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G
Godie
March 12, 2024
Question

Bank recon not agreeing to Trial Balance

  • March 12, 2024
  • 1 reply
  • 0 views

Hi there,

 

Potentially a silly question, apologies I'm pretty new to QuickBooks...I have reconciled my Q/B bank to statement however Trial Balance & Balance shows a totally difference balance?

Also, my other bank is out by 20k from prior year. Can I rectify this in current year. If so -  how?

 

Many thanks

 

1 reply

R
ReymondO
March 12, 2024

Thanks for sharing your concern on the QuickBooks Community page, @Godie.

 

I'd be glad to provide info on how to correct your account balance in QuickBooks Online. 

 

The data shown in the Trial Balance report summarizes each account's debit and credit balances on your chart of accounts during a period of time. The balances reflected in this report depend on the data you've entered in QuickBooks. 

 

To ensure it matches your actual bank, see to it that the beginning balance of your accounts and their transactions are matched with your bank statements. 

 

To correct your accounts' balance for the current year, I'd suggest reviewing each reconciled period from your previous year. Use your last year's bank statement and compare it with the data you entered in QuickBooks. 

 

Once you find the discrepancy, I'd suggest undoing your reconciled transactions from that period. Then, make any necessary corrections and reconcile them again in QuickBooks until you correct your current year. If you need to undo multiple transactions, look for an accountant with a QuickBooks Online Accountant account. They have tools that could streamline the process of correcting your reconciled accounts. They can also review your accounts to ensure they match your real-life bank and credit card statements.

 

For additional reference about correcting past reconciliations, use this resource as your guide: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

 

Moreover, you can check our Reconciliation guide anytime you need help doing or fixing a reconciliation.

 

Please let me know if you have further questions about bank reconciliations. I'll be here to help you out. Have a good one.

G
GodieAuthor
March 18, 2024

Thanks so much Raymond

A quick one ...QuickBooks seem not to permit me to reverse a bank transfer...I need to realloce a bank transfer to a creditor payment. Any clue on how to resolve this?

Nicole_N
Nicole_N
March 18, 2024

I appreciate your follow-up, @Godie. Let me help you reverse a bank transfer and allocate it to a creditor payment in QuickBooks Online (QBO).

 

If you manually record a bank transfer, you can easily edit and reallocate it to the appropriate creditor. Here's how:
 

  1. Go to the Transactions menu, then Chart of Accounts.
  2. Choose the bank account where the transfer funds are coming from.
  3. Click View register and select the account.
  4. From there, hit Edit and allocate the transfer to the appropriate creditor.



Nevertheless, if you record a bank transfer directly from the banking menu, you can easily click the Undo button to reverse the transfer. To do so, go to the Transactions menu, then click the Categorized section. Refer to the sample screenshot below for the process.

 

 

Moreover, it's important to categorize transactions downloaded from your bank or manually entered so they go into the right accounts. To speed up this review process, you may want to utilize the bank rules feature.

 

I'll be around if you have further questions about reversing a bank transfer or managing transactions in QuickBooks. 

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