Set a start date for bank reconciliation
julieoncloud9
Member Posts: 5
Hi, I've just started with Wave after trialling Xero. One function Xero had that I just can't find with Wave is that I could set the date I wanted to started reconciling my bank transactions, whereas here it has automatically taken me back to December. That's a lot of transactions for me to look at towards the end of my financial year! (I'm not planning on starting using Wave properly until April 1, so I'm just playing and learning at the moment.)
I noticed that I was able to set a start date for PayPal though. Is it possible to start from a certain date with my bank?
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Hi @julieoncloud9. Before we start working on finding a solution to this roadblock, let me welcome you to Wave! I hope our software will suit your business perfectly and if you ever need anything, be sure to reach out.
Bank reconciliation will go back as far as your transactions do, separated by month. If your numbers match up, reconciliation should only take a few seconds per month. It's a useful way to catch stray transactions, but it isn't time-consuming unless there's a problem somewhere.
As for bank connections, yes, absolutely. From Wave's side of the transaction import, importing from PayPal or from your bank looks roughly the same. You'll choose a start date, which might be limited by your financial institution(they usually don't allow you to import transactions older than 3 months), and Wave will import all the transactions it can up to this day. Future transactions will be uploaded automatically. If you need transactions older than 3 months, you'll have to upload your bank statements yourself. Here's how to do it.
The biggest difference is that there are a few limitations to the PayPal transactions. I'm happy to get into them if you'd like to know more.
Let me know if you have any other questions, I'd love to help.
Brilliant, thank you. All done!