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FAC-UK
February 20, 2023
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Bank balance not matching QB balance

  • February 20, 2023
  • 1 reply
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Hi, newbie here. I hope someone can help me as I'm at a a bit of a loss.

 

I have three bank accounts linked to QB online. One current account and two savings accounts but in neither savings account does the QB balance match the bank balance. The bank balances amounts are correct and up to date. All the transactions are either transfers from the current account or interest, no other payments or deposits are made from these accounts. The number of transactions in QB and the amount of these transactions exactly matches my bank statements down to the last penny. The transactions in QB manually add up to the bank balance total.

I have undone all of the transactions in one of the savings accounts and the starting balance is around £90 out. The other savings account is around £9 out. Can anyone tell me why this might be please? I've only had these accounts since April 2022. 

Thanks in advance for any help.

Jo

Best answer by Ashleigh1

Hello FAC-UK, 

 

Welcome to the Community page, 

 

BANK BALANCE VS QB BALANCE

There are different reasons why the Bank balance and In QuickBooks balance don't match. 

In QuickBooks balance is the total of bank transactions recorded under the bank account in chart of accounts. It could be that:

 

Reasons why In QB balance is different from the bank balance:

 

1 . Missing transactions that need to be recorded

2. Duplicate or incorrectly entered transactions

3. the beginning balance in QuickBooks Online is incorrect or no opening balance created for the bank account

4.Last option is bank reconciliation, previously reconciled transactions were edited or deleted. 

 

To fix the difference customer needs to get a copy of his bank statement and compare it with the recorded transactions in the bank account inside QuickBooks to reconcile.

 

1 reply

A
Ashleigh1Answer
February 20, 2023

Hello FAC-UK, 

 

Welcome to the Community page, 

 

BANK BALANCE VS QB BALANCE

There are different reasons why the Bank balance and In QuickBooks balance don't match. 

In QuickBooks balance is the total of bank transactions recorded under the bank account in chart of accounts. It could be that:

 

Reasons why In QB balance is different from the bank balance:

 

1 . Missing transactions that need to be recorded

2. Duplicate or incorrectly entered transactions

3. the beginning balance in QuickBooks Online is incorrect or no opening balance created for the bank account

4.Last option is bank reconciliation, previously reconciled transactions were edited or deleted. 

 

To fix the difference customer needs to get a copy of his bank statement and compare it with the recorded transactions in the bank account inside QuickBooks to reconcile.

 

    F
    FAC-UKAuthor
    February 20, 2023

    Thanks, found the errors in the Chart of Accounts. All sorted 🙂

    M
    Mark_R
    February 20, 2023

    Welcome back, @FAC-UK.

     

    I'm happy to know that your issue with QuickBooks balance and Bank balance is already resolved. Please know that the Community is always open to help you again if you have other concerns with QuickBooks.

     

    Wishing you all the best!

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