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info1064
January 25, 2024
Question

URGENT - Bank Balance as per Chart of accounts not matching with Balance Sheet as on Dec 31

  • January 25, 2024
  • 1 reply
  • 0 views

Hi,

 

We have issue with USD bank balance appearing in Balance sheet. The balance as per Balance sheet on Dec 31 is way much higher than the actual bank balance as per Chart of accounts (matching with Bank statement also).

 

For e.g. the actual USD bank balance is 12.62 (CAD 17.037) and correct as per Chart of accounts in Quickbooks Online. But when we run the Balance sheet report as on Dec 31, it shows a weird balance of CAD 723.14 (instead of 17.037).

 

We checked all transactions as per bank statements and all daily transactions are matching perfectly, but the balance is completely off.

 

 

Thanks

Paresh

1 reply

T
Trish_T
January 25, 2024

Hello info1064,

 

Welcome to Community!  QuickBooks Online Multicurrency feature can get a little tricky at times.  However, your books must be balanced and matched with your financial reports.  I'd be happy to provide some insight here!

 

The issue you've described can happen due to exchange rates.  If this is the probable cause, you'll need to review the transactions and revalue the currency.  Your time is valuable and I feel you would benefit from contacting our Customer Care team at 1-855-253-1536 from Monday to Friday between the hours of 9 AM and 8 PM EST.  They'll be able to review your situation in more depth, and ensure your books are aligned as soon as possible!

 

If you have any other questions or concerns, please don't hesitate to reach back out.  We would be glad to help!

L
littletree1
March 30, 2024

I am having the same issue as the author here except I am operating and recording in USD. So I don't think the exchange rate is the culprit in my case. 

 

The original author has the exact same issue that I'm facing. I've reconciled my bank account in the Chart of Accounts but when I run the balance sheet report with the class filter on, the numbers don't match up. My CoA shows $75 but the balance sheet shows -$3,090. 

 

When I remove the class filter, it matches correctly. But, I've gone through and made sure every transaction had the correct class. Why are only some showing up with the class filter and others are not?

J
JamesM4
April 1, 2024

Hi littletree1. Thanks for chiming in on this thread. I'll be happy to assist you going forward. Clearing cache and cookies is a great way to clean your browser allowing it to work more efficiently. Here's an article that shows you how to do that: How to clear cache and cookies. If this doesn't work, I suggest using a private/incognito window to see if that works instead. Try this out and let me know what happens. I'll be one message away in case you need further assistance.

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