You know that you need to reconcile your bank account in your WaveApps software, but you’re not sure how.
In this tutorial, I’ll give you a step-by-step of how to reconcile your bank account.
6 Steps to Reconcile Your Bank Account in WaveApps
Step 1. Log in to your dashboard.
Step 2. Click the Accounting tab on the left-hand menu.
Step 3. Choose Transactions.
Step 4. Right under the Transactions, change “All Statuses” to Unverified.
Step 5. Under “Accounts”, choose “All Accounts”.
Step 6. You’ll see three boxes up; Ending Balance – Verified Balance = Difference
Here’s what each of those means:
ENDING BALANCE – Balance from your online bank statement
VERIFIED BALANCE – Transactions you have verified in Wave
DIFFERENCE – Difference between your ending balance and verified balance
Step 7. This is where the fun game begins. Your goal is to make the difference equal zero. So you can start categorizing and verifying your transactions. You verify the transaction by clicking the box to the right of transaction with the checkmark. It will turn bright green when it’s verified.
How to Merge Transactions
If you find that you have duplicate transactions, you can easily merge them by check marking them both and clicking the Merge button.
How to Attach Receipts to Transactions
If you have receipts you want to attach to a transaction, there are a few different ways you can do this.
Method 1: You can download the Wave Receipts app for free, take a photo of the receipt and upload it for processing.
Method 2: You can forward the receipt as a PDF from your email to firstname.lastname@example.org.
TIP: The email has to come from your registered email address.
Method 3: You can scan your receipt in, and go to the Receipts section under Purchases on the left-hand menu.
If you do this, you’ll need to merge the receipt transaction with the bank line transaction.
DIY Bookkeeping Takes Time
Learning the technical details of how to organize your books takes time, so if you’re confused or frustrated, I understand. It’s not easy. If you’re at a point where you’re too busy to learn these details and manage your own books, it might be time for you to hire a bookkeeper. Click here to read more about how I can help you.