Reconciling credit cards with transactions not included on current statement

janineanne

I have a few cards which do this, and have been the bane of my existence ever since I started using Wave. Let's say the statement ending date is 2/18/20. There will be a handful of transactions from 2/17 and 2/18 which are not included in the statement, presumably because they download with the transaction date but the statement is determined by posting date.

In the past I've always reconciled these laboriously by figuring out which of the transactions I have in Wave don't actually belong to the current statement and then verifying the rest. This worked in the old version. Unfortunately, I'm now facing a situation I don't know how to handle:

One of the cards that does this is showing up unreconciled for the September, 2015 statement. I've gone through the transactions and everything looks correct. And the amount Wave says it's off by just happens to be the same as the total of transactions from the last two days of the statement period which are not actually included in the statement. Now what? I can't un-match them, that will only mess up the subsequent statement. The only thing I can think of is editing the dates to put all these transactions on the first day of the next statement, which will work but seems a little icky.

Help?

JordanD

Hey @janineanne and thanks for explaining the situation with such great detail! I do have a couple of questions to understand things a little more clearly. First, you talk about transactions that aren't appearing on your statement. Since the act of reconciliation aims to ensure that your bookkeeping matches your statement (and not the other way), if those transactions are not on your statement, then these would not be transactions that occurred within the given statement dates. Additionally, while transactions post on different dates, statements typically show the transaction date, and not the posted date. It sounds as though your statement is not conventional but can you confirm that for me?

In any case, if you seem to have extra transactions in Wave than are on your statement, there are a couple of things that you will want to do:

• Confirm that these are actual transactions that occurred for your business. If they are, you could manually change the dates to reflect your statement dates, as you would want your Wave actions to match your statement, as the statement is the source of truth. If they are not, you would want to delete them
• You could also use a money in transit account to act as a holding account for those transactions. Once they appear on your statement, you could then transfer them back to the account on the date that matches your statement.

I have a feeling that there is a missing piece here that might change things so if you have any additional details about the nature of these transactions (as an example, are these checks that you are waiting to clear) and also how the transactions get into Wave (through statement upload or bank connection), this would be helpful. Also feel free to leave me with some screenshots if you feel comfortable doing so.