False cashflow statement?
Guigoz
Member Posts: 4
I'm currently having a problem with the cashflow statement in Wave: The total cash inflow reported on the cashflow statement seems to be inaccurate as it is not equal to the sum of each cash inflow (which is also reported separately on the cashflow statement).
Below is the cashflow report that I'm struggling with. It's quite odd for things to go wrong with cash inflow as there are only 2 flows of money, one is the initial investment that I put in the business, the other is sale.
https://drive.google.com/file/d/1cko40YJ0dAzNRPpbwIug5BLJGFJwUvcB/view?usp=sharing
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Hey @Guigoz . Although you are correct about the cash flow report, there are other types of transactions that would be recorded in this amount, such as transfers. Transfers also record money moving in or out of an account, although they wouldn't be categorized as the categorizations above.
My point here is that adding these numbers up isn't the most efficient way to determine if your numbers align. I'd recommend reconciling your accounts, as if everything lines up there, then your balances are correct.
The thing is, I imported transactions from my bank statement, so the number should be aligned with the one from my bank statement. Yes I did add some extra transactions on Wave since I used a periodic inventory system, but that shouldn't be the factor to cause these numbers mis-aligned as it only deals with non-cash assets. And after you mentioned it, I double checked and found no other cash equivalents transaction. I only have 1 account that holds cash, no receivables or payables, so things shouldn't be this complicated.
Hey @Guigoz, how far off are the numbers in Wave from your bank statement? How far back did the transactions from your bank statement import from? Is it possible that it did not pull transactions from before a particular date?