The Reconciliation page is only available on the web version of Wave.
Reconciliation helps you find missing or incorrect transactions in your accounts by matching your bank statement with the transactions in Wave. This helps you maintain the accuracy of your financial records.
To reconcile an account, open or create a reconciliation period, then match the transactions in Wave to the transactions on your bank statement. Your bank statement should list all transactions for the date range and the closing balance.
Learn how to reconcile your books with a video.
Create or open a reconciliation period
Create or open a reconciliation period
You cannot create a new reconciliation period for an account if it has an existing unreconciled period.
To create a reconciliation period or open an existing one:
- On the left-side menu, click Accounting > Transactions.
- At the top right of the page, next to Reconciliation, switch the reconciliation toggle to On.
- Select the account you want to reconcile. If you have filtered to a specific account already, you will only see existing reconciliation periods for that account.
- To create a new period, enter the end date and closing balance of the bank statement, then click Start reconciling.
- To open a reconciled period, select the period or click the pencil icon.
- To continue reconciling a period in progress, click Continue reconciling. This opens your last reconciliation period.
- Click Start reconciling.
To return to the all transactions view, switch the reconciliation toggle to off.
Match your transactions
If you can’t find a matched transaction, it may be in another reconciliation period. Hover over the balance icon on the left of the transaction on your Transactions page to see what reconciliation period it belongs to.
If your Closing balance is the same as your Matched balance, a pop-up will appear. To have Wave match all transactions, click Reconcile automatically. To match transactions yourself, click Reconcile manually.
The number of unmatched transactions, the Closing balance from your bank statement, the Matched balance in Wave, and the Difference between the two balances are at the top of your reconciliation period.
To mark a transaction as matched, under the Match column, click the balance icon. To unmatch a transaction, click the balance icon again.
As you match transactions, the Matched balance and the Difference amount will update.
The Difference amount will be zero once all transactions have been matched and there are no discrepancies between transactions and your bank statement. Click End reconciliation to complete the period.
If there is a discrepancy between your balances, you'll see the difference amount under Difference. Learn how to fix an unreconciled period.
To leave a reconciliation period, at the top left, click Back to reconciliation history. Your work automatically saves. To continue reconciling later, return to the reconciliation page for the account and click Continue reconciling.
On the all transactions view, transactions that have been matched in a reconciliation period have a balance icon to their left.