Bank reconciliation upgrade: Keep your books in order & stay on top of your accounting

Bank reconciliation is a way to make sure all the transactions on your bank statement are in Wave, and vice versa. It’s an important part of keeping your bookkeeping up to date, so we’ve made some updates to make it even easier and more intuitive. Let’s give it a try!

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.

Remember, you can only reconcile one account at a time, so make sure you select the correct one!

Once you’ve selected the account you want to reconcile, it’s time to select the month that matches your bank statement.

Wave automatically sets the period to end on the last day of the month, but if your bank statements run on a different schedule, for example from the 21st to the 20th of every month, you’ll want to make sure to edit the end date.

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.

With this update, we’ve taken the guesswork out of reconciliation: Once your balances match, the account will be listed as Reconciled for that month!

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.

If you’re seeing a discrepancy between your Statement Balance and your Wave Balance, it might be because:
  • There are duplicate transactions, such as an invoice payment that you manually added and an imported bank transaction for the same income.
  • Transactions are missing - did you miss entering an invoice or a bill payment?

If your balances don’t match, you’ll 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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