How to reconcile checking accounts, savings accounts and credit cards in Wave Apps

Transcript of Video:

I’m going to show you how to reconcile your checking accounts, savings accounts, and credit cards in Wave Accounting.

Let’s log on to Wave.

As soon as you are logged onto Wave, you’re going to be at the dashboard.

The first thing you’re going to want to do is to choose your transactions.

You go to Accounting Tab and then transactions.

And I like to clear out everything and you’re going to have a list of all, all of your transactions. Okay?

But we need to do is focus on one specific account.

For right now we’re going to choose the checking account.

The first thing you need to do is choose the date range which you want to focus on.

I know only a few months of these transactions have been important.

Let’s just do September 1st – September 30th.

Typically you’re going to work on a reconciliation for the same time frame that is on your bank statement in.

A lot of them are for the calendar month, from the beginning of the month to the end.

But some of them do use a, let me say a weird date.

For instance, I have a checking account at the bank account ends on the 10th of each month or thereabouts.

Everything is updated now.

We’re only seeing the transactions from September 1st to September 30th.

The first thing you’d do is you’d want to get your actual bank statement and that’s probably going to be a pdf.

It doesn’t need to be a printout, but you need information for that.

What you need to enter is literally what the ending balance actually is on your bank statement.

Let’s just say for our purposes it was $100.

Hopefully, we’ve done everything correctly.

We’re going to select all and click verify.

You’ll notice when we verify this large green box is checked.

That means that we’ve verified this transaction was actually on the bank statement.

Make sure we have everything.

We have everything selected.

Now we have a difference, right?

Now says we have a difference of $341 and 3 cents, so we need to investigate.

That’s what you do to reconcile though. Now, this is saying that my pounds is $241 and 3 cents because that was the case that we reconcile perfectly, but I know not the case.

We just need to investigate and use your actual ending balance, investigate any differences and then you have different should be zero.

When it’s zero, you are reconciled.

You’re good to go.

If you’d have any questions, please feel free to leave a comment. If you haven’t already like this video, so I know you want me to make more subscribe to the channel so I can send them to you and share this with your entrepreneurial friends who are also using wave talk to you later.

 


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