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Abbas Shah
November 15, 2022
Solved

Bank Difference

  • November 15, 2022
  • 1 reply
  • 0 views

Hello

 

I don't use QB much for clients however I have just taken on a new client who uses it.  There is quite a large difference between the QB balance and the statement balance.

 

Without going through every single banking transaction to see if everything has been recorded properly, how do I resolve this issue within QB?

 

QB balance is approx £19k and the statement balance £35k

Best answer by GeorgiaC

Hello

 

I have previous run a report that has shown me all the account history including manually added items and bank transactions on one report.  This has allowed me to identify duplicate items on the accounts so i can try and match the quickbooks balance to the bank.

 

How do i download this report?


Hi Abbas Shah, you can use the reconciliation tool (Cog > Reconcile) or run the report history for the account to view all transactions posting to this (Cog > Chart of accounts > Click the drop-down beside the account > Run report) 👩‍💻

1 reply

A
Ashleigh1
November 15, 2022

Hello Abbas Shah, 

 

Welcome to the Community page, 

 

So it could be a few things to why the balances are different,  In QuickBooks balance is the total of all transactions recorded to the bank account in QuickBooks Whilst bank balance is the actual bank balance pulled up through bank feed connection. 

 

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

1 . Missing transactions that needs to be recorded

2. Duplicate transactions

3. No opening balance created for the bank account

 

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. Compare the transactions in your actual bank statement and the transactions recorded in QBO

 

 

 

A
Abbas ShahAuthor
November 16, 2022

Thank you for the reply.  How do I get a list of all the bank transactions inside Quickbooks?  Client wants to go back to 2018 when it was set up.

 

Regards

Abbas

G
GeorgiaC
November 16, 2022

Hi Abbas, you can either import the transactions using a CSV downloaded from the bank, or enter an opening balance as of a specific date and begin recording from there. 🙂

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