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Alarmmannie
December 11, 2024
Question

Linked bank account

  • December 11, 2024
  • 1 reply
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The problem I am having with quickbooks started when my bank account was linked to it about 4 years ago. When I receive a payment i have always clicked new, receive payment and allocated to the right invoice but no-one told me when the bank saw the payment  QB would automatically allocate the payment. Many payments have been doubled up and I have probably paid too much Vat. I only found out when a message on screen said I had to categorise 163 transactions. My reconciliation reports are fine but there are uncleared transactions left over. My bank balance does not match the balance in QB. I have deleted many transactions added by the bank but it needs someone who knows QB to sort it out

1 reply

Bryan_M
Bryan_M
December 11, 2024

There are several factors affecting the inequality of your bank and QuickBooks balance, @Alarmmannie. I believe it's important to see them even on your end. I'll impart the information that can pinpoint the root cause of this and the ways to fix it.

 

There is a list of reasons why bank and QuickBooks balances aren't the same. These are:

 

  • Outstanding checks.
  • New transactions for a connected account.
  • Duplicate transactions.
  • Editing or deleting transactions.
  • Credit card and liability accounts.

 

Also, there are steps you can follow to fix this. Let's start by reviewing the original opening balance in QuickBooks. If it's incorrect, future reconciliations will be affected. 

 

If it's correct, let's review your bank statement to see if you reconciled the right account for the correct month. Here's how:

 

  1. Go to the Transactions tab and pick Reconcile.
  2. Choose the account that you want to reconcile from the Account dropdown.

 

After that, match and categorise downloaded transactions in QBO. Then, review any discrepancy reports to see if someone made changes that affect the balance. Check out this article for the detailed steps: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

 

You can also run the Transaction Detail by Account report to see if there are still duplicates that cause the balance issue.

 

I also recommend contacting your accountant or tax advisor to know what to do about the VAT you unknowingly paid excessively.

 

If you wish to speed up the review process by automatically classifying your transactions, check out this article: Set up bank rules to categorise online banking transactions in QuickBooks Online.

 

The Community door is always open to respond to more of your questions about bank and QuickBooks balances. We'll be glad to have you back. Take care, and have a good one.

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