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AlwaysNew00
November 29, 2017
Solved

Parent Bank Account and Sub Accounts - The Balances Do Not Match Explanation and Resolution????

  • November 29, 2017
  • 3 replies
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The Problem:

The balance for our Parent Bank Account is much lower than the total amount of the sub-accounts.

 

How is this possible??? 

How Do I fix it?

 

A little more info:

To track certain things for our company we have another quickbooks account where we have one parent bank account and several sub-bank accounts. This has been there method long before I got here.

    Best answer by AliciaRoy

    Hi Numbers23, 

     

    I'd like to help you uncover what's going on with those balances. 

     

    While posting to the sub-accounts will impact the parent account balance, posting to the parent account will not impact the sub-accounts. If you've recorded money-out under the parent account, your balance will go down, while the balance of the sub-accounts remains the same. I recommend looking through the parent account to see if there's a transaction that hasn't been assigned to a sub-account, which would cause the difference between the two balances. Your accountant could go through this process with you, or you can find a ProAdvisor in your area here: https://quickbooks.intuit.com/find-an-accountant/. 

     

    Please let me know if you need anything else. 

    3 replies

    AliciaRoy
    AliciaRoyAnswer
    November 29, 2017

    Hi Numbers23, 

     

    I'd like to help you uncover what's going on with those balances. 

     

    While posting to the sub-accounts will impact the parent account balance, posting to the parent account will not impact the sub-accounts. If you've recorded money-out under the parent account, your balance will go down, while the balance of the sub-accounts remains the same. I recommend looking through the parent account to see if there's a transaction that hasn't been assigned to a sub-account, which would cause the difference between the two balances. Your accountant could go through this process with you, or you can find a ProAdvisor in your area here: https://quickbooks.intuit.com/find-an-accountant/. 

     

    Please let me know if you need anything else. 

      A
      AlwaysNew00Author
      November 29, 2017

      Oh god. Just as I figured. I was really hoping there was another reason. This account is 9 years old and I don't think it was ever balanced correctly.

       

      Thank you!

      C
      CCain1
      October 8, 2021

      What about when the Subaccounts do match the bank feed balance?  

       

      Candice C
      Candice C
      October 8, 2021

      Greetings, @CCain1. 

       

      Thanks for chiming in on this thread. Let's work together to get your question answered. 

       

      To be sure, would you mind giving me some more clarification on your question? Any additional information or screen shots will help be determine the best solution for your business. 

       

      I'll be waiting for your response so we can get this taken care of today! 

      C
      CCain1
      October 8, 2021

      The bank balance doesn’t not match QBO balances, even when parent account reconciled. This error appears to be in how the transactions are brought into QBO from bank.  I have been transferring between accounts to resolve monthly. I was told this is A QBO problem with sub accounts and parent accounts. I want to confirm there is no solution. It won’t let me post pic 

      Angelyn_T
      Angelyn_T
      October 8, 2021

      Hi there, Candice. I'm here to help you get the correct balance between your bank and QuickBooks Online (QBO).

       

      The following factors may affect the issue of the unmatched balance between your bank statement and QBO:

       

      • Outstanding transactions
      • New transactions for a connected account
      • Duplicate transactions
      • Edited or deleted transactions
      • Credit card (liability) account

       

      To isolate the issue, please make sure to review your account's opening balance. If it’s incorrect, it affects your balances and all following reconciliations. Moreover, you need to match and categorize all of your downloaded transactions before doing reconciliation. 

       

      You can also check out the troubleshooting steps from this article for an additional guide: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

       

      On the other hand, you can try posting a picture or adding an attachment through a private window. Stored cache on the regular browser you're using may affect the issue of why you can post a picture together with your post.

       

      To save you time, use either of these keyboard shortcuts:

       

      • Google Chrome: Ctrl + Shift + N
      • Safari 11 or newer: ⌘ + Shift + N
      • Mozilla Firefox: Ctrl + Shift + P
      • Microsoft Edge: Ctrl + Shift + P

       

      If it works fine, go back to your original browser and clear its cache to start fresh. You can also use another supported and up-to-date browser to narrow down the result.

       

      For more tips while handling your QuickBooks and banking transactions in the future, you can open the topics from this link: Find help with bank feeds and reconciling accounts.

       

      If there's anything else you need help with regarding your balances, let me know by adding a comment below. I'm more than happy to provide additional assistance. Wishing you a good one!

       

      C
      CCain1
      October 8, 2021

      This is not the case.  I can have the accounts 100% reconciled to statement balances to date, no duplicates, correct reconciliation and the bank feed does not match.  I was told by QBO Support that it was a Quickbooks glitch between Parent and Subaccounts.  Sorry but this answer doesn't resolve.  

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