Balance Sheet

Hi there, @GW01.

I'm concerned to hear that you're experiencing a discrepancy between your bank statement and the cash balance in your QuickBooks balance sheet. There are a lot of factors to consider in knowing what have caused this, and I'm here to help you fix it.

Here are some of the factors that are causing this:

• Missing or Duplicate Transactions: Missing or duplicate transactions are also one of the reasons why discrepancies happen to your balance sheet showing retained earnings. You'll need to review your transactions for that period and undo the reconciliation to fix it. Please note that it's crucial to have an accountant guide you in undoing your reconciliation to ensure the correct data recording.
• Equity Open Balance: Incorrect opening or beginning balance is one of the reasons your retained earnings are showing today, even if you entered all transactions correctly. You'll need to ensure your opening balance is correct.

To fix an incorrect opening balance, you can follow the steps below:

1. Go to Settings and select Chart of Accounts.
2. Find the account and click View register.
3. Locate the opening balance entry. Sort the Date column to show the oldest entries first so you can locate it easily. 
4. Click the opening balance entry.
5. Edit the date if necessary, then the Deposit amount.
6. Click Save. 

I'd like to drop these articles as these could help you in the future:

• Learn the reconciliation workflow in QuickBooks.
• Reconcile transactions that are older than your opening balance in QuickBooks Online.

Feel free to drop by for further concerns besides fixing balance sheet discrepancies in QuickBooks Online. We're always here to ensure your bookkeeping is accurate.