Home› Community Chat› Wave Discussion › Technical Support

Dashboard showing incorrect balances for bank account

dtwconsultingdtwconsulting Member Posts: 9

I have seen this a few times now and it's quite confusing. My dashboard is showing that it has synced with my bank account 18 minutes ago and showing a balance that is way off. When I go to Transactions I can see the new transactions from my bank and have categorized them. In addition, the Transaction screen is showing the correct balance for my bank account, so why is the dashboard off? Surely if the bank account has synced recently and the new banking items are showing up in the Transactions screen, then the dashboard should be able to show the correct balance for my bank account. It's worrying that the dashboard is showing one number and the Transactions is showing another, correct number.

Tagged:
in Technical Support

Comments

  • BarsinBarsin Member, Moderator Posts: 2,041 ✭✭✭

    Hey there @dtwconsulting

    There are a few reasons why these balances could be different. The first thing to note is that the actual bank balance showing on your Dashboard is a real-time balance which comes in from the bank connection tool. Meanwhile, the balance showing in the Transactions page is determined by how you're categorizing certain transactions. So, for example, if you input a random income transaction and assigned it to the same account, your balance in Transactions would reflect that; however, the balance displaying on the Dashboard would remain true to your actual bank account.

    The first thing to check: is the balance in Transactions showing the balance for "All Accounts", or is it specific to the account in question?

    This difference could also be influenced by duplicate transactions in Wave. The main reasons that you will see duplicate transactions include:

    1. You are sending invoices from Wave, and recording transactions separately, without marking them as invoice payments.
    2. A similar action with bills.
    3. You have manually entered transactions and have a direct bank integration importing the same data.
    4. You have a direct bank connection that has failed and been restarted, picking up the same data twice.
    5. You are using our receipts app, or emailing / scanning receipts, and not associating the created transactions to your bank import.
      Check out this Help Centre article for full details about how to resolve duplicates.

    As you work through and reconcile your bank statements, the source of these issues should become readily apparent, and the resolution will be to merge transactions or delete redundant data.

    I hope that helps you narrow down the issue! Please let me know if you have further questions about this.

  • dtwconsultingdtwconsulting Member Posts: 9

    @Barsin,

    Thanks for this. My issue is that what was showing on the Dashboard was INCORRECT. It did not reflect my true bank account balance. The accounting transactions did reflect the true balance. All the transactions were coming in from the bank too.

    I have no idea why the Dashboard balance was off and not showing the actual bank account balance, especially given the fact that the accounting transactions had the most up to date transactions from the bank account.

    The balance is correct again now, but very concerning to see the balance totally off in the dashboard!!!!

  • BarsinBarsin Member, Moderator Posts: 2,041 ✭✭✭

    @dtwconsulting Ahh I see, this is likely due to our integration with Plaid requiring an update.

    As you may already know Wave uses a 3rd party banking aggregator called Plaid to "scrape" the information securely from your banking transactions page, then convert it to a transaction in Wave. Essentially what happens is that your bank is constantly making new updates to their back end security encryption because naturally banks want to remain on top when it comes to having the latest in security. When any of these changes are made, it will disconnect from Wave. Plaid has to then create a new connection path depending on the type of changes that your bank made.

    There may have been a particular communication error between your dashboard balances and Wave's banking aggregator Plaid temporarily. I'm glad to hear that it's working now!

  • LJ9385LJ9385 Member Posts: 1
    Similar issues here, very frustrating to try and fix, I don’t understand why bank deposits don’t trump balancing issues. Not all duplicates merge with wave payments. I’ve now caught an error 2 years back!
  • rbensonwarbensonwa Member Posts: 3

    and I am having the exact opposite-- The dashboard is correct but the transactions aren't- as in the dashboard matches my bank but the the transactions don't--

  • dtwconsultingdtwconsulting Member Posts: 9

    It makes absolutely no sense to me that the dashboard and the accounting transactions should ever be out of sync. Sadly this happens on a regular occurrence and it's very annoying. I cannot depend on the dashboard as it is often not showing the correct information.

    @Barsin, I do not see how this should be an integration issue. If the accounting transactions are already pulled in then surely that means the pull from the bank took place. As such, the dashboard should be able to reflect the correct information. If there are two different integrations, one for transactions and one for dashboard and they are out of sync (happen at different times) then that would seem like a bad design to me. The dashboard should reflect what is showing in the accounting transactions. I'd really like to have confidence in the dashboard but I just can't.

Sign In or Register to comment.