Bank reconciliation is the final step to ensuring that your records in Wave are accurate and match your business records outside of Wave.
Reconciliation is the process of verifying that everything that appears on your bank statement also appears within Wave, with the same transaction dates and amounts. It's the easiest way to make sure that you don't have duplicated or missing transactions.
Access bank reconciliations under Accounting / Reconciliation in the left-hand navigation menu. Pull up or print out a copy of your bank statement for the month. When you select an account to reconcile from the list, enter the ending date and balance on your bank statement.
If the Wave balance equals the bank statement balance, you're done! If there's a difference, you’ll see a transactions list for that account. Line by line, compare your bank statement to the transactions in Wave and verify that everything matches, making corrections as necessary. Make sure to do this for every month of the fiscal year so you can be confident everything is recorded accurately.
Learn more here about How to Use Account Reconciliation in Wave.
Many small business owners have multiple bank and credit card accounts for their businesses. If you use more than one account, make sure you perform reconciliation for each one. If you have a checking and savings account, reconcile both. If you have a credit card, reconcile that too.
Once you’ve reconciled all your accounts, your bookkeeping should be accurate and fully up to date, and the largest component of your year-end accounting will be complete!