Resolve differences between your Wave balances and bank balances

If your balances do not match, this may be due to a few reasons:

• Delayed bank transaction imports
• Funds in transit
• Unreconciled accounts
• Starting balances
• Inflated income accounts
• Inconsistent amounts for the same account

Delayed bank transaction imports

If you have connected your bank accounts in Wave to import transactions, you will notice that imports only happen at fixed intervals, not in real time. Once your transactions are imported, check to see if your balances match.

Funds in transit

When you accept a check payment from a customer or write a check for a vendor, there is a period before the funds are deposited or withdrawn from your bank account. This is when the money is considered in transit. If you record the payment in Wave while the funds are in transit, your balances may not match. Learn how to bookkeep an undeposited check.

If you have recorded an undeposited check payment to a Money in Transit account, it may now be cleared, causing your balances to be mismatched. To resolve this, bookkeep the check as deposited.

Reconcile your accounts to a date before the check was recorded to verify that your account balances match.

Unreconciled accounts

If you have not reconciled your accounts, there could be missing or duplicate transactions in your Wave account. When you compare your bank statement with the transactions in Wave, you can identify and correct any differences. Learn how to reconcile your accounts

Starting balances

If your accounts are reconciled, check if you have a starting balance entered for your account. A starting balance represents the amount in the bank account before the period you start with Wave. An incorrect or missing starting balance can result in an incorrect account balance in Wave.

Inflated income accounts

If you notice an inflated amount for income accounts when using cash basis, check if you have edited your invoices to add any negative line items.

A negative line item may have been used to prevent an invoice from showing as overdue after recording a refund on the invoice. Delete the negative line item and correct the overdue balance by writing off the invoice.

Inconsistent amounts for the same account

There are rare occasions when your Wave pages may not communicate with each other. This causes reports in Wave to display inconsistent amounts for the same account across different reports. In cases like this, a data refresh may be required.

Future-dated transactions will not be included in the account balances on the Transactions page or the Reconciliation page. However, the transactions will be included in the Account Transactions report.

You may need a data refresh if:

• There are different amounts for the same account when you compare reports. The report types should be consistent when comparing reports.
• The balance widget at the top of your Transaction page isn’t updating when adding new transactions
• The Wave balance on your Reconciliation page does not match the balance on your Account Transactions report for the same account and timeframe.
• The Wave balance after the last transaction entered in a reconciliation period does not match the Wave balance at the top of the page.

If you notice any of the above issues, our support team may need to refresh your data. Open Mave, Wave’s automated chatbot, and type human support inconsistent report balances. Mave will help collect any relevant details and direct you to the appropriate support.