Home› Accounting› Accounting Technical Support

Balance Sheet amount does not match Balance in "Account transaction"

Lo_51Lo_51 Member Posts: 3

When I create a balance sheet report, it shows I have a -1,729 in undeposited funds. When I click on the undeposited funds to bring up the "Account Transactions" list for Undeposited funds, it shows I have a 0 balance. Why does the balance sheet not reflect the balance in the account? It should be 0 for undeposited funds on the balance sheet.



Suggestions as to why? Thanks

in Accounting Technical Support

Comments

  • ConnorMConnorM Member Posts: 1,229 ✭✭✭

    Hey @Lo_51! I'd checked into the status of the data in your accounts, and it looks like there might have been a little hiccup on our end. I've triggered a refresh now, and we should see those amounts behaving better shortly - keep me in the loop and let me know if this gets rectified!

  • HrayrHrayr Member Posts: 2

    @ConnorM
    I have the same issue?
    What do I need to do?

  • Lo_51Lo_51 Member Posts: 3

    @ConnorM
    Your refresh worked; Balance Sheet looks correct now - Thank you!

  • yohanrect89yohanrect89 Member Posts: 1

    Hi,

    When I made a balance sheet report, it shows different amount for my account Bank - BCA 0095548585.

    I moved my amount from "Temporary Sales" to "Bank - BCA 0095548585".
    Both of them located in Assets section.

    But When I made "Temporary Sales" account to be 0 my "Bank - BCA 0095548585" account get wrong amount.

    Now my "Bank - BCA 0095548585" account shows IDR 240,687,977.82, it should be IDR 239,952,977.82.

    When I checked "Bank - BCA 0095548585" in Account transactions it show s 239,952,977.82. This one is correct.

    I thought, I have similar problem with this one.
    https://community.waveapps.com/discussion/comment/28203

    Thank you

    PS : This happen in my PT RECT MEDIA KOMPUTINDO account

  • yohanrect89yohanrect89 Member Posts: 1

    Hi Expert,

    Can I solved this one by my self? Or Do I need waiting till some tech guys fixing my account?

  • JordanDJordanD Member Posts: 515 ✭✭✭

    Hey @yohanrect89. Firstly, I've merged your discussion into the thread that it seems to be related to. This allows for other community members to jump in and help out if they have the similar issue. Secondly, in order to further understand the issue, can you confirm if the account that you are referring to has foreign currency transactions in it? If so, this would likely be expected behaviour and we can explain further once you can confirm this for me!

  • Caroline_BorgCaroline_Borg Member Posts: 4

    Hi,

    I am having the same issue in my company with balance sheet/tb not matching the transactions report for account Salaries & Wages.

    Can you kindly advise what is required to fix please. @JordanD @ConnorM

    Thanks!!

    edited April 14, 2020
  • ConnorMConnorM Member Posts: 1,229 ✭✭✭

    Hey @Caroline_Borg! I'd love to know a little more about the issue that you're seeing here. Can you explain a little further what these discrepancies that you're seeing are? Any additional context that you can provide would be instrumental in getting you some answers here.

  • Caroline_BorgCaroline_Borg Member Posts: 4

    Hi @ConnorM , Thanks alot for getting back.

    I am doing some reconciliations for the balance sheet and noticed my Liabilities account Salaries & Wages is currently showing negative ¢138.92 but as transactions history it is showing correctly ¢0.00. I have tried deleting and updating but still no luck.


    I believe the issue relates to this particular transaction.

    Kindly advise what other information you require.

    Thanks,
    Caroline

  • ConnorMConnorM Member Posts: 1,229 ✭✭✭

    Hey @Caroline_Borg! Thanks for this context! What do you see once you click into that March 1st transaction for Wilhelmina? Would love a screenshot of that!

  • Caroline_BorgCaroline_Borg Member Posts: 4

    Hi @ConnorM ,Please find below for your reference.

  • gsusvisttgsusvistt Member Posts: 1

    I am having the same issue. These receivable balances are not correct by the 1728 shown at the top. How do I fix it? When I click on the detail all the way through - the balances are correct. I have logged in and out and refreshed and no luck.


  • CalliePCallieP Member Posts: 439 admin

    Hi @Caroline_Borg , thanks for providing further context here, and I'm sorry about the delay in getting back to you on this. Can you confirm the date ranges you're using on each report? The Balance Sheet is a snapshot of your business' accounting equation (Assets = Liabilities + Equity) in a moment in time, whereas the Account Transactions report is a record of your business money movement over a period of time, so it is possible that the date used on the Balance Sheet is just a date in which that amount wasn't paid off yet. Learn more here.

    Hey @gsusvistt , thanks for your message and screenshots here. It looks like you may be experiencing the same thing as @Caroline_Borg as described above: the Balance Sheet is specifically only showing you the business' accounting equation for 2020-06-23, but the Account Transactions report is showing you all money movement between 2020-01-01 to 2020-06-23, and so is expressing a different data set and insights. An accountant will be best able to help you with how to read these reports, as well as our Help Centre articles.

  • SueCampSueCamp Member Posts: 1

    Hi there, I'm having similar problems. When I generate a Balance Sheet for July 31, 2020 the amount in my bank account does not match the one in my Transaction Report ending on July 31st (which shows the correct balance). Please advise.

  • ConnorMConnorM Member Posts: 1,229 ✭✭✭

    Hey @SueCamp! It looks like what was causing this was a little bit of finnicky information in our back end, that we call a 'bad state'. I've fixed that up now, it should be all sorted within 45 mins!

  • arontolentinoarontolentino Member Posts: 2

    @ConnorM I am also experiencing the same thing as @SueCamp and others on this thread.

    The "TD BASIC BUSINESS PLAN" account on my latest balance sheet is $1,233,31 but in my transactions list, it's reflecting $0.00 which is the accurate amount.

    Can you please advise? I tried reaching out to support but cannot get a hold of them.

  • SanjeeSanjee Member Posts: 1

    Hi,

    I am having a similar issue. When I run my balance sheet, I see it has a balance of -$5,222, although when I go into this figure to view the detailed transactions, the ending balance is -$95,522.50. The detailed balance is correct and it should be negative $95,522.50 but the balance sheet report is not updated.

  • Mona0920Mona0920 Member Posts: 3

    Hi!
    My bank balance was $175,238.29 but in Bank Reconciliation the Wave balance was
    $176,735.92 and the Account Transactions Report was USD 175,238.29. The difference was $1,497.63. I have a deposit with the same amount as the difference. Could you assist me, please? Thank you.

  • AlexLAlexL Member Posts: 2,869 ✭✭✭

    Hey @Sanjee & @Mona0920 , it looks like the data on the back end of your account wasn't communicating properly. I've gone in and made a couple of small tweaks which should fix any sort of discrepancies that you were seeing in your data.

    If you go into your account and after about 30 minutes you're still seeing issues, let us know and we'd be happy to dig a little bit deeper into the issue.

  • LLCCOMPANY_123LLCCOMPANY_123 Member Posts: 3

    Hi! I have the same issue my trial balance is not matching. Can you assist me please ? Thank you very much.

  • KristenVKristenV Member Posts: 121 admin

    Hi @LLCCOMPANY_123 , I can see that after your post was made here, this situation was resolved through email with our Support Team. If this is not the case, please reply to the email thread directly and our Support team would be happy to assist!

  • GYGYGYGY Member Posts: 4

    I also have same problem for Balance Sheet amount does not match Balance in "Account transaction", how can I solve?

    Besides, the trial balance is also unbalance.


  • GYGYGYGY Member Posts: 4

    @KristenV @AlexL can you help me to solve my problem? Thanks

  • AlexLAlexL Member Posts: 2,869 ✭✭✭

    @GYGY it looks like the data on the back end of your account wasn't communicating properly. I've gone in and made a couple of small tweaks which should fix any sort of discrepancies that you were seeing in your data.

    If you go into your account and after about 30 minutes you're still seeing issues, let us know and we'd be happy to dig a little bit deeper into the issue!

  • ElaineNew21ElaineNew21 Member Posts: 2

    Hi @AlexL @KristenV ,
    I'm also having the same issues whereby my Transactions & Balance Sheet is not tally.
    The amount is RM31.81.

    In Transaction is correct :

    In Balance Sheet is showing I've overpaid :

    edited April 26, 2021
  • JulianPJulianP Member Posts: 1,002 ✭✭✭

    Hey @ElaineNew21 !

    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.

  • CHYCHY Member Posts: 2

    @AlexL. I am having the same problem where GST Input Tax amount in Balance Sheet does not match balance in "Account Transactions". In Balance Sheet (as of 30 June 2021), GST Input Tax showed a balance of SGD0.79, while in Account Transactions, the balance is zero (this is the correct figure). Please assist to solve the problem. Thank you.

    Accounting period: 01.07.2020 to 30.06.2021:

    edited August 27, 2021
  • CHYCHY Member Posts: 2

    @AlexL @ConnorM Can please assist to solve my problem as I need to submit the financial account for auditing. Thank you.

    Balance Sheet as of 30 June 2021, Total Assets is $0.79 more than Total Liabilities + Total Equity. This is due to GST Input Tax ($0.79) under Other Current Assets. The amount for GST Input Tax should be zero ($0.00).

    edited August 31, 2021
  • LasmanisLasmanis Member Posts: 5

    @AlexL @ConnorM Can this be fixed on my end as well. Have had this issue for ages

    As you can see actual balance in Revolut is 337.50 but on the balance sheet I see -833.54
    Wise AUD account is empty, but the balance sheet is showing -2.88

    To me, it looks like Wave is dealing with the conversion to different amounts when a transaction is made instead of converting the total amount as of that day. So if I got 100 USD coming in January, Wave is converting this 100 with the January exchange rate. If I refund this 100 in March, it will convert this amount to the March exchange rate. So the account should be 0 because 100 came in and 100 went out, but this is not the case in Wave. And for this reason, it looks like Wave is creating a not accurate situation in our bank accounts on balance sheets.

    Not sure if there is a workaround for this situation

    I have created an account called adjustments to the actual exchange rate account, but obviously, if I create a manual journal to clear this -2.88 in AUD account, it will be 0 in the balance sheet, but then it won't show 0 now on the bank account. Pretty annoying :D

    edited March 25, 2022
  • AlfredALSAlfredALS Member Posts: 1

    Hi @AlexL

    Kindly advice why is trial balance not balance, we realise it was due to Sales account. Please assist us thank you look forward to your reply thank you

    edited March 26, 2022
Sign In or Register to comment.