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R
rekent
February 28, 2024
Question

How do I find the cause for a mismatch between my "Bank balance" and "In QuickBooks" totals?

  • February 28, 2024
  • 1 reply
  • 0 views
I have no payments in QuickBooks that are yet to post to my bank, and I do not have any checks or other payments written on my bank account that are not posted to QuickBooks. The bank account was reconciled with no errors or discrepancies identified in the Reconcile interface/process, but there is still an error in the stated balances of $1,056.55 between QuickBooks and the bank, with QuickBooks being higher.

1 reply

C
CamelleT
February 28, 2024

Allow me to ease your confusion about balances not matching, rekent.

 

The bank balance represents the real-time status of your account as reported by your financial institution. On the other hand, QuickBooks balance is based on the transactions you've manually added within QuickBooks.

 

The common reasons why the bank and QuickBooks balance doesn't match are the following:

 

  • Outstanding/pending transactions
  • New transactions for a connected bank account
  • Duplicate transactions
  • Edited/Deleted transactions
  • Credit card (liability) account

 

Let's consider categorizing and matching your downloaded transactions based on your statement to fix discrepancies. You can do so by following the steps in this article: Categorize and match online bank transactions in QuickBooks Online.

 

Additionally, I'll add this link to help you sort issues for accounts you've already reconciled: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

 

I'm still all ears if you have further questions about managing your bank and QuickBooks balance. Just add your reply below, and I'll get back to help you.

R
rekentAuthor
February 28, 2024

As I noted in my message, there are no Outstanding/pending transactions or New transactions for a connected bank account.  I have reviewed and there are no Duplicate transactions since the balances were last equal. I am not aware of any Edited/Deleted transactions, but in any regard they would equal the totals of deposits.  And there are no Credit card (liability) accounts associated with either account at issue with the unmatched balances. 

C
Carneil_C
February 28, 2024

I appreciate your reply, @rekent.

 

I'll provide additional details regarding the root cause of the issue where your bank balance and QuickBooks totals do not match.

 

As my colleague provided, the "Bank Balance" in QuickBooks Online (QBO) represents the total funds in the connected bank account. On the other hand, the "QuickBooks Balance" includes all transactions recorded in our software, which comprises categorized transactions and any adjustments made within QBO. 

 

There may be instances when the two balances do not match due to certain factors, such as timing differences. To pinpoint the difference, you can check all the transactions in both QBO and your latest bank statement. This will help ensure accuracy and completeness. Furthermore, as long as there are no discrepancies found after reconciling your account, then there is nothing to worry about.

 

For the complete guide, please see this article: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

 

Also, here's a reference that can help you with the bank feeds and reconciling accounts: How to reconcile your accounts so they always match your bank and credit card statements?

 

I'm all ears if you have other concerns about managing your accounts and transactions in QBO. You can drop a comment below, and I'll gladly help.

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