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mikeybgutter
December 7, 2022
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  • December 7, 2022
  • 1 reply
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Hello. I am new to quickbooks as I am working as an independent contractor for a gutter company, for the first time.  I noticed that quickbooks often does not have the same reading as funds I have in my accounts.  I understand that I move money in and out often, but it isnt matching in my savings which has much fewer transactions.  Another example is it is saying my transactions are cleared, but I have made transactions in the past week, maybe more.  Is there a system in place regarding updating the current balances and transactions? once a week, every other, monthly, etc. I am probably being impatient at times.  How often should i check my quickbooks (online) to move transactions to their appropriate files.

Thanks in advance!

-MikeyB

1 reply

M
mv32
December 7, 2022

Thanks for joining the Community and choosing QuickBooks Online, @mikeybgutter.

 

I can share some information about the balance you see between QuickBooks Online and your bank account.

 

In QuickBooks Online, some factors can affect the balance of your bank accounts. Among these factors are mainly your downloaded bank transactions. You can check this list of possible reasons why these balances won't match:

  • Outstanding transactions.
  • New transactions for a connected account.
  • Duplicate transactions.
  • Edited or deleted transactions.

 

In addition, QuickBooks balance is affected by your transactions recorded in the register and the ones you haven't added, matched, or reviewed yet in the Banking window. While the bank balance is solely determined based on the real-time amount from the last bank feed update.

 

For these reasons, you may want to get your bank account statement to compare the transactions you see in your savings chart of account. From there, you can review the transactions and see if some of them appear from the list that I mentioned. You may want to delete this from the bank register.

 

Now to fix this and to ensure both amounts are similar, let's consider categorizing and matching your downloaded transactions based on your bank statement. You can do this by following the steps outlined in this article: Categorize and match online bank transactions in QuickBooks Online.

 

On the other hand, I'm unable to determine when your bank loads your online banking entries since QuickBooks is dependent on when your bank updates recent transactions. But I believe some bank updates once every 24 hours. 

 

Furthermore, I've also included this reference helpful with the resources needed while working with bank feeds and reconciling accounts: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

 

Please let me know if you have other questions or concerns with QuickBooks tasks and navigations. I'm always around and happy to help. Take care and stay safe!

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