Reconciliation end date
JDzigner
Member Posts: 4
My bank statement end date is Feb 4th 2019.
The only thread that addresses this is from a year ago and it basically says I need to date all the transactions from Feb 1-4 as Jan 31 in order to include on the Jan reconciliation. Is this still the case?
Please advise
0
Comments
JDzigner,
If you are doing cash basis accounting, which most small businesses are, then you really don't need to reconcile. If you want to be sure your matching the bank, go to reports/account balances. Pick the appropriate account and scroll down to the bank statement cutoff date. Should match the bank.
Mike G, CPA
www.mgfinancial.net
I have been reconciling my books forever so I don't want to stop now. Are you saying there is no way to set my own end dates for reconciliation in Wave?
JDzigner,
I believe you go to reconciliations and choose the ending balance date. At least that what I see when I went into a clients reconciliation section.
Mike G, CPA
@JDzigner please feel free to follow up if there's anything else about this that isn't totally clear. We'd be happy to help.
(Thanks Mike!)
@Charlotte It seems the problem is that Wave won't let you choose an end date outside of the month in which you are reconciling. Many of our banks have statement end dates in the month following (My end date for March statement was April 1). This makes it impossible to correctly reconcile.
The only way I have found to get around this problem is to backdate end of month transactions, which must be done individually (bulk edit does not have this functionality) and is therefore not ideal. Please Wave, fix this! There are other threads with the same complaints.
Absolutely. NOT acceptable to have to manually adjust transaction dates in order to reconcile.
Hi @Carrie_W + @JDzigner ! No need to change the dates of transactions, just backdate the month of which your dates appear in your Reconciliation page. Because you can change the statement end date of your month to any date within that given month, if your statement end date is on April 1st, change your April month's end date to April 1st. As long as you're staying consistent with all of your statement dates on an ongoing basis (March statement on March 1st, April statement on April 1st), Wave will automatically account for all of the transactions between the given dates.
Ok so this was unclear at first but now I understand. To make this work for me, I had to go back to my first reconciliation period for this account (Feb) and change the statement end date to Feb 1 and the "ending" balance to $0, which is actually the starting balance for that statement period. From there I changed the end balance for each period going forward to the starting balance written on each statement. So yes it works, as long as the user understands that each reconciliation period is off by a month from their actual bank statements.
Not ideal but it's better than backdating individual transactions.