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accounts346
August 18, 2020
Question

Is there a way i can match my bank balance and quick-books ?Apparently my quick-books balance is way higher than bank balance. i have reconciled and closing balance is ok

  • August 18, 2020
  • 1 reply
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1 reply

AlcaeusF
AlcaeusF
August 18, 2020

Welcome to the Community, @accounts346.

 

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

 

Also, below is the list of other possible reason why these balances don’t match:

 

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

 

Depending on the factor mentioned above, there are different steps to fix this issue. Let's start by reviewing your opening balance and ensure that it's correct.

 

Here's how:

 

  1. In QBO, go to the Accounting menu at the left pane to get to the Chart of Accounts.
  2. Locate the account and click View register in the Action column. 

 

For more information about the process, refer to this article: Fix beginning balance issues if you've reconciled the account in the past QuickBooks Online.

 

Please know that I'm only a post away if you have any other issues or concerns. I'll be here to assist. Have a great day!

A
accounts346Author
August 24, 2020

Thank you. Its coming out well. I discovered the problem was with the transactions for the other linked account.

 

Question, how do I reconcile the second linked account with its transactions? do I delete them or there is another way?

 

Thank you for the great help

BettyJaneB
BettyJaneB
August 24, 2020

Glad to have you back here in the Community, @accounts346.

 

I've got insights to share on how you can reconcile your account that contains transactions from the other linked account.

 

You'll need to exclude the unnecessary bank transactions on your account so you'll be able to reconcile it successfully. If the entries were accepted already, you have to undo them, then exclude them afterward.

 

To do that:

  1. On the left pane, select on Banking.
  2. Refer to the Banking tab.
  3. If multiple banks are connected, choose the bank to work with.
  4. Click on the In QuickBooks tab. 
  5. Select the transaction you want to exclude, then click Undo under the ACTION column.
  6. Hit on the For Review tab. 
  7. Tap the transaction you want to exclude.
  8. Press on Batch actions drop-down and select Exclude Selected.

From there, you can now start reconciling your account. Here's a link that contains details on how to perform this procedure: Learn how to reconcile your accounts so they match your bank and credit card statements.

 

Lastly, I'd like to add these resources below that provide information on how to categorize your transactions properly so it will be tracked in the right account and on to fix reconciliations issues in QBO:

Know that you can always visit me here if there's anything else that you need, @accounts346. I'll be around to help. Take care!

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