To track a check
1) Log in to Wave and go to the Transactions page.
2) If you are entering a check you wrote, click on Add Expense. If you are entering a check you received, click on Add Income.
3) Enter the date and description of the check.
Entering the check number in the description is a helpful way to differentiate check transactions from other transactions.
Now that you have entered your checks, it's time to wait for them to clear the bank. A cleared check, sometimes called a processed check, is a check that you are able to see on your bank statement.
4) To track the check amounts, categorize and verify all non-check transactions. The only unverified transactions should be outstanding checks.
5) Once all you have left is unverified checks, turn off all of your filters.
6) Filter by the bank account of your outstanding checks. One this filter is on, the Difference amount is what is outstanding in checks.
Looking at the screenshot below as an example, there is income of $134.89 outstanding and an expense of $95.00. The difference of $39.89 is what the bank account is short because of outstanding checks.
7) Once the check appears on your online bank statement, it's time to clear it in Wave.
a) If you have your bank account connected, once your check transaction is imported, merge the two transactions together. To do this, select the checkbox beside your bank transaction and manually entered check, then click merge at the top of the Transactions page.
Once the transactions are merged, verify the check.
b) If you are manually entering transactions, once your check transaction is present on your online bank statement, verify the outstanding check.
That's it! You have just entered a check, tracked it, then cleared it once it cleared your bank.
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