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allen25glenn
July 15, 2022
Question

Bank Reconciliation

  • July 15, 2022
  • 1 reply
  • 0 views

Hi, my quickbooks and bank balance has difference of 7500. On the reconciliation screen of my latest reconciled report there is an uncleared deposit of 7500 also. Is that where the difference from? Upon thorough checking , there was an advance payment of service way back Dec 2019 and paymnt received is deposited to checking account . But on the Bank Statement of Dec 2019, there was no 7500 amount deposited. Is that the 7500 difference coming from? 

1 reply

M
Mark_R
July 15, 2022

Hello there, @allen25glenn.

 

Let's find out what causes the difference between your QuickBooks and bank balance.

 

The QuickBooks balance is the total balance to all bank transactions you added or matched to QuickBooks, while the Bank balance is your bank's actual balance from the last bank feed update. If there is a difference between these two balances, below are the possible reasons causing it:

 

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

 

Depending on these factors, there are different steps to resolve this issue. You can check out this article for the detailed steps and information: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

 

Once everything is fixed, you may want to run a reconciliation report. This is useful if you have trouble reconciling the following month and when you meet with your accountant.

 

Please let me know how things go. I'll be around to provide further assistance, @allen25glenn.

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