Reconcile your books

Account reconciliation ensures that the transactions you enter into your Wave account match what happened in the real world. Have your bank statement ready before you begin, as you’ll compare the transactions to those in Wave.

If you haven’t connected a bank account or uploaded a statement, add your transactions to Wave before you start.

Create a reconciliation period

Review your transactions

Reasons your statement and Wave balance may not match

Fix an unreconciled period

Frequently asked questions

Create a reconciliation period

  1. On the left-side menu, select Accounting > Reconciliation.
  2. Find the account you want to reconcile. Click Get Started.
  3. Select the final date of the period you want to reconcile and enter your bank balance as of this date.
  4. Click Save.

If the bank balance and the Wave balance are the same, the account is reconciled. If the balances are not the same, Wave will generate a page with all of the transactions in the period, so you can fix them.

Review your transactions

To review your transactions, click on the unreconciled period. Review each transaction with your bank statement for accuracy, then select the checkmark to the right of the transaction to mark it as matched.

The Transactions matched bar at the top of the page moves to indicate your progress of how many transactions have been matched, and how many are left.

Your Wave balance always equals the total of all transactions in the account, whether you have matched them or not.

Reasons your statement and Wave balance may not match

If the statement balance and the Wave balance don’t match for a reconciliation period you've entered for an account, you’ll need to review and edit the transactions within each unreconciled period. This can happen for the following reasons:

          • There are missing transactions
          • There are duplicate transactions
          • A transaction is showing the wrong date or amount
          • A transaction has been added or deleted for that period.

Fix an unreconciled period

On the Reconciliation page, Wave highlights and adds a red Needs Attention indicator on the timeline of any previously reconciled accounts that have experienced a change resulting in an imbalance. Wave also displays them at the top of the list of accounts within a financial institution.

Click Fix to review transactions within the oldest unreconciled period. You can also click on the warning icon for a specific period to view only the transactions within that period.

To fix the unreconciled period:

          • If there are missing transactions, add them by clicking Add Transaction.
          • To merge duplicate transactions, select the checkboxes on the left-hand side of the transactions, then click Merge.
          • If a transaction needs to be modified, click on the transaction to edit it.
          • If you have added a transaction and the transaction is correct, edit the Statement balance by hovering over the reconciliation period and selecting the pencil icon. Enter the new statement balance to match the Wave balance.
          • If you have added a transaction and the transaction is incorrect, edit or delete the transaction as required.

Frequently asked questions

How do I reconcile smaller groups of transactions?

If you’re entering a reconciliation balance for the first time, Wave will automatically include all transactions in a single period. To reconcile smaller periods, like individual months, you can input more periods for an account.

To do so, click the drop-down arrow to the right of the Wave account to expand the reconciliation view, then click Add Period.

Can I match in transactions in bulk?

No, there isn’t a bulk-match feature.

How can I delete a period that I added by mistake, or that I no longer need?

  1. Click on the dropdown arrow to the right of the Wave account to expand the reconciliation periods.
  2. Hover over the period to be deleted, then click the pencil icon next to Statement balance.
  3. A new window will pop up where you can click the trash can icon in the bottom left corner.

Can I reconcile my Cash on Hand account?

Yes, however, the Cash on Hand account is used for recording cash on its way to being deposited. It isn't generally used as the final account for income. Learn about best practices for using Cash on Hand, and how to set up and reconcile a petty cash account in Track cash box or float.