Account reconciliation is a key component of keeping your bookkeeping up to date. We’ve made some major changes to our accounting software to make the process of account reconciliation easier than ever.
If you’ve never reconciled before, you can check out this guide to get started. If you were doing account reconciliation in the old system, keep reading!
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We’ve moved reconciliation to its own dedicated space in Wave. Click Reconciliation under Accounting to get started.
To begin reconciling a new period, click Reconcile on an account. Enter the Ending Balance Amount that appears on your bank statement, and verify the Ending Balance Date.
Fixing unreconciled periods
Any time an entered statement balance doesn't match the Wave balance, you'll see a Needs Attention icon on your new reconciliation timeline, and the account will be highlighted in red.
Get started by clicking Fix, and you'll be able to view all transactions in the unreconciled period. Compare each transaction line by line to your bank statement, and mark each transaction as Matched to keep track of your progress.
If there are missing transactions, you can add them by clicking Add Transaction. If you find a transaction that needs to be modified, click on the transaction to Edit it. You can select the check boxes on the left-hand side of a transaction to Merge duplicates, or Delete inaccurate records.
Why didn’t my reconciliation move over from the old system?
While the bank import was the easiest way to get a statement balance to compare to your transactions in Wave, the old system wasn’t able to save this balance.
I did my reconciliation all the time, why are there periods that Need Attention?
The old system only counted verified transactions when calculating the Wave balance for account reconciliation. Leaving a transaction unverified rather than deleting, editing, or merging it means that it’s always been counted for reports. With the update, now it’s counted towards reconciliation.
Can I ignore past years and just start in this current fiscal year?
You could add an adjustment entry at the end of a fiscal year to balance the unreconciled account. Read more about this approach here.
What’s the difference between Mark as Reviewed and Matched?
On the Transactions page, you can mark a transaction as Reviewed. This status helps you keep track of transactions that you've reviewed for completion, like adding the correct category, sales tax, and notes.
On the Reconciliation transactions view, you can mark a transaction as Matched. This status helps you distinguish transactions that you've matched against your bank statement during reconciliation.