Account Balances not updating correctly
DMY535HPCF
Member Posts: 1
New here, so just trying to figure things out. My bank balances are off. I am connected to my bank accounts properly. I recently began to categorize my transfers and expenses and my Operational Expense account shows a balance of over 27k. Which I know is WAY off. It appears that it calculates the transfers from my income account, but it does not update the balance when an expense is categorized. So this will throw off my entire P&L report. Am I doing something wrong? Should I not be categorizing transfers from my income account when I transfer it to my Operational Expense account?
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Hey @DMY535HPCF and thanks for explaining your situation! Sounds like this could be related to a couple of things! First of all, I'd recommend taking a look at your starting balances for the account. It would typically be the first transaction imported into the account after connecting your bank account to Wave. When balances are incorrect, it could be caused by entering this incorrectly and it should be editable in the event that it is incorrect.
Outside of that, it also sounds like you have completed several transfers and might not have accounted for them correctly. Can you confirm that you have followed the steps outlined in this article correctly?