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carbondave
April 3, 2025
Question

Reconciliation and account balance don't match

  • April 3, 2025
  • 1 reply
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I did some searching but couldn't find my exact question so thought I would post it here. Apologies if this has been asked and answered already!

 

For my business I have three accounts: Treasury, Savings, and Checking. The account totals from the bank match the amounts in the Treasury and Savings accounts no problem, but there is a persistent gap in the Checking account (for example my bank balance shows $1,000 but "In Quickbooks" shows $500). When I run reconciliation, it says everything looks good because the all-time transaction total sums to the bank balance ($1,000), but that doesn't match the Quickbooks total. How can the reconciliation and Quickbooks totals not match?

1 reply

MariaSoledadG
MariaSoledadG
April 3, 2025

Thank you for taking the time to search for answers in our Community forum. After reconciliation, several factors can cause a difference between your bank balance and QuickBooks balance. Let me provide some insights into why this discrepancy occurs, Dave.

 

This happens due to outstanding transactions that haven't cleared the bank yet like pending deposits, or checks that haven't been cashed. These transactions won't be reflected in your actual bank balance.

 

Secondly, new transactions for a connected account may have been added to your bank account but haven't been entered or matched in QuickBooks.

 

Another factor to consider is the possibility of duplicate entries, which can occur if the same transactions are entered twice.

 

Next is if you have accidentally edited or deleted a previously reconciled transaction which can throw off the reconciliation.

 

Lastly, transactions related to credit cards or other liability accounts can also contribute to discrepancies, particularly if they haven't been properly categorized or reconciled. 

 

To give you more information on how to resolve issues with reconciliation, consider checking this article for more details: Fix issues at the end of a Reconciliation in QuickBooks Online.

 

Additionally, QuickBooks automatically generates a reconciliation report that is useful for tracking your business. Learn how to view the report. How Do I View, Print, or Export a Reconciliation Report?

 

Did you know that our QuickBooks Live Expert team is readily available to assist you in maximizing the benefits of your bank transactions? With their expertise, you can gain a clearer understanding of your business's financial health.

 

You can always reach out to us if you have any questions or any other concerns about balances and reconciliation. I'm always here to help you anytime.

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