Bank reconciliation is the final step to ensuring that your records in Wave are accurate and match your business records outside of Wave.
Access bank reconciliation under Accounting > Bank Reconciliation in the left-hand navigation menu. When you select an account and month to reconcile, you’ll see the transactions report for that account. Pull up or print out a copy of your bank statement for that month to compare.
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.
Line by line, compare your statement to the transactions in Wave and verify that everything matches. 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.
On the bank reconciliation page, you can easily change between accounts by selecting from the drop-down menu in the upper right corner.
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!