To get into bank reconciliation mode, click on Reconciliation under Accounting in the left navigation menu. You’ll see a list of each month you can reconcile with your bank account in Wave, and a dropdown menu in the top right corner that allows you to select which bank account you want to reconcile.
To begin your reconciliation process, click the Start button for the month in question. Enter the Ending Balance Amount that appears on your bank statement, and the Ending Balance Date if your statement cycle is different.
You can usually find the Ending Balance Date at the top of your bank statement.
The goal: You want your Statement Balance to match your Wave Balance, so that the difference between the two is $0. This means that all the transactions that appear on your bank statement have been entered into Wave, and that there are no missing or duplicated transactions.
If the balances don’t match, the account will be tagged as Unreconciled, and you’ll need to compare the transactions in Wave for that period to the transactions on your bank statement to find the discrepancies. Get started by clicking Reconcile to the right of the account, and comparing each transaction line by line to your bank statement.
You’ll then need to go back into the Transactions page for that account to add any missing transactions, or remove any duplicates. Keep it simple and go line by line, making sure everything matches your bank statement.
Once your balances match, you’re all done – your account is reconciled!
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