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Should the "Register Balance" on the on the bank Reconciliation Report tie to the Balance Sheet?

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I'm fairly new to QBO and I'm trying to get the $$ amt shown on my balance sheet for my Operating Account to tie to SOME NUMBER on the bank reconciliation. I'm thinking it should tie to the "Register Balance" as of the month-end date, but it doesn't. Does that sound right?

QuickBooks Online

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devonne-kahunainAnswer

The cash balance on the balance sheet should always tie to the register amount shown on the reconciliation report. That's how it is in every other accounting software. Line items on a balance sheet SHOULD tie to a source document. Your bank reconciliation is the source document. It ties on every other bank account.

I dug further into the issue and it's related to a voided stale check from last August. It's crazy that QB doesn't give you the option to CHOOSE which period the void should be reflected. I've never seen a sophisticated accounting software not give you that option.

J

jamespaul

Hello, Devonne.

Let's clarify some things about the balance shown on the bank reconciliation report versus on the Balance Sheet.

The Register Balance on the bank reconciliation report is a static amount. So, it's not tied to the current bank's balance on the Balance Sheet report or on the Chart of Accounts page.

To further elaborate, the Register Balance is the total balance after the reconciliation process. Usually, this serves as a basis for the beginning balance for the next accounting period.

So, we'll want to look at the balance on the Balance Sheet report or on the Chart of Accounts page if you want to see the sum of all posted transactions in QuickBooks.

I'll add this article in case you want to learn more about the bank reconciliation report: How do I view, print, or export a reconciliation report?

Also if you'd like a refresher on the reconciliation process, check out this article for more details: Reconcile an account in QuickBooks Online.

We also have an Online Banking feature where you can connect your bank to add and match your bank records in QuickBooks. If you're interested, we can take a look at this article for more details: Connect bank and credit card accounts to QuickBooks Online.

I'm ready to help you out again if you'd like me to clarify other things regarding the reconciliation process. If you happen to come across any difficulties while recording your entries, let me know and I'll gladly assist you.

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devonne-kahunainAuthorAnswer

The cash balance on the balance sheet should always tie to the register amount shown on the reconciliation report. That's how it is in every other accounting software. Line items on a balance sheet SHOULD tie to a source document. Your bank reconciliation is the source document. It ties on every other bank account.

I dug further into the issue and it's related to a voided stale check from last August. It's crazy that QB doesn't give you the option to CHOOSE which period the void should be reflected. I've never seen a sophisticated accounting software not give you that option.

AlcaeusF

Hello @devonne-kahunain,

I have reviewed the solution you’ve shared and it's correct and accurate. Thank you for sharing your inputs to help address the issue.

We love to see members supporting one another! Have a great day.

F

FEDERIGHI

I have a situation where the Register Balance on the Bank Reconciliation DOES NOT match the balance sheet?? Where to start?

C

CamelleT

Hello there, FEDERIGHI.I understand how important it is for you to match your bank balance and your Balance Sheet report. I'm here to assist you in resolving this matter.

The information that shows on your reports depends on the data that you entered in QuickBooks Online (QBO). Let's make sure that the reporting period on your balance sheet matches with your statement ending date on your bank reconciliation. To ensure that we select the right report period, we can:

1.Go to Reports, then search for Balance Sheet.

2. Under the Report period, select Custom.

3. Choose the starting date and end date of when you reconciled your transactions.

4. Click Run report.

However, if the amount still doesn't match after customizing the report period, then we can click that amount to show the Transaction Drilldown Report. From there, we can review the transactions and compare it with your bank statement. If there are transactions that aren't included in the previous reconciliation, we can create them in QuickBooks and reconcile them again. If you have transactions that aren't supposed to be included, we can undo them.

For further help in fixing your reconciliation, you can check out this guide: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

If you have any other concerns about matching your bank balance with your balance sheet. Please let us know. We are always here to help.

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