How does Wave import transactions from connected financial institutions?
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How does Wave import transactions from connected financial institutions?
To help automate your bookkeeping and save you time, Wave has partnered with a bank data provider, Plaid, to import transaction data from your connected financial institutions.
As a bank data prov...
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Can't link my existing accounts with the new account that I'm setting up. On the old system it was just simply a choice which account you wanted to link the bank account to. On the new version there's no way to do that. Why
Soooo it may now take up to 7 days for a transaction to show up on the new system?
When on the prior setup we could manually pull the transactions our self with a handy update button...
HOW is this an upgrade.
It does not save time when you want to keep on top of your transactions when they are current in your mind and on your desk.
Last weeks paperwork is old already in this fast paced business and online world.
Ditto. I agree with Ronald's post. i find this new system totally aggravating for the reasons he has already listed. And this will not be adequate way to do book keeping for me. Besides what Ronalds listed, i have the following complaint: Two of my banks are not yet working to integrate. Two of my credit cards are importing, but two bank connections just keeps saying, "Try back later." I think it has been 10 days since i've been "trying back" only to still get that disappointing response.
i will need to find another whole program and forget Wave.
@Ronalds
Our prior bank data provider would pull transactions and hold them until requested. Now transactions are sent to us right away. If you are not seeing an update for that amount of time, contact support so we can investigate.
@emily
Sorry to hear about your trouble connecting your bank. If you are seeing that message to try back later after 10 days, that is not normal. Please contact support so we can investigate why this is happening.
@Brad2Rogers
With this update, we no longer allow importing different account types, for example a "Checking account", which is an "Asset account" can only import into an account under "Assets - Cash and Bank". The only exclusion is the account "Cash on Hand", which cannot be imported into.
We also no longer allow more than 1 bank account to import into an account in Wave.
If you are not seeing the option to "Import into" an account, check to see if the accounts are compatible and that no other account is already importing into it.
This new system sucks. Neither of my accounts will connect like it did before. Wave tells me I should contact the credit card provider to lodge a complaint to hopefully solve the problem? Why change something that was working fine and now is completely broken? Was there no testing done before rolling this feature out?
Wave has been great for years! After this "upgrade" one of our main CC accounts will no longer import, contacted the company and they stated that there is no future plans to repair this connection. Our other main bank account will not resume imports either...Get to the MFA code screen and after waiting 30-45 minutes no code was ever sent. This is not a good way to start off the year... Is there any support on this "upgrade"?
This is seriously infuriating. My bank is no longer supported by the new system, apparently.
I was able to get my small, local bank to connect. However, my Capital One credit card is not able to be linked with a message from Wave saying the issue is on the CO side and to call them, which I did and was told that likely the company Wave is using is not on their approved list. Soooooo, Wave, what are you doing to fix this? While admittedly not 100% informed of all the reasons a change was needed on Wave's end, to call this an upgrade is wrong as this app is now less functional than it was previously. We want things that provide us with less work in a seamless way, not the other way around.
My workaround for my capital one credit card was to export transactions into QBO file and upload into Wave. It's not ideal, but that's a solution in the short-term, hopefully.
This new system is sucks. Wont connect to banks, even big national banks. Says 2 factor authentication is not supported with new system. It worked before.
Definitely a down grade. Come on Wave, what gives?
Wave what are you trying to do make people go to quickbooks, please fix this data connections ASAP
Capital One ... la la la ... Capital One ... la la la... Capital One at war with plaid ... la la la...
Looks like Vancity Visa is no longer supported - is this true?
I'm sick of these changes with no warning!!! Once again, only the personal side of my bank is supported. I don't use something as cumbersome as Wave for personal accounting. I use it for my businesses. MAKE SURE YOU CONNECT BUSINESS BANKING WHEN YOU CHANGE PROVIDERS! This is the third time I've had to deal with this in two years.
This is insance, as small business we cannot be relying on your filing upgrades and broken connections that worked prior. How soon can you fix this mess as New Year is a great time to move to a new accounting service?
Time to pay for something that works, good bye Wave!
Hi everyone. Our data aggregator doesn't support certain accounts like mortgage/loan accounts. If you can't find your financial institution or account on the list, it's because it isn't supported at the moment. Our aggregator is always adding new bank accounts, so please check back in the future to see if your account has been added.
In the meantime, please feel free to use our Google Sheets integration called Wave Connect which should make it easier for you to import your transactions into Wave.
In regards to Capital One, our aggregator is working on supporting this connection, so we have our fingers crossed that this will be happening soon.
Lastly, if your financial institution or account is supported but you're having issues connecting to it, please submit a ticket to our Support team so they can take a further look.
Anyone having this problem? My Bank of America accounts toggled themselves to "off." When I turn them on, it asks me to link the bank account to the corresponding Wave account. There are a few options, but the existing wave account is NOT an option. So I can't do anything. Help.
Hey @Damon , do you have the Wave account created in your Chart of Accounts?
Yes, of course. The wave accounts exist and have years of data in them. I'm just not able to link them to the •new* bank of america connection. Sigh.
Wow, my business bank is no longer supported. These new upgrades have made things much more difficult on our end, and now with our business account not being able to connect, I'm at a loss for what to do.
I had developed some workarounds in the past, will I have to figure out new workarounds just to get Wave to function properly?
We have put in countless hours of data entry for our shop to best use Wave's invoicing, products and services... but if balancing the books is going to be more and more difficult / counterintuitive, and our bank suddenly unsupported, why should we continue to invest time into Wave?
Please advise!
@Damon please contact our Support team so they can take a further look at your connection and escalate it to our aggregator if necessary.
Business bank accounts and credit cards no longer supported
This will be very difficult to book keep now.
Ok this sucks that you've gone to this Plaid character and now Capital One Business is not supported (evidently due to mismanagement of the relationship on Plaid's part, not Cap1's) sooooo...why don't you revert those of us that the connection used to work on back to the legacy system. You didn't roll everyone onto this new system all at once which tells me that the capability is there not to convert everyone (or at least to revert those of us who are having the problem). Help me understand why this isn't a solution for one of the top 10 Financial Institutions in the U.S. (I.e. a lot of us are using it)???
@Nikkisart
Check out this community thread on Integration Issues with Capital One for more context
Plaid apparently cannot get along with Capital One. Here is a list of those that can: Mint, Buxfer, Quickbooks Online, xero, freshbooks, clearbooks, ..
Wave picked the wrong provider and had all of the data to know how many customers this would harm.
I connect My Banks with new aggregator, up to January 20 I had transactions, but after that I didn't receive any update from Bank connection, and yes I have new transaction, Bank connection doesn't show any balance or update status information. Whats going on with wave?
Hi @VikTH0R , if you're trying to connect with RBC, our data aggregator is currently experiencing an outage which they are aware of. No ETA at the moment, but they are working on getting it fixed.
So I have Bank of America with multi factor authentication and I get an error message telling me that multi-factor accounts are not supported and I need to use a different account, SERIOUSLY! Am I supposed to have a backup account or something? I imagine if I ever do get a response from Wave it will be to turn off 2 step authentication so I can pay Wave to have a far less secure bank account, until it gets hacked!!! I never had any problems over the last two years until a Wave’s improvement. I’ve contacted customer non-support 4-5 times now and I got a boilerplate letter in response only once. The letter, addressed to “Hi There” which obviously is NOT MY NAME, didn’t even address the issue I was having. I don’t remember ever having worse customer service then this. Burns me big time that Wave is making money off my business and ignoring my situation, beyond insulting. I’m afraid it’s only going to get worse as I’ve had dealings in the past with H&R Block, who purchased Wave, that I never intend to repeat so guess I’m looking for a new service ASAP.
Hi @Me_too1 . In regards to Bank of America, they have a complex MFA different than the rest of the industry which our data aggregator doesn't currently support. The solution to this would be turning off MFA, otherwise I'm afraid it doesn't support importing transactions for bookkeeping.