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YvonneSmit
June 29, 2022
Question

Trial balance doesn’t match closing balance on bank statement, despite monthly reconciliation being correct

  • June 29, 2022
  • 1 reply
  • 0 views

I reconcile my bank account on QuickBooks Desktop each month so that it matches the business bank statements however my accountant contacted me today to say my the trial balance don’t match the bank statement.  How is this possible, when the reconciliation is matched to my bank account monthly. How do I find where the difference is and what caused it?

1 reply

MichelleBh
MichelleBh
June 29, 2022

Let me help you figure this out, YvonneSmit. 

 

A precise balance of QuickBooks Desktop is essential. With that in mind, I'll help you determine why your trial balance report is unbalanced.

 

It's possible that the debits and credits were assigned to other accounts. Doing so can affect the account balance. To probe further, you'll want to check all accounts given to the entries during this period. Make sure they are posted correctly to the general ledgers. Then, double-check the ledger balances and make sure those were entered in the trial balance correctly.

 

If you're having difficulty identifying, I suggest consulting your accountant. They are the best support that can review your transactions in more detail.

 

To help you understand more about debits and credits and how they are balanced, I've added this QuickBooks Blog that contains more information: Debit vs Credit Accounting: The Ultimate Guide.

 

You can also use these links for reference when managing reports in QuickBooks Desktop:

 

 

I'll still be here if you have additional queries regarding the reports or your data in QuickBooks. Take care always. 

M
Miriam S
August 30, 2023

I am having the exact same problem My reconciled bank balance doesn't match the trial balance. This is happening on three different bank accounts. I have checked each transaction and I can't find the discrepancy. All the transactions are posted correctly. What's happening? Is this a QuickBooks bug?

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    MadelynC
    August 31, 2023

    I can help you sort this out so you’ll know why the Trial balance doesn’t match with your reconciled bank balance, @Miriam S.


    Since all your transactions were posted correctly, you can utilize the Verify and Rebuild Data utilities to identify the root cause and fix this. This can help resolve any underlying data-related problems that may be causing the discrepancies.


    Here’s how you do it:

     

    1. Open your account and log in to your company file.
    2. Go to the File menu and select Utilities.
    3. Click Verify Data.
    4. QuickBooks will prompt you to back up your company file before proceeding. Follow the on-screen instructions to create one.
    5. Once complete, data verification will start and display a message indicating any issues afterward.
    6. Select Rebuild Now. Make sure to back up your company file again.


    If the issue persists after performing the steps, it's best to contact your accountant for assistance. They can help diagnose and fix this difference for you.

     

    I recognize how the trial balance helps manage your financial data. If you want to know which areas in the company need improvements, you can customize and combine your reports to achieve them.


    This platform is available anytime to help if you have other balance concerns or any account-related questions. Just keep me posted.

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