch the original Wave generated Invoice to "Payments by wave"

Then created transfer via 'Transfer from bank, credit card, or loan' for actual amount less stripe merchant fee.

Then changed the fee payment which wave generated back then to account "Payments by wave"

That one transaction for Nov 2017 is now show in wave when it actually comes into my bank account correctly. So it reconciles OK now.

Samd

Glad to hear it @snappyfish! Transactions that were mapped differently in the older system and therefore wouldn't reconcile in the new were opened up so the changes could be made. Let me know if it gives you any more issue though!