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jeff-mattingly
March 13, 2020
Question

There's a HUGE difference between my bank balance and my Quick Books balance that happened during February & i can't figure it out. Also i reconciled perfectly.

  • March 13, 2020
  • 1 reply
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1 reply

R
RCV
March 13, 2020

Let me provide some information about why your bank balance is not matching your QuickBooks Online (QBO) balance, jeff-mattingly.

 

There are several factors may cause the balances to vary between your bank account and QBO. Among these are the following reasons below:

  • There are some outstanding transactions left
  • You have made new transactions for a connected account
  • There are duplicate transactions
  • The transactions where either edited or deleted
  • Credit card (liability) account

To resolve this balance difference, you can check this article for the recommended troubleshooting steps: Fix beginning balance issues if you've reconciled the account in the past QuickBooks Online.

 

For more details about reconciling your account, please refer to these articles:

I've got a link here that provides you with articles about managing your bank transactions: https://quickbooks.intuit.com/learn-support/en-us/banking/07?product=QuickBooks%20Online.

 

Keep me posted if you need a hand with importing your bank data or any QBO related. I'll be here to help. Wishing for your continued success. 

A
ATestaPBC
February 2, 2024

The video and article to me didn't address this issue which I am also experiencing.

 

The bank reconciliations for the end of 2023 showed when compared to the balance sheet a difference (negative vs bank ending balance), while the checking/savings had no difference. When looking at the two balances on the dashboard, there was also a difference.

 

After running the January reconciliation, once again the checking/savings had no difference. However, the difference showing between the bank account and QBO account had grown significantly, as well as the difference showing on the balance sheet.

 

I cannot figure out why QBO is showing such a significant difference. Need help in finding the solution to address this to get our accounts to match.

R
ReymondO
February 2, 2024

Good day, @ATestaPBC. Thanks for joining the thread. 

 

I'd be glad to share the possible reason why your bank balance and QuickBooks balance are showing different amounts. 

 

After you connect your account, the bank balance showing on the Banking page is the actual funds in your bank. On the other hand, the balance that shows in QuickBooks relies on the opening balance that you've set when creating the account and the transactions you've entered in the system. 

 

It's possible that the opening balance didn't match your actual bank when your account was created. That's why your QuickBooks balance and real-time bank balance didn't match.

 

To check, let's review your opening balance. Here's how:

 

  1. Go to Settings ⚙ and select Chart of accounts.
  2. Find the account on the list.
  3. Click View register.
  4. Search for the opening balance entry. It should have "Opening Balance Equity" in the Account column.
  5. Take note of the date and balance.

 

Now you know the date and amount of the opening balance in QuickBooks. Check it against your bank records:

 

  1. Sign in to your bank's website, or find your bank statement.
  2. Check the account's balance for the same day as the opening balance in QuickBooks.
  3. Compare the two balances.


If the opening balance in QuickBooks doesn't match your bank records, you'll need to correct it:

 

  1. In QuickBooks, select the opening balance entry to expand the view.
  2. In the Deposit column, edit the balance so it matches your bank records.
  3. Select Save.

 

If the balances match, you entered the opening balance correctly. Move on to Step Three of this article and follow the steps to fix the problem: Fix issues the first time you reconcile an account in QuickBooks Online.

 

Once you know your opening balance is correct, you can start reconciling. 


Please let me know if you have additional concerns about matching your real-life accounts to your QuickBooks accounts. I'm always here to provide further assistance. 

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