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June 19, 2024
Question

My bank balance does not add up to my balance in quickbooks online. I cannot find the error. What can I do to fix this?

  • June 19, 2024
  • 1 reply
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1 reply

June 19, 2024

Hello, Washtub. I'm here to help you clarify why the bank balance and the balance in QuickBooks don't match.

 

The amount of money in your bank balance will only adjust when your financial institution updates its records, while the balance in QuickBooks Online will change when you add transactions to your QBO account. 

 

Aside from that, several factors affect it. 

 

  1. Missing transactions that need to be recorded
  2. Duplicate or incorrectly entered transactions
  3. The beginning balance in QuickBooks Online is incorrect, or no opening balance has been created for the bank account.
  4. The last option is bank reconciliation. Previously reconciled transactions were edited or deleted. 

 

To fix it, here's how:

 

  1. Review the original opening balance.
  2. Check your bank statement and ensure you're reconciling the correct account for the month.
  3. Match and categorize downloaded transactions.
  4. Review any discrepancy reports.

 

You can read this article for more insights on what to review to fix issues reconciled in the past: Fix issues for accounts you've reconciled in the past in QuickBooks Online.


For future reference, you can refer to these resources to assist you in resolving reconciliation issues in QBO. These resources will also help you keep track of your transactions and identify potential errors.

 

 

If you have any additional questions or concerns regarding your bank balance and QBO balance, please don't hesitate to reach out here in the Community again. We will promptly assist you to the best of our abilities. Have a great day!