Reconciliation error from importing delinquent invoices for collection

JanBB

I had to import delinquent invoices prior to using Wave for collection. The partial payments received have had an impact on our opening balance which matched the statement. Since those are the only transactions prior to January 1st, 2019 added so that we can track the payments, how do I fix it?

JessG

Hey @JanBB ! To reconcile accounts the Wave balance needs to match your IRL balance of your account. If you do not want to add all the transactions prior to Jan 01. 2019 , you can create a starting balance so you can reconcile said account.

Within Wave, we typically use the term starting balance to indicate the amount of funds in an account at the beginning of a new fiscal period. However, you can also enter a starting balance as a way to keep your accounts accurate without needing to enter or import every single transaction from the entire history of that account.

To see how to add a starting balance within Wave, please refer to the following document linked below - it includes a step-by-step guide:
https://support.waveapps.com/hc/en-us/articles/208622796-Starting-balances-What-they-are-and-how-to-enter-them-in-Wave

JanBB

Thank you, JessG. I did that, however, the transactions were imported last month. I will check the link out and see how I can make it work. I love having access to this community. It is way better than what I had access to before.

JanBB

Any advice on how I can fix it is greatly appreciated, as everything was going smoothly prior to doing that.