Learn how to reconcile your accounts with a video.
Reconciling your accounts ensures that the transactions in your Wave account match those recorded by your bank.
Create a reconciliation period
Edit or delete a reconciliation period
Create a reconciliation period
Before you reconcile an account, ensure you have your bank statement for the period you want to reconcile. To create a reconciliation period:
- On the left-side menu, click Accounting > Reconciliation.
- Find the account you want to reconcile and click Get Started, then Start Reconciling.
- On your bank statement, find the ending balance date and ending bank balance. Enter this information into the pop-up window in Wave.
- Click Save.
If your bank balance matches the Wave balance, the account will be marked as reconciled and no further action is required. If they don’t match, Wave will display a list of transactions and the difference between the balances for you to review and fix.
If this is your first time creating a reconciliation period, Wave will automatically include all transactions for that account. To reconcile smaller periods, like individual months, change the ending balance date or add a new period. To add a new period, click the drop-down arrow next to the account, then click Add Period.
Edit or delete a reconciliation period
To edit or delete a reconciliation period:
- On the left-side menu, click Accounting > Reconciliation.
- Find the account and click the drop-down arrow to the right.
- Select the period you want to change, then click the pencil icon to the right of the Statement balance.
- In the pop-up window, edit the ending balance date or amount, or click the trash can icon to delete the period.
Fix an unreconciled period
When viewing your Reconciliation page, Wave will highlight any accounts with a discrepancy with a red Needs Attention indicator.
- Click Fix > Fix transactions to begin reviewing transactions in the oldest unreconciled period, or click the warning icon on a specific period to see only transactions for that period.
- To review transactions, compare each transaction with your bank statement and as they match, click the checkmark to the right of the transaction. The Transactions Matched bar at the top of the page will track your progress, showing how many transactions have been matched and how many are left.
- To resolve common issues:
- Missing transactions: Click Add Transaction at the top right to add the missing transaction.
- Incorrect transactions: Click on the transaction to edit the date or amount.
- Duplicate transactions: Select the checkboxes next to the duplicate transactions and click Merge.
- Incorrect statement balance: Click on the pencil icon beside Statement balance amount.