reconciliation reports?
StephWells
Member Posts: 2
Being the anal person I am, I was looking for some kind of reconciliation report summary/detail to print & attach to bank statements. All I saw with VIEW when I was done was a monthly detail of the bank.
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Hey @StephWells ! When you actually click on the 'view' option within the reconciliation tab it will bring you to the account transactions report (with the filter account/date range) -- from there you should be able to export the report into a PDF or CSV file, which of course, you can print the report from. Hope this helps!
I did. What I get is just a list of transactions. I don't get a summary showing opening balance, debits and credits reconciled, closing/reconciled balance and unreconciled transactions. This is sort of important for tax preparers.
Hi @StephWells . Our reconciliation feature should be used to ensure that all of the transactions on your bank statement have been entered into Wave and that you don't have any duplicate transactions showing up anywhere. By checking off your transactions, comparing them to a bank statement and ensuring your balances match, you can confirm that your reports are accurate and up to date. With that being said, we are looking to refine this some more in the future and the team is currently working hard on a more nuanced product that will give you more insight into your reconciliation, but at the moment this is how the feature functions.
I also need a report that I can print/PDF and give to my external accountant proving that everything reconciles (he would get a copy of the first and last bank statement for the reporting year period). I only give him high level information to prepare my tax returns but he does need to be assured that Wave figures reconcile with bank. I am thinking I will need to take a screen shot of the reconciliations to evidence them.
@ripeka You are correct in saying that currently, the only way to provide that short of evidence to them is through a screenshot of the reconciliation tool. I can't say that I've heard about the need for this sort of export before, but if there are others needing this sort of a feature, be sure to use the upvote option. If I see enough interest, I will be happy to pass the feedback along to our Product Team as a suggestion
Thanks for the reply. I am using Wave for my personal accounting which is quite simple; however at work, I oversee someone else as the financial administrator so, on a monthly basis, she prints a Reconciliation Report (in mYOB) and attaches to EOM bank statement which I then verify the balance is correct. Our external auditor also requires this process (we are in New Zealand). mYOB allows for unpresented items in the bank reconciliation doing accrual accounting which is why a separate report is required i.e. the bank balance shown on the balance sheet is not always 100% identical when compared against the EOM bank statement owing to the unpresented cheques. The Reconciliation Report in mYOB ties it all together.