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pawsvetscan-gmai
December 5, 2022
Question

My bank balance vs. in Quickbooks is totally incorrect. How do they come up with these numbers?

  • December 5, 2022
  • 1 reply
  • 0 views
Original commenter did not share additional details

1 reply

M
MirriamM
December 5, 2022

Hello there, @pawsvetscan-gmai. Let me help you match your Bank balance and QuickBooks balance for your bank account.

 

The Bank Balance will only depend on the update on your financial bank institution, while the In QuickBooks balance will change when you add transactions to your QuickBooks Online (QBO) account.

 

If your bank registered balance in QBO doesn't match your actual bank balance, several factors may cause the balances to vary. You may need to verify why they don’t match and fix them accordingly.

 

To do this, consider categorizing and matching your downloaded transactions based on your bank statement. You can do so by following the steps outlined in this article: Categorize and match online bank transactions in QuickBooks Online. I also suggest comparing your register from your Chart of Accounts to the transactions shows on your bank account to check what causes the difference. 

 

When ready to reconcile in the future, see this resource for a guide: Reconcile bank accounts in QuickBooks Online.

 

If you have follow-up questions, feel free to leave a message in the comment section. I'm here to lend a hand. Stay safe!

K
kimcarlson
June 8, 2023

@MirriamM , I am having the same issue and I just went through every transaction in Quickbooks vs. my bank. Every transaction matches, and yet my balance is off by $22,000 (bank is $15K and QBO shows -$7K). Are you able to shed some light on how I can troubleshoot this issue? I've reconciled every month and the transactions are all aligned. 

C
Carneil_C
June 9, 2023

Thanks for joining the thread and sharing the details of your concern, @kimcarlson. Let's work together to find out the discrepancy and sort this issue out so you can get back to business in no time.

 

As provided by my colleague above, several factors may cause the balances to vary. 

 

Here's how you can fix it:

 

  1. Review the original opening balance.
  2. Check your bank statement and ensure you're reconciling the correct account for the month.
  3. Match and categorize downloaded transactions.
  4. Review any discrepancy reports.

 

You can read this article for more insights on what to review to fix issues reconciled in the past: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

 

For future reference, you can also check out these resources here to help you fix your reconciliations in QBO, as well as monitor your transactions and detect possible errors accordingly:

 

 

Please let me know if you have any more reconciliation concerns. I'll be right here to help.

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