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rodney4
April 12, 2020
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What would cause my QBO Banking Quickbook balance to be different than my YTD Balance Sheet balance? They should match exactly.

  • April 12, 2020
  • 2 replies
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Original commenter did not share additional details
Best answer by katherinejoyceO

Thanks for coming back, @rodney4. I appreciate the screenshot you've shared. 

 

Those balances showing per QuickBooks on the bank screen of your account will be different if your books aren't properly reconciled. As mentioned by my peer @MaryAnn_E, you can fix the beginning balance by reviewing all your downloaded transactions so it will be reconciled. Here's how: 

 

  1. Go to the Banking menu or Transactions menu.
  2. Select the blue tile for the account you want to review.
  3. In the For Review tab click the transaction to expand the view. 
  4. If you have transaction that says Records found, review it by clicking the link next to each record to get more details.
  5. Review the Deposit to field on the forms, then click Match.

If you can't find any records that match with the transaction, you can add and categorize them so it will be counted in your books. 

 

Feel free to message again if you have additional concerns. We're always delighted to help.  

2 replies

M
MaryAnn_E
April 12, 2020

 

Hi @rodney4,

 

The QuickBooks balance is the total balance of all bank transactions that you’ve added or matched to QuickBooks. While the bank balance is your bank's actual balance from the last bank feed update.

 

As far as affecting your Balance sheet, if the bank balance is higher than your QuickBooks balance, you may have a bank transaction that is causing a difference.

 

Here’s a list of possible reasons why these balances don’t match:

  • Outstanding transactions.
  • Card (liability) account.
  • Edited or deleted transactions.
  • Duplicate transactions.
  • New transactions for a connected account.

 

Depending on the factor that’s mentioned above, there are different steps to fix your issue. Here’s an article you can check for a guide: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

 

Also, it might be your company's fiscal year is different than the calendar year. The amounts on both the report and the bank balance may not match because the Balance Sheet is run on a calendar year.

 

You can resolve this issue by doing the following:

 

  •  Option 1: Change the date of the report to match your fiscal year.
  • Option 2: Change your fiscal year to match the calendar year.

 

Please check this article to learn more about the balance sheet troubleshooting steps: How to resolve a Balance Sheet out-of-balance issue?

 

If there's anything else I can assist you with, you can reach me out here. 

R
rodney4Author
April 12, 2020

Thanks so much for the response.

 

My problem isn't the difference between the bank balance shown and the QuickBooks balance.  It's that I'm shown a balance per QuickBooks on the Bank screen for my main account that is different from that same account's QuickBooks balance if I run a YTD Balance Sheet or Trial Balance.

 

Not sure how QuickBooks determines the balance on the Banking tab vs everywhere else.

katherinejoyceO
katherinejoyceOAnswer
April 12, 2020

Thanks for coming back, @rodney4. I appreciate the screenshot you've shared. 

 

Those balances showing per QuickBooks on the bank screen of your account will be different if your books aren't properly reconciled. As mentioned by my peer @MaryAnn_E, you can fix the beginning balance by reviewing all your downloaded transactions so it will be reconciled. Here's how: 

 

  1. Go to the Banking menu or Transactions menu.
  2. Select the blue tile for the account you want to review.
  3. In the For Review tab click the transaction to expand the view. 
  4. If you have transaction that says Records found, review it by clicking the link next to each record to get more details.
  5. Review the Deposit to field on the forms, then click Match.

If you can't find any records that match with the transaction, you can add and categorize them so it will be counted in your books. 

 

Feel free to message again if you have additional concerns. We're always delighted to help.  

K
KatherinGMR
April 7, 2021

Hello, 

I am having the same issue with my QuickBooks Balance and Bank Balance. My QB Balance is lower than my Bank Balance by around $18,000. I follow what this trend and the team suggested and when back and check for all the transaction to be reconciled and not duplicated, also all banking transactions in QB are up to date, but still the difference still there. All months are reconciled with the bank statements with $0 difference, therefore I don't understand why the huge difference. 

 

If someone can guide me and advice me on what to do I would really appreciated it. 

 

Best Regards, 

 

Kathy

katherinejoyceO
katherinejoyceO
April 7, 2021

Thanks for joining in this conversation, @KatherinGMR. As additional insights, there can be various reasons why your QuickBooks balance doesn't match with what you see in your bank account. You can check out my peer @MaryAnn_E response above.  

 

Also, if your bank account is connected with QuickBooks, all of your transactions will be downloaded automatically into the system. It will stay under the “For Review“ tab. You'll have to review and categorize those so they're added to the QuickBooks register.

 

However, if these transactions are manually added such as invoices, sales receipt, income, checks, and expenses, you'll need to match them with the downloaded ones. 

 

For future reference, read through this article to learn more about fixing mismatched or miscategorized bank transactions in QBO. 

 

I'm always around to help you further if you have additional concerns about your QuickBooks and bank balances. Take care!

K
KatherinGMR
April 7, 2021

Hello @katherinejoyceO  Thank you so much for the fast reply. 

I did follow the suggestions that @MaryAnn_E  posted above. I did all of them. In addition I also follow what you mentioned about the bank transaction, all of them are already reviewed and matched as well. Currently right now, there are no more transactions to be review or match.  Furthermore, I reconcile every month going back to 2020 and everything is matched to a "T" with the bank statements. 

 

I read this article multiples times to make sure I didn't left any suggestion out but I did all of them. And the difference still there. I don't understand. 

 

Any additional advice will be greatly appreciated. 

 

Thank you so much!

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