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CSBRestoration
Aug 9, 2023 4:00 PM UTC
Solved

bank balance vs chart of account balance

The bank balance doesn't match the Chart of Accounts balance because of uncleared deposits. How can it be corrected?

Adrian_A
Adrian_AAnswer
Aug 9, 2023 5:52 PM UTC

Hi, CSBRestoration.

 

Maintaining the bank balance and QuickBooks balance (Chart of Accounts) is one of the crucial things to keep an eye on. I'm here to help clear the deposits.

 

When deposits are added manually, it can cause a discrepancy between your bank balance and QBO balance. To resolve this issue, we recommend undoing the added transactions and then matching them manually. Here's how:

 

  1. From the Banking tab, select Banking.
  2. Go to the Categorized tab.
  3. Select the transactions you'll want to undo.
  4. Click Undo.

 

Once done, the transactions will go back to the For review tab. From there, you can match the transactions. I've added a screenshot as your visual guide:

 

 

I've also added this article as your guide in ensuring your bank matches your credit card statements: Reconcile an account.

 

I'm always around whenever you have banking concerns.

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3 replies

Adrian_A
Adrian_AAnswer
Aug 9, 2023 5:52 PM UTC

Hi, CSBRestoration.

 

Maintaining the bank balance and QuickBooks balance (Chart of Accounts) is one of the crucial things to keep an eye on. I'm here to help clear the deposits.

 

When deposits are added manually, it can cause a discrepancy between your bank balance and QBO balance. To resolve this issue, we recommend undoing the added transactions and then matching them manually. Here's how:

 

  1. From the Banking tab, select Banking.
  2. Go to the Categorized tab.
  3. Select the transactions you'll want to undo.
  4. Click Undo.

 

Once done, the transactions will go back to the For review tab. From there, you can match the transactions. I've added a screenshot as your visual guide:

 

 

I've also added this article as your guide in ensuring your bank matches your credit card statements: Reconcile an account.

 

I'm always around whenever you have banking concerns.

RyanKitzmiller
Jan 18, 2024 8:34 PM UTC

I am having the same issues. All statements for 2023 are reconciled and have matched each month. However the bank chart of accounts has a large difference.  9k is the bank balance while 30k is the QB balance.  Could it be prior years that have errors?  

MorganB
MorganB
Jan 18, 2024 9:30 PM UTC

Hi there, RyanKitzmiller. 

 

Thanks for joining this thread. I'm happy to provide some info as to why your bank balance and QuickBooks Online balance are a bit different.

 

You're correct, this could be happening due to differences in prior years. The Bank Balance in QBO is the actual bank balance of your account from the last bank feed update, while the QuickBooks balance is the sum of all bank transactions that you've added or matched.

 

There are also other possible reasons why these balances don’t match:

 

  • Outstanding transactions.
  • Card (liability) account.
  • Edited or deleted transactions.
  • Duplicate transactions.
  • New transactions for a connected account.

 

I recommend categorizing and matching your downloaded transactions based on your bank statement to check what causes the difference. The following article provides additional info about categorizing online bank transactions in QuickBooks Online.

 

You may also want to reconcile prior transactions to see if you can locate the cause of such a large difference. If you need an extra hand with anything else please don't hesitate to reach back out.

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