Wave payments and wave reconciliation

Aproresco

Wave account and Wave payments reconciliation
1. My wave account show account shows a difference of $-338.50. Again, I don’t know were that difference come from. Please can you help me figure were and from the difference come?

2. This issue brings me to wave payments. I have searched every were and can found how to reconcile wave payments. This mean I need a wave payments statement before doing that.

Thanks for your help that will provide me with the hints I need to continue using this amazing accounting software with confidence.

JulianP

Hey @Aproresco !

Your Wave Payments account is a money in transit/holding account. This account should balance out when your invoice payout is received. Wave Payments bookkeeping should have 3 transactions per invoice. 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.

It sounds like might be missing a transfer transaction for some of your invoices. If you have any bank transactions that are uncategorized, or not categorized as a transfer from Wave Payments, you will need to do so manually.

To do this, select the uncategorized/miscategorized deposit transactions (it should be called something like this: Electronic Deposit Wave Sv9t) and select the category drop down menu. Select Transfer from Bank, Credit Card, or Loan > Payments by Wave. This will automatically create a third transfer transaction showing the movement of funds between the accounts. This should balance out your accounts.

If you don't have your bank connected to your Wave account, Wave cannot create the transfer of funds from the "Payments by Wave" account to your checking account automatically. As a result, you will need to create the transfers manually.

To learn more about Wave Payments bookkeeping, feel free to check out the Help Center article below:

• Automated bookkeeping with Wave Payments