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thebeeskneeswsg-
June 12, 2021
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I have reconciled my quickbooks bank account to get a 0 variance, however my QB account balance and my actual account balance vary by a massive amount.

  • June 12, 2021
  • 2 replies
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Best answer by emmam6

Hello Community Users, We just wanted to pop in and provide some clarification on what to do when the reconciliation is correct but the Bank balance in Quickbooks is not as the above thread is discussing more what to do when the reconcile needs to be adjusted due to missing/edited/ duplicate transactions.

 

If you are reconciling to zero it suggests unrenconciled transactions are causing the bank balance issue in Quickbooks. So we need to determine if they in fact should be removed or if they should be part of the reconcile and in fact the reconcile needs to be changed.

 

So the best thing to do is go to the bank chart of account. Click on the filter (the funnel on the top left and in the options for reconcile status tick unreconciled and save. Then go check against the reconcile report for that period (you can have that open in a different browser/duplicate browser window) . In the bank chart of account if there are duplicate transactions  you can click into them on the chart of account>go to more>delete and remove them from Quickbooks. You can go to the point the balance became out in the running balance and work onwards from there. If you find transactions that should be in the reconcile meaning there is another issue to fix look at the article below or just come back to this thread.

Note-If you have already filed VAT this will cause an exception in the next period however that would be correct as the transaction is a duplicate and should not be included in the VAT return.

Check out this article: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

We'd be happy to offer further guidance if you go through the above and your bank balance is still incorrect. Just add to this thread.

 

 

2 replies

BettyJaneB
BettyJaneB
June 12, 2021

Hi there, @thebeeskneeswsg-.

 

Let me provide some insights about what can cause balance discrepancies in QuickBooks Online.


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

 

If the bank balance is greater than your QuickBooks balance, there might be bank transactions that are causing the difference.

 

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

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

To verify and resolve this matter, I'd suggest running the Reconciliation report. 

 

Here's how: 

  1. Go to the Report tab on the left side. 
  2. Type the mentioned report in the search box. 
  3. Choose Report period and Account in the drop-down. 
  4. Review each transaction on the report one at a time by clicking the View button. 
  5. Revision the Change Type to see the status of the transactions. 
  • Amount changed- open it and modify the amount. 
  • Unreconciled in the register - Please go to your Chart of Accounts (COA), then mark the transaction R. 
  • Reconciled in error- In the COA Select the box in the tick column until it's blank or you see a C. 
  • Deleted - recreate the transaction to fix the problem. 

      6. Follow the on-screen instructions. 

 

For the complete steps about this process, check out this article: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

 

Moreover, I'd encourage you to visit these references below to learn more about fixing reconciliation errors, and other banking topics in QBO:

Let me know if you have other questions with bank transaction or with QuickBooks. Take care and have a great day!

E
emmam6Answer
November 22, 2022

Hello Community Users, We just wanted to pop in and provide some clarification on what to do when the reconciliation is correct but the Bank balance in Quickbooks is not as the above thread is discussing more what to do when the reconcile needs to be adjusted due to missing/edited/ duplicate transactions.

 

If you are reconciling to zero it suggests unrenconciled transactions are causing the bank balance issue in Quickbooks. So we need to determine if they in fact should be removed or if they should be part of the reconcile and in fact the reconcile needs to be changed.

 

So the best thing to do is go to the bank chart of account. Click on the filter (the funnel on the top left and in the options for reconcile status tick unreconciled and save. Then go check against the reconcile report for that period (you can have that open in a different browser/duplicate browser window) . In the bank chart of account if there are duplicate transactions  you can click into them on the chart of account>go to more>delete and remove them from Quickbooks. You can go to the point the balance became out in the running balance and work onwards from there. If you find transactions that should be in the reconcile meaning there is another issue to fix look at the article below or just come back to this thread.

Note-If you have already filed VAT this will cause an exception in the next period however that would be correct as the transaction is a duplicate and should not be included in the VAT return.

Check out this article: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

We'd be happy to offer further guidance if you go through the above and your bank balance is still incorrect. Just add to this thread.

 

 

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