Bank Reconciliation Shows Incorrect Balance

CaliberExchange

Since Sept 10, 2020, I'm having an issue where my bank reconciliation is off by $460.90 continually, specifically, my Wave balance is always $460.90 lower than my bank statement. It's stemming from a Sept. 9, 2020, $460.90 transaction. I've reconciled my Wave transactions with my bank statements and everything matches up.

On top of it all, since Sept. 10, I've added a reconcile entry (add period) within Wave to keep a daily history of my reconciliations. Sometimes, Wave will tell me my accounts are reconciled (matching), until I return to the main reconcile screen.

Not sure what's going on. I've checked all of my transaction/journal entries and everything looks correct. Is there some type of glitch with that original $460.90 transaction?

CaliberExchange

Here are screen shots of my Account Reconciliation:

deN4VQ

I am also having problems. Seems since I started taking credit cards via Wave that I have three entries for everyone on the bank statement. Doesn't let me merge and I do not know what to do.

JulianP

Hey @CaliberExchange ! After doing some digging, it looks like one of our support agents assisted you with this.

Hi @deN4VQ ! This sounds correct. You should be left with 3 transactions once the invoice is paid. The way our Wave Payments system works is as follows:

1. As soon as payment is recorded, you’ll see an invoice payment transaction to your Wave Payment account.
2. Two business days after payment is sent, the deposit transaction will be automatically imported from your bank connection.
3. Once the bank-imported transaction is pulled in, Wave will automatically create a transfer between your Wave Payments account and your bank account. That transaction represents the movement of funds from the holding account to your bank account.

You can learn more about Payments bookkeeping here.

deN4VQ

I am also having problems. Seems since I started taking credit cards via Wave that I have three entries for everyone on the bank statement. Doesn't let me merge and I do not know what to do.

deN4VQ

I finally got an email after more than a week of waiting. I responded and now days later no response. Guess I will have to switch to Quicken or something else since Webapps refuses to support their customers. I am paying for payroll and credit card payments

JulianP

Hey there @deN4VQ ! I'm sorry to hear that. It looks like you have since been assisted via your ticket request. I can see that you had duplicate entries in your account creating discrepancies. If you haven't merged or deleted them yet, I advise doing so. If you still need assistance, please let me know what you are having issues with and we'll gladly assist you further.

deN4VQ

I do not understand how I am getting duplicates. When I down load the bank statement there are no duplicates. Your software loads the bank statement on a daily basis. If there are duplicates it seems your software is the issue. Since this is very difficult and should be very easy I am looking for another solution for bookkeeping, credit cards and payroll.

How am I suppose to know what to merge or what to delete. It is really bad that a delete can not be undone.

Your stuff looks great and worked for awhile but having no chat line, no phone number and usually days to get a response that tells me to read the documentation I already read is not helpful.

AlexL

Hey @deN4VQ , can you confirm that you don't have duplicate bank connections connected under your Connected Accounts page (Banking > Connected Accounts). If you don't, please submit a ticket to our Support team and we should be able to look into why your connection is importing duplicate transactions into your account.