Hi @BrianN@livinglightshows , at the moment we have no short term plans to change how checks are handled for reconciliation, but I;'d be more than happy to pass your feedback on to the Product team.
Accountant convinced me that Wave is not going to work and we switched to Quickbooks. Hopefully they implement using the standard approach to how reconciliations are done on bank statements in every other accounting software in the future.
I'm sitting here weeks later still trying to wrap my mind around how glaringly obvious it is that business owners want to mark invoices as paid as checks come in and not a month later when it's time to sit down and reconcile. What doesn't compute on your end? Do you realize that to do things the new way, it requires extra tracking of received checks until they are deposited and that transaction is then imported from online banking? Why would you force such a cumbersome approach to your customers?
I use wave once a year. Have to say I'm pretty disgusted with the reconciliation not considering outstanding checks. How stupid is this? We write checks for the month, near the end of each month. Guaranteed there will be outstanding checks. I'll spend a few more minutes looking for a work-around, then I'm going back to the recon form on the back of my bank statements.
This recon feature useless. Wave People .... allow us to UNCHECK outstanding checks....simple as that.
We appreciate your feedback regarding our new tool and our accounting team is aware about this workaround. At the moment it is our current method and we apologize for the extra steps involved in your accounting. As always your feedback helps our product grow, so thanks for the input.
@BarsinA - I have to commend you for your people skills. You guys receive a lot of flack and criticism, but you always present a cheerful and helpful front.
Many people seem to forget WaveApps accounting system is free, and its only the payroll services in Canada and the U.S. accepting payments online that incur costs.
Many small businesses don't use either of these services which means this online accounting software and its related apps are totally free for them.
The features you are developing at your own cost for us are also free.
Yes, there are hiccups, - sometimes horrible hiccups - but we need to work with WaveApps to help identify what does and doesn't work for us.
Any accountant can work around these hiccups if they want to continue using the free service; it's not a train smash although it might entail some elbow grease.
I have many small customers that use WaveApps and we find workarounds for them when it is needed. It's not difficult with today's technology.
Reconciliation is a NIGHTMARE! Look at other software and see how easy it is. Try Kashoo (super simple) or several others.
Recommendations:
Replace your coding with easy to understand words "Money in Transit", "From Bank" "To Bank" etc...
How do I actually see the mysterious money in transit details?
Split the screen - your account items on the left and my bank on the right. Put a check box on an item on left and right and press something (Connect or Reconcile ???). Hide all your internal stuff. I do not care how you do accounting as long as it is accurate. Seems I should see two items, one from your accounting and one from my bank. I should see the amounts and dates. If I think they are the same then I match them.
Finally since you say to delete transactions put them in a recycle bin so they can be restored if that should not have been done. I have deleted transactions and found it made it worse not better.
You have a lot of great things going and it probably would be better to charge a fee so you can hire more people with much higher skills. Most of your response is a cut and paste job from your documents. I can read and if that helped I would not be contacting you!!!!!!!!!!!!!!!!!!!!!!!!!!!!
And set up a chat line and a phone number (pay to talk). Email is slow and usually not helpful.
hi, i'm new with wave accounting system. i'm a little confused about reconciliation. I managed to get wave and bank statement with same amount for the period of 01-31/01/2020. however the Wave balance gives me a huge difference (16K) I wonder if is because I have 11 month left to reconcile 2020 or I didn't realize in the beginning and auto download bank data since 2016 (that I manually deleted when I caught that) I only wanted to start with wave for 2020 fiscal year. please advice I don't know how to fix this. thanks in advance.
I need to keep a check in my accounts for year end that is outstanding and not cached yet. it can not be moved to next month as then my year end is out.
How can i account for it and get it to show up next time so I can reconcile then
Hi @RedInside , if you're starting your accounting for 2020 you'll want to ensure that you've added a starting balance to all of your bank accounts so that it doesn't look like you're starting from $0 when there is most likely already a balance in your accounts.
Let me know if you're still having trouble after all of this and where you think the balances are coming from and I'd be more than happy to take another look.
Hey @Wayne , we have a Help Center article on how to bookkeep undeposited checks which I think should answer your question for you. If I'm misunderstanding something or I have this wrong, please further clarify the situation with the check (i.e. where it's from and when it was cashed) and we'll try to advise some other steps on how to best handle your situation.
On one credit card account, it's common to have purchases that occur on the first or last day of a statement period end up on the previous or next month's statements. This means that to get those months to reconcile, I have to manually adjust the date of the purchase by a day or to, so that it will show up in the statement that Wave thinks it should be in.
But that means that those purchases' dates are reflected differently than the dates on the statements. The whole thing seems a little janky so I'm hoping there's some recommended way to handle this issue instead of what I've been doing.
Comments
Hi @BrianN @livinglightshows , at the moment we have no short term plans to change how checks are handled for reconciliation, but I;'d be more than happy to pass your feedback on to the Product team.
Please do as the wave does it is not how any accountant wants you to do it. If you asked how to do it wrong, you guys figured it out.
Accountant convinced me that Wave is not going to work and we switched to Quickbooks. Hopefully they implement using the standard approach to how reconciliations are done on bank statements in every other accounting software in the future.
I'm sitting here weeks later still trying to wrap my mind around how glaringly obvious it is that business owners want to mark invoices as paid as checks come in and not a month later when it's time to sit down and reconcile. What doesn't compute on your end? Do you realize that to do things the new way, it requires extra tracking of received checks until they are deposited and that transaction is then imported from online banking? Why would you force such a cumbersome approach to your customers?
I use wave once a year. Have to say I'm pretty disgusted with the reconciliation not considering outstanding checks. How stupid is this? We write checks for the month, near the end of each month. Guaranteed there will be outstanding checks. I'll spend a few more minutes looking for a work-around, then I'm going back to the recon form on the back of my bank statements.
This recon feature useless. Wave People .... allow us to UNCHECK outstanding checks....simple as that.
Hey folks,
We appreciate your feedback regarding our new tool and our accounting team is aware about this workaround. At the moment it is our current method and we apologize for the extra steps involved in your accounting. As always your feedback helps our product grow, so thanks for the input.
@BarsinA - I have to commend you for your people skills. You guys receive a lot of flack and criticism, but you always present a cheerful and helpful front.
Many people seem to forget WaveApps accounting system is free, and its only the payroll services in Canada and the U.S. accepting payments online that incur costs.
Many small businesses don't use either of these services which means this online accounting software and its related apps are totally free for them.
The features you are developing at your own cost for us are also free.
Yes, there are hiccups, - sometimes horrible hiccups - but we need to work with WaveApps to help identify what does and doesn't work for us.
Any accountant can work around these hiccups if they want to continue using the free service; it's not a train smash although it might entail some elbow grease.
I have many small customers that use WaveApps and we find workarounds for them when it is needed. It's not difficult with today's technology.
Thank you WaveApps, keep up the good work.
Thank you kindly @AccountsPro
Reconciliation is a NIGHTMARE! Look at other software and see how easy it is. Try Kashoo (super simple) or several others.
Recommendations:
Replace your coding with easy to understand words "Money in Transit", "From Bank" "To Bank" etc...
How do I actually see the mysterious money in transit details?
Split the screen - your account items on the left and my bank on the right. Put a check box on an item on left and right and press something (Connect or Reconcile ???). Hide all your internal stuff. I do not care how you do accounting as long as it is accurate. Seems I should see two items, one from your accounting and one from my bank. I should see the amounts and dates. If I think they are the same then I match them.
Finally since you say to delete transactions put them in a recycle bin so they can be restored if that should not have been done. I have deleted transactions and found it made it worse not better.
You have a lot of great things going and it probably would be better to charge a fee so you can hire more people with much higher skills. Most of your response is a cut and paste job from your documents. I can read and if that helped I would not be contacting you!!!!!!!!!!!!!!!!!!!!!!!!!!!!
And set up a chat line and a phone number (pay to talk). Email is slow and usually not helpful.
hi, i'm new with wave accounting system. i'm a little confused about reconciliation. I managed to get wave and bank statement with same amount for the period of 01-31/01/2020. however the Wave balance gives me a huge difference (16K) I wonder if is because I have 11 month left to reconcile 2020 or I didn't realize in the beginning and auto download bank data since 2016 (that I manually deleted when I caught that) I only wanted to start with wave for 2020 fiscal year. please advice I don't know how to fix this. thanks in advance.
I need to keep a check in my accounts for year end that is outstanding and not cached yet. it can not be moved to next month as then my year end is out.
How can i account for it and get it to show up next time so I can reconcile then
Hi @RedInside , if you're starting your accounting for 2020 you'll want to ensure that you've added a starting balance to all of your bank accounts so that it doesn't look like you're starting from $0 when there is most likely already a balance in your accounts.
I'm also attaching our Help Center article on how the reconciliation process works so that you're able to confidently reconcile your accounts in January (and all the way up to the end of the year).
Let me know if you're still having trouble after all of this and where you think the balances are coming from and I'd be more than happy to take another look.
Hey @Wayne , we have a Help Center article on how to bookkeep undeposited checks which I think should answer your question for you. If I'm misunderstanding something or I have this wrong, please further clarify the situation with the check (i.e. where it's from and when it was cashed) and we'll try to advise some other steps on how to best handle your situation.
On one credit card account, it's common to have purchases that occur on the first or last day of a statement period end up on the previous or next month's statements. This means that to get those months to reconcile, I have to manually adjust the date of the purchase by a day or to, so that it will show up in the statement that Wave thinks it should be in.
But that means that those purchases' dates are reflected differently than the dates on the statements. The whole thing seems a little janky so I'm hoping there's some recommended way to handle this issue instead of what I've been doing.