Hi @LoriK . Transfers can only be created if the amounts of the transactions are the exact same, one is an income one is an expense, and they are in the opposing accounts. If the transaction located below the other one in the screenshot is the other transfer transaction, the reason Wave isn't finding it is because it's an expense transaction. You can't link two expense transactions together as this doesn't make sense in regards to transfers. If I happen to be incorrect about this, can you send me another screenshot of the two transactions you're trying to link as transfers?
In regards to your duplicated income transactions, are both transactions being pulled in by the bank?
Hey @Ava19EW , do you ever accept Instant Payouts?
I am using the reconciliation feature and had no problem with my checking and savings accounts, but I am confused about the credit card. When I select "Add Period," it prompts me to enter the ending balance as it appears on my statement, if my statement balance is $325, do I enter that as $325 or -$325?
Hello! I'm new to this and am confused. Do you know why my "Difference" amount on Wave is the starting balance of my first bank statement? It's not a coincidence as it is a completely random number. I want to start reconciling my business bank account beginning January 2nd of 2019. I have a starting balance for that date but can't figure out how to enter it, and after I reconciled January 2nd to January 31st, I noticed that at the top of the reconciled page in Wave, the "Difference" was the exact amount as my starting balance on my bank statement. How do I get rid of, or change, the incorrect "Wave Balance" so it matches my "Starting Balance" so that the "Difference" will read as zero?
Hello, I am having trouble with reconciliation for the month of December. I have a number of invoice payments recorded in Wave (customers paid via card), but there is no transaction for depositing the money into the bank account. When I then go to reconcile, I have about 12 (unlisted in wave) payments to manually enter. When I do this, however, I cannot apply that payment to the invoice as Wave has already done that. Any idea how I can clean up this year-end accounting snafu?
Hey @anipuma! If your customers paid online through Wave Payments and the system has already recorded the invoices as paid that is good! In this case, it sounds like the transactions were never automatically 'transferred' out of the Wave Payments holding account and into your bank account as per this Wave guide. The next thing you will need to do is enter the transactions into the Transactions page in Wave. You would then want to categorize those transactions as a 'Transfer' from the 'Wave Payments' holding account. This will show the funds moving from the holding account to your bank account and ensure that payment is not duplicated for the invoices.
I'm having issues with reconciling my accounts due to duplicate transactions through Wave payments. Both the original and duplicate transactions appear in my bank account, where the original payment and merchant fee need to be moved to the Wave Payments account. I was able to successfully move the merchant fee to Payments from Wave, but the original payment was not. I get "there was an error saving this transaction" trying to change the account to Wave Payments from the original payment (this was linked to an invoice as payment). When I tried to move the merchant fee back to the Bank statement (I thought maybe I could just delete the 'stripe payment' deposit to balance things), then I wasn't allowed, as I get the error message "Transactions that are automatically created in the Wave system can't be edited or deleted", even though the transaction wasn't originally in the Wave Payments account
I did a bunch of account reconciliation through fixing a bunch of similar anomalies in mid January just gone, but you guys must have changed something else, and I can no longer do the same thing.
Can you please let me know what else I need to do to fix this please?
I've uploaded my bank statements and the debit & credit amounts display correctly as transactions (credit green, debit black) and I can assign them to the right categories, but in the reconciliation section, they display in the wrong columns, How can I change that?
I may need you to give us a bit more info about these transactions. Debits and credits in the world of accounting can appear differently and Wave typically follows these GAAP principles. Have a look at this graphic which shows how debits and credits work depending on the account type. The upwards arrow is money coming in, while the downwards arrow is money going out.
They're just normal credits (i.e. invoices paid to us from customers) and debits (bills we have paid) but they show differently on the transaction page to the reconciliation page.
On the transaction page, credits show green & debits black - but on the reconciliation page, the same credit items are shown in the column headed "debits" and the debits are shown in the column headed "credits".
When I upload the bank statement, I have to manually select the debit/credit column because the automatic software misidentifies it (date & narrative are identified correctly). Could that be the problem?
I bank with CAFbank.
@Essex That's likely the problem -- your bank importing transactions as credits when the should be debits and vice versa. If possible, could you send an example screenshot in your next reply (one of the Reconciliation page, and one of the Transactions page). This will help us gather some more information regarding the specific problem you are running into. In terms of the bank connection importing transactions incorrectly, this is something that we can likely resolve via support ticket (https://support.waveapps.com/hc/en-us/requests/new)
Dear JamieD
I think I've taken screenshots successfully.
As you should be able to see, items in the debit column on the reconciliations page have been correctly characterised as credits on the transactions page - and vice versa.
Appreciate your help with resolving this.
Essex
Hey @Essex! Thanks for reaching out here. These screenshots appear to be functioning as normal - have you taken a look into this Help Center article previously? I believe that could shed some light on how these debits and credits function within the Wave software.
Hey @Accountant! This is definitely an interesting one - can you give us a little more context around what might have happened here? Is there a chance that this historical data may have been removed by accident? Any other information you have surrounding your particular situation would be fantastic to have.
Dear @ConnorM
I found that some bills and transactions after reconciliation has been deleted. Its a lot of transactions and bills so it is not about deleting by mistake.
If you can check audit trial and tell me what is happening their.
Thanks
Reconciliation is a little different to our previous systems, but I'm staying positive and looking for the efficiency improvements.
In this instance our ending balance did not match the balance in Wave, so we have the reconciliation screen displayed. As you can see we get a lot of payments of $210.54. We're trying to work out which payment is for which customer (as the customer is often identified in the bank statement):
We have to click on each Wave transaction to get the details about the customer so we can then mark off the correct transaction from the statement.
Is there any way we can have the customer included in this reconciliation screen? Please?
It appears that some of your Wave pages might not be communicating with each other, and this is why you are seeing discrepancies in the numbers between different pages.
I have triggered an accounting data fix on your account, and it showed that your account was in need of this! The reports and accounts should be properly connected within 15-30 minutes, depending on how much data there was to fix.
If, after that time the accounts are still off, please let me know and we can go from there.
I am also having the same issue - the checking reconciliation total and account total for July 29, 2020 do not match even though it says they do. I believe Paypal had the same issue but I have not researched the date of the error. Please help.
Hey @bruce1 ! That's fantastic, I'm happy to hear that. When your pages have trouble communicating with one another, triggering an accounting data fix can only be actioned on our end. However, if you ever run into an issue like this again, feel free to reach back out!
Julian, would you check the Paypal account also? It's off by $20 for months. Is there a way to determine if it is a glitch or something on my end?Bruce
Hey again @bruce1 ! After taking a closer look at your businesses, it appears that all of your pages are communicating with one another successfully. As a result, I suggest reconciling your account if you haven't already to help identity and correct any discrepancies.
When it comes to a PayPal connection, this is actually something we can't look into due to it likely being a manual integration or something not connected through our bank connection page.
Have you reconciled your PayPal account against your PayPal statements?
Hello Barsin, I reconcile frequently but end of July(27-30) both checking and Paypay accounts in WaveApps would not balance. The activity, account balance, and reconcile would not read the same. You repaired the checking with "triggering an account data fix". The same problem, symptoms and date (July 27-30) occur in the Paypal numbers. Somewhere it is not tracking $20. as a disclaimer I have reconciled against the Paypal account several times. Again, thank you for your fix on the checking account, Bruce
Comments
Hi @LoriK . Transfers can only be created if the amounts of the transactions are the exact same, one is an income one is an expense, and they are in the opposing accounts. If the transaction located below the other one in the screenshot is the other transfer transaction, the reason Wave isn't finding it is because it's an expense transaction. You can't link two expense transactions together as this doesn't make sense in regards to transfers. If I happen to be incorrect about this, can you send me another screenshot of the two transactions you're trying to link as transfers?
In regards to your duplicated income transactions, are both transactions being pulled in by the bank?
Hey @Ava19EW , do you ever accept Instant Payouts?
Hey @Ava19EW! Thanks for reaching out! I see you've been in touch with our Support team about this
I am using the reconciliation feature and had no problem with my checking and savings accounts, but I am confused about the credit card. When I select "Add Period," it prompts me to enter the ending balance as it appears on my statement, if my statement balance is $325, do I enter that as $325 or -$325?
Hello! I'm new to this and am confused. Do you know why my "Difference" amount on Wave is the starting balance of my first bank statement? It's not a coincidence as it is a completely random number. I want to start reconciling my business bank account beginning January 2nd of 2019. I have a starting balance for that date but can't figure out how to enter it, and after I reconciled January 2nd to January 31st, I noticed that at the top of the reconciled page in Wave, the "Difference" was the exact amount as my starting balance on my bank statement. How do I get rid of, or change, the incorrect "Wave Balance" so it matches my "Starting Balance" so that the "Difference" will read as zero?
Hi @nancyindenver , you'll want to enter it as it shows up on the statement. $325 is $325 owed which you have to pay off.
Hey @Amermaidb4 , you can follow this Help Center article on how to create starting balances which should zero out the difference for you.
Hello, I am having trouble with reconciliation for the month of December. I have a number of invoice payments recorded in Wave (customers paid via card), but there is no transaction for depositing the money into the bank account. When I then go to reconcile, I have about 12 (unlisted in wave) payments to manually enter. When I do this, however, I cannot apply that payment to the invoice as Wave has already done that. Any idea how I can clean up this year-end accounting snafu?
Hey @anipuma! If your customers paid online through Wave Payments and the system has already recorded the invoices as paid that is good! In this case, it sounds like the transactions were never automatically 'transferred' out of the Wave Payments holding account and into your bank account as per this Wave guide. The next thing you will need to do is enter the transactions into the Transactions page in Wave. You would then want to categorize those transactions as a 'Transfer' from the 'Wave Payments' holding account. This will show the funds moving from the holding account to your bank account and ensure that payment is not duplicated for the invoices.
I'm having issues with reconciling my accounts due to duplicate transactions through Wave payments. Both the original and duplicate transactions appear in my bank account, where the original payment and merchant fee need to be moved to the Wave Payments account. I was able to successfully move the merchant fee to Payments from Wave, but the original payment was not. I get "there was an error saving this transaction" trying to change the account to Wave Payments from the original payment (this was linked to an invoice as payment). When I tried to move the merchant fee back to the Bank statement (I thought maybe I could just delete the 'stripe payment' deposit to balance things), then I wasn't allowed, as I get the error message "Transactions that are automatically created in the Wave system can't be edited or deleted", even though the transaction wasn't originally in the Wave Payments account
I did a bunch of account reconciliation through fixing a bunch of similar anomalies in mid January just gone, but you guys must have changed something else, and I can no longer do the same thing.
Can you please let me know what else I need to do to fix this please?
I've uploaded my bank statements and the debit & credit amounts display correctly as transactions (credit green, debit black) and I can assign them to the right categories, but in the reconciliation section, they display in the wrong columns, How can I change that?
Hey there @Essex
I may need you to give us a bit more info about these transactions. Debits and credits in the world of accounting can appear differently and Wave typically follows these GAAP principles. Have a look at this graphic which shows how debits and credits work depending on the account type. The upwards arrow is money coming in, while the downwards arrow is money going out.
Dear BarsinA
They're just normal credits (i.e. invoices paid to us from customers) and debits (bills we have paid) but they show differently on the transaction page to the reconciliation page.
On the transaction page, credits show green & debits black - but on the reconciliation page, the same credit items are shown in the column headed "debits" and the debits are shown in the column headed "credits".
When I upload the bank statement, I have to manually select the debit/credit column because the automatic software misidentifies it (date & narrative are identified correctly). Could that be the problem?
I bank with CAFbank.
Best wishes
Essex
@Essex That's likely the problem -- your bank importing transactions as credits when the should be debits and vice versa. If possible, could you send an example screenshot in your next reply (one of the Reconciliation page, and one of the Transactions page). This will help us gather some more information regarding the specific problem you are running into. In terms of the bank connection importing transactions incorrectly, this is something that we can likely resolve via support ticket (https://support.waveapps.com/hc/en-us/requests/new)
Dear JamieD
I think I've taken screenshots successfully.
As you should be able to see, items in the debit column on the reconciliations page have been correctly characterised as credits on the transactions page - and vice versa.
Appreciate your help with resolving this.
Essex
Hey @Essex! Thanks for reaching out here. These screenshots appear to be functioning as normal - have you taken a look into this Help Center article previously? I believe that could shed some light on how these debits and credits function within the Wave software.
Hey there
After I complete reconciliation after a while I notice that transaction has been deleted. This was happening twice.
Thanks
Hey @Accountant! This is definitely an interesting one - can you give us a little more context around what might have happened here? Is there a chance that this historical data may have been removed by accident? Any other information you have surrounding your particular situation would be fantastic to have.
Dear @ConnorM
I found that some bills and transactions after reconciliation has been deleted. Its a lot of transactions and bills so it is not about deleting by mistake.
If you can check audit trial and tell me what is happening their.
Thanks
Hey @Accountant! Can you please reach out to me in a DM with your email and business name? I'd love to look further into this together!
Hello
Reconciliation is a little different to our previous systems, but I'm staying positive and looking for the efficiency improvements.
In this instance our ending balance did not match the balance in Wave, so we have the reconciliation screen displayed. As you can see we get a lot of payments of $210.54. We're trying to work out which payment is for which customer (as the customer is often identified in the bank statement):
We have to click on each Wave transaction to get the details about the customer so we can then mark off the correct transaction from the statement.
Is there any way we can have the customer included in this reconciliation screen? Please?
Cheers
Murray
I am having an issue with my reconciliation.
The transaction list matches my statement balance but the wave top balance is saying i don't reconcile.
Hey @SarajDesigns
It appears that some of your Wave pages might not be communicating with each other, and this is why you are seeing discrepancies in the numbers between different pages.
I have triggered an accounting data fix on your account, and it showed that your account was in need of this! The reports and accounts should be properly connected within 15-30 minutes, depending on how much data there was to fix.
If, after that time the accounts are still off, please let me know and we can go from there.
I am also having the same issue - the checking reconciliation total and account total for July 29, 2020 do not match even though it says they do. I believe Paypal had the same issue but I have not researched the date of the error. Please help.
Hey there @bruce1
I did the same on your account! Let us know if this helped
I see a correction in the total, thank you I will input the data again. Is there anything that I can do to fix this on my end? thanks Bruce
Hey @bruce1 ! That's fantastic, I'm happy to hear that. When your pages have trouble communicating with one another, triggering an accounting data fix can only be actioned on our end. However, if you ever run into an issue like this again, feel free to reach back out!
Julian, would you check the Paypal account also? It's off by $20 for months. Is there a way to determine if it is a glitch or something on my end?Bruce
Hey again @bruce1 ! After taking a closer look at your businesses, it appears that all of your pages are communicating with one another successfully. As a result, I suggest reconciling your account if you haven't already to help identity and correct any discrepancies.
Hi Julian, There is still a $20 difference on the Paypal account. It seems to be from July 29th just like the Checking account glitch was. thx Bruce
Hey there Bruce,
When it comes to a PayPal connection, this is actually something we can't look into due to it likely being a manual integration or something not connected through our bank connection page.
Have you reconciled your PayPal account against your PayPal statements?
Hello Barsin, I reconcile frequently but end of July(27-30) both checking and Paypay accounts in WaveApps would not balance. The activity, account balance, and reconcile would not read the same. You repaired the checking with "triggering an account data fix". The same problem, symptoms and date (July 27-30) occur in the Paypal numbers. Somewhere it is not tracking $20. as a disclaimer I have reconciled against the Paypal account several times. Again, thank you for your fix on the checking account, Bruce