Do you have any questions on bank reconciliation in Wave Accounting? What is the next Wave Accounting tutorial you would like to learn? Comment below and let me know!😀
could you share additional cases while recon the bank? -with purchase & item sales not in the bank,but client company do record in bank? how to deal it?
@@hsmanagementservices6872 That's a good question! When you can't find the Wave transactions in your bank statement, you will need to put on your detective hat and do some investigation. There are a lot of possibilities to it. Based on my own experience, the most common scenario that I've encountered is duplication (or even triple entries!), timing difference (the date of recording in the system is wayyy ahead of the deposit) and wrong bank account (extremely common with companies that have 2 or more bank accounts). Hope this helps you in your bank reconciliation. I would love to hear from you about your next bank reconciliation experience! 😃 Hope you have a wonderful day!
@@hsmanagementservices6872 Ops... missed out on your "How to deal with it" question. Here is some example of how to deal with the common scenarios that I've mentioned in my previous reply: 1) Duplications: Find out all the duplicated transactions and check against the bank statement to determine which of the transaction is the correct one. I usually match the transaction's date in the bank statement and keep the one in the system with the same date. All other duplicated transactions will need to be removed. 2) Timing differences: This is an easy one! Just change your transaction's date in accordance to the transaction's date in the bank statement. 3) Wrong bank account: This is another easy one too! Just change the bank account of the system's transaction and you're done! Are you currently using Wave accounting? How can I help you with your Wave accounting? Let me know if you have any other problems / questions on Wave accounting. 😃
I am thinking of using Wave to help me prepare my taxes from 2017, 18, and 19 for my small Consulting business. Must I use the reconciliation feature or will this present a problem for me going so far back?
Training video - How to enter one vendor check when you pay off a statement that has multiple invoices. Keep it short. Edit the training video before posting. Thank you.
Wave accounting is a great choice for service based business. If you need a basic accounting system without advance inventory tracking, it is a good choice as it is free to use! Unfortunately, Wave is only available to businesses in US and Canada now. You may want to check out other cloud accounting system such as Xero Accounting. =)
I Wait until they are cleared to reconcile. Just started using Wave after go daddy bookkeeping closed and I gave up on quick books online. Love it! Another free option is Zoho books.
Hey do you know how to get rid of the money in transit under the account payments by wave? I have the money in the bank but it still shows as an asset and money in transit. this is really annoying because i know i have the money in the bank and the transactions are showing.
Hi MDP DJs and Booths! Payments by Wave feature is designed to be fully automatic. Whenever your customer make a payment to you through this feature, a customer payment will be generated and an expense transaction will be automatically generated to record the transaction fees as charged by Payments by Wave. If these transactions are not automatically generated for you, you will need to contact Wave Support to troubleshoot on this for you.. probably there's a bug somewhere!
Hi Tony P, you can directly do bank reconciliation in Wave Accounting now as they've upgraded it. You can use Wave's reconciliation page. Just input your bank statement balance, set the date and match the reconciled transactions. It's way easier to use the reconciliation page than doing it manually on Excel / spreadsheet. 😃
Hi Jenny Matthews! If your starting balance is incorrect, you would need to do your bank reconciliation for the previous period to get the balances correct before you work on the current bank reconciliation. We are running 2 Free Live Masterclasses for Non-Accountants on Wave Accounting! I’m dishing all my secrets on how you can use Wave Accounting like a PRO in 2020 and beyond in my upcoming FREE masterclass. Pssst...you CAN use Wave Accounting like a PRO without accounting knowledge, the constant overwhelm or the momentum crushing question "What should I do next?" 🎉 Reserve your FREE spot here: www.nutsaccounting.com/wave
Hi Jenny, make account called 'Net Worth' under retained earnings. Then do a transaction with that account either withdrawl or deposit to adjust starting balance. Make sure that transaction should be on 1 January. She is saying that you have to reconcile for previous period which is not viable in some cases. If you are trying to use wave this year and last year you were doing in other software then it can be hard sometimes to get exact starting balance so this method helps there. Hopefully this will help someone.
hi I am from India can you please let me how I can reconciliation my bank in wave account. my bank account is in state bank of India if not please let me know how I can do it with downloading bank account statements my bank provides a statement in pdf, excel, Msword formate.
Hello, Thank you for taking the time to make this helpful video.I have done reconciling with MYOB before it was cloud based in it was way easier than all this. But unfortunately that is no longer an option so I've got to get my mind around all this. Firstly I was going about it and it was so hard I thought there must be a better way, then I found your tutorial. I typed out the formula in google sheets and it didn't work. It says the number in F7 is a text and cannot be coerced to a number. Even though I converted columns into number format. I'll keep trying. I have question if you don't mind? What about if you are starting to reconcile an account that goes back many years & you are starting say 2 years back and need to start with an already running balance. I've just added an income transaction from an account and called it starting transaction. If that makes sense. Not sure what the accountant will think but I'm sure they can fix it. Thanks for channel and keep up the good work.
Hi Dallas76JJ! First of all, thank you for watching my video and giving me this chance to serve you! 😀 I'm happy and glad that you found this video helpful. 👍 I have used MYOB before (though it was 3-4 years ago) and the bank reconciliation is done in the software itself with checkboxes to allow you to check off reconciled items, which is more convenient than doing it manually in Microsoft Excel. Probably you would like to check out the bank reconciliation method in their help file which is accessible in the MYOB software. Okay, now let's look at your questions on google sheet and its formula. Of course I don't mind to help you with your questions! Just ask me if you have any questions and I'm glad I can help you 😀
1) You will need to check your content in your F7 field if its only containing numbers. When I export MYOB data or reports to Excel format, the numbers are in text format due to the currency and the trailing spaces. For example, my F7 is "13699" (a number only field) while MYOB exported Excel file will show it as "$13699 " (💲 dollar sign or your home currency in alphabets such as CAD and SGD at the front of the numbers with a few spaces trailing behind the numbers). If your F7 is showing this, use the "Find and Replace" feature in google sheets on the affected columns to find your currency "$" or "CAD" and replace with nothing (you don't need to type a space or do anything in the replace with column). It will remove the dollar signs. Repeat this with the trailing spaces. Ensure that your F7 only contain numbers like "13699" without any spaces in the front nor back. Now your F7 should be able to convert to number format without a problem. 😀👍
2) The process of reconciling backlogs are the same. You proceed month by month. Let's put an example here for easy reference: Jan 2017 (2 years ago). First of all, you need to ensure that your Dec 2016 are reconciled correctly. If you are migrating into Wave and you're starting your transactions from 1st Jan 2017, you will need to enter your 31st Dec 2016 closing balances of all Balance Sheet accounts into Wave. Then you may proceed according to the steps in my video to reconcile Jan 2017. Once you're done, continue reconciling month by month until your latest bank statement month. 💪💪 When you enter your 31st Dec 2016 closing balances of all Balance Sheet accounts into Wave, all your accounts will be balanced and you don't need to create an income transaction to record it. 👉👉Oh, I just realized that you might not be using Wave Accounting and still on MYOB. Which accounting system are you using now? Actually the above answer applies to all accounting systems and not restricted to Wave only. =) 🗎🗎 Hope this helps you in your accounting / bookkeeping journey! Don't forget to grab your free guide "10 Tips on Sales Invoices Page in Wave App Accounting". Have a great day! 😀
@@NutsAccounting Thank you so much for taking the time to give a detailed reply. It makes my head spin at times how much back end work needs to be done because a program doesn't have a feature that your used to. Then I do that for a while and it all changes. I just sent an myob file to accountant for a client and it was corrupted. Then I sent by different email service and it worked. Technology is so unpredictable that most of my work seems to trouble shooting. Now that's of my chest, I want to say thanks again and I wish for you great success.
@@Dallas76JJ You're most welcome, Dallas! 👏🏻👏🏻 I'm so happy to hear that your problem is resolved! Its an honour to me that I could help you. 😃 Yes, if the system / software could not perform what you need to do then things will get pretty difficult even if its just performing a simple tasks. Luckily there's always workaround methods though it will be a longer and not so simple road. Hope your accounting / bookkeeping journey will be smooth sailing ahead! If you do encounter any problems in the future, do drop me a comment / message. By the way, if you would like to use your accounting system like a pro, I have created a guide on this. Its totally free for you and you can get your copy at www.nutsaccounting.com/cassecrets. 😃 Appreciate if you can subscribe to my channel and tell your friends about me. Hope you have a wonderful day ahead! 😃
Thanks John Krull! We are running 2 Free Live Masterclasses for Non-Accountants on Wave Accounting! I’m dishing all my secrets on how you can use Wave Accounting like a PRO in 2020 and beyond in my upcoming FREE masterclass. Pssst...you CAN use Wave Accounting like a PRO without accounting knowledge, the constant overwhelm or the momentum crushing question "What should I do next?" 🎉 Reserve your FREE spot here: www.nutsaccounting.com/wave
![F.HERO Ft. JSPKK x ลำไย ไหทองคำ x M-PEE - ไม่สนิทบิดหมด (Thai Riders Anthem) [Official MV]](http://i.ytimg.com/vi/kPJZ0UihBfk/mqdefault.jpg)
Do you have any questions on bank reconciliation in Wave Accounting? What is the next Wave Accounting tutorial you would like to learn?
Comment below and let me know!😀
could you share additional cases while recon the bank?
-with purchase & item sales not in the bank,but client company do record in bank?
how to deal it?
@@hsmanagementservices6872 That's a good question! When you can't find the Wave transactions in your bank statement, you will need to put on your detective hat and do some investigation. There are a lot of possibilities to it. Based on my own experience, the most common scenario that I've encountered is duplication (or even triple entries!), timing difference (the date of recording in the system is wayyy ahead of the deposit) and wrong bank account (extremely common with companies that have 2 or more bank accounts).
Hope this helps you in your bank reconciliation. I would love to hear from you about your next bank reconciliation experience! 😃 Hope you have a wonderful day!
@@hsmanagementservices6872 Ops... missed out on your "How to deal with it" question. Here is some example of how to deal with the common scenarios that I've mentioned in my previous reply:
1) Duplications: Find out all the duplicated transactions and check against the bank statement to determine which of the transaction is the correct one. I usually match the transaction's date in the bank statement and keep the one in the system with the same date. All other duplicated transactions will need to be removed.
2) Timing differences: This is an easy one! Just change your transaction's date in accordance to the transaction's date in the bank statement.
3) Wrong bank account: This is another easy one too! Just change the bank account of the system's transaction and you're done!
Are you currently using Wave accounting? How can I help you with your Wave accounting? Let me know if you have any other problems / questions on Wave accounting. 😃
I am thinking of using Wave to help me prepare my taxes from 2017, 18, and 19 for my small Consulting business. Must I use the reconciliation feature or will this present a problem for me going so far back?
Setting up a business budget to. Wave
Training video - How to enter one vendor check when you pay off a statement that has multiple invoices. Keep it short. Edit the training video before posting. Thank you.
Thank you for sharing!
How about a video on edit or add account types in Wave? i.e. shareholder distribution S Corp
Why can"t I get my Bank statment balance, I match all my transaction for the month and still not Zero
Is this suitable for medium company in Malaysia or just suitable to small business with less customers entry
Wave accounting is a great choice for service based business. If you need a basic accounting system without advance inventory tracking, it is a good choice as it is free to use! Unfortunately, Wave is only available to businesses in US and Canada now. You may want to check out other cloud accounting system such as Xero Accounting. =)
What do you do with transactions that have not cleared the bank? I’m certainly not going to delete them.
I Wait until they are cleared to reconcile. Just started using Wave after go daddy bookkeeping closed and I gave up on quick books online. Love it! Another free option is Zoho books.
what if there are outstanding checks that have been recorded in Wave, but not cleared on the bank statement?
That will be outstanding transactions. You can reconcile the transaction when it appears in your bank statement later.
Can I use it to set up a simple business budget?
Hi Tanya! Currently Wave does not have budget feature. It can only record your actual financial transactions only.
Hey do you know how to get rid of the money in transit under the account payments by wave? I have the money in the bank but it still shows as an asset and money in transit. this is really annoying because i know i have the money in the bank and the transactions are showing.
Hi MDP DJs and Booths! Payments by Wave feature is designed to be fully automatic. Whenever your customer make a payment to you through this feature, a customer payment will be generated and an expense transaction will be automatically generated to record the transaction fees as charged by Payments by Wave. If these transactions are not automatically generated for you, you will need to contact Wave Support to troubleshoot on this for you.. probably there's a bug somewhere!
I don't have the screens your showing, could you show what your clicking on rather than just show the screen your all over the place
Hi Tony P, you can directly do bank reconciliation in Wave Accounting now as they've upgraded it. You can use Wave's reconciliation page. Just input your bank statement balance, set the date and match the reconciled transactions. It's way easier to use the reconciliation page than doing it manually on Excel / spreadsheet. 😃
please explain how i allocate a payment on my bank statement to a creditor...
Hi Laura, you may select the respective creditor when you edit the bank transaction 😃
How do I change the starting balance? I believe there is an error in mine but I can only find how to end the ending balance.
Hi Jenny Matthews! If your starting balance is incorrect, you would need to do your bank reconciliation for the previous period to get the balances correct before you work on the current bank reconciliation.
We are running 2 Free Live Masterclasses for Non-Accountants on Wave Accounting!
I’m dishing all my secrets on how you can use Wave Accounting like a PRO in 2020 and beyond in my upcoming FREE masterclass.
Pssst...you CAN use Wave Accounting like a PRO without accounting knowledge, the constant overwhelm or the momentum crushing question "What should I do next?" 🎉
Reserve your FREE spot here: www.nutsaccounting.com/wave
Hi Jenny, make account called 'Net Worth' under retained earnings. Then do a transaction with that account either withdrawl or deposit to adjust starting balance. Make sure that transaction should be on 1 January. She is saying that you have to reconcile for previous period which is not viable in some cases. If you are trying to use wave this year and last year you were doing in other software then it can be hard sometimes to get exact starting balance so this method helps there. Hopefully this will help someone.
hi I am from India
can you please let me how I can reconciliation my bank in wave account.
my bank account is in state bank of India
if not please let me know how I can do it with downloading bank account statements
my bank provides a statement in pdf, excel, Msword formate.
Hello, Thank you for taking the time to make this helpful video.I have done reconciling with MYOB before it was cloud based in it was way easier than all this. But unfortunately that is no longer an option so I've got to get my mind around all this. Firstly I was going about it and it was so hard I thought there must be a better way, then I found your tutorial.
I typed out the formula in google sheets and it didn't work. It says the number in F7 is a text and cannot be coerced to a number. Even though I converted columns into number format. I'll keep trying.
I have question if you don't mind? What about if you are starting to reconcile an account that goes back many years & you are starting say 2 years back and need to start with an already running balance. I've just added an income transaction from an account and called it starting transaction. If that makes sense. Not sure what the accountant will think but I'm sure they can fix it. Thanks for channel and keep up the good work.
Hi Dallas76JJ! First of all, thank you for watching my video and giving me this chance to serve you! 😀 I'm happy and glad that you found this video helpful. 👍
I have used MYOB before (though it was 3-4 years ago) and the bank reconciliation is done in the software itself with checkboxes to allow you to check off reconciled items, which is more convenient than doing it manually in Microsoft Excel. Probably you would like to check out the bank reconciliation method in their help file which is accessible in the MYOB software.
Okay, now let's look at your questions on google sheet and its formula. Of course I don't mind to help you with your questions! Just ask me if you have any questions and I'm glad I can help you 😀
1) You will need to check your content in your F7 field if its only containing numbers. When I export MYOB data or reports to Excel format, the numbers are in text format due to the currency and the trailing spaces. For example, my F7 is "13699" (a number only field) while MYOB exported Excel file will show it as "$13699 " (💲 dollar sign or your home currency in alphabets such as CAD and SGD at the front of the numbers with a few spaces trailing behind the numbers).
If your F7 is showing this, use the "Find and Replace" feature in google sheets on the affected columns to find your currency "$" or "CAD" and replace with nothing (you don't need to type a space or do anything in the replace with column). It will remove the dollar signs. Repeat this with the trailing spaces. Ensure that your F7 only contain numbers like "13699" without any spaces in the front nor back. Now your F7 should be able to convert to number format without a problem. 😀👍
2) The process of reconciling backlogs are the same. You proceed month by month. Let's put an example here for easy reference: Jan 2017 (2 years ago). First of all, you need to ensure that your Dec 2016 are reconciled correctly. If you are migrating into Wave and you're starting your transactions from 1st Jan 2017, you will need to enter your 31st Dec 2016 closing balances of all Balance Sheet accounts into Wave. Then you may proceed according to the steps in my video to reconcile Jan 2017. Once you're done, continue reconciling month by month until your latest bank statement month.
💪💪
When you enter your 31st Dec 2016 closing balances of all Balance Sheet accounts into Wave, all your accounts will be balanced and you don't need to create an income transaction to record it.
👉👉Oh, I just realized that you might not be using Wave Accounting and still on MYOB. Which accounting system are you using now? Actually the above answer applies to all accounting systems and not restricted to Wave only. =)
🗎🗎 Hope this helps you in your accounting / bookkeeping journey! Don't forget to grab your free guide "10 Tips on Sales Invoices Page in Wave App Accounting". Have a great day! 😀
@@NutsAccounting Thank you so much for taking the time to give a detailed reply. It makes my head spin at times how much back end work needs to be done because a program doesn't have a feature that your used to. Then I do that for a while and it all changes. I just sent an myob file to accountant for a client and it was corrupted. Then I sent by different email service and it worked. Technology is so unpredictable that most of my work seems to trouble shooting. Now that's of my chest, I want to say thanks again and I wish for you great success.
@@Dallas76JJ You're most welcome, Dallas! 👏🏻👏🏻 I'm so happy to hear that your problem is resolved! Its an honour to me that I could help you. 😃
Yes, if the system / software could not perform what you need to do then things will get pretty difficult even if its just performing a simple tasks. Luckily there's always workaround methods though it will be a longer and not so simple road. Hope your accounting / bookkeeping journey will be smooth sailing ahead! If you do encounter any problems in the future, do drop me a comment / message. By the way, if you would like to use your accounting system like a pro, I have created a guide on this. Its totally free for you and you can get your copy at www.nutsaccounting.com/cassecrets. 😃
Appreciate if you can subscribe to my channel and tell your friends about me. Hope you have a wonderful day ahead! 😃
Thank you for every thing I did get good information from ur videos and thanks to answer me on my fb..
Nice overview!
Thanks John Krull!
We are running 2 Free Live Masterclasses for Non-Accountants on Wave Accounting!
I’m dishing all my secrets on how you can use Wave Accounting like a PRO in 2020 and beyond in my upcoming FREE masterclass.
Pssst...you CAN use Wave Accounting like a PRO without accounting knowledge, the constant overwhelm or the momentum crushing question "What should I do next?" 🎉
Reserve your FREE spot here: www.nutsaccounting.com/wave
Thank you Good Video
Thank you Bunny Choice! Your comment made my day. 🙂 Hope you have a wonderful day too!
General Ledger tutorial
👍
BANK RECON
bank recon
Recon
Bank Recon
one minute staring at your face is unnecessary, please edit the video
Bank Recon
Bank Recon
Bank Recon