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Experienced Member

Bank balance does not match balance in QBO

All my accounts looked fine except that the balance in QBO doesn't match my bank reconciliation and balance in bank. There are many unclear deposits as of 12/31/2018 transactions but I'm afraid if I mark them as clear I'll have to reconcile the entire year again please advise.

Best Regards

Paula

9 Comments
QuickBooks Team

Re: Bank balance does not match balance in QBO

Let me help ease your worries, @pmclarren.

 

I can share some resources about differences between QuickBooks balance and bank balance.

 

Here are the possible reasons your bank balance and QuickBooks balance are not the same. 

  • New transactions for a connected account
  • Outstanding transactions
    • To fix this, sort out your QuickBooks Online bank register by date and compare it with your bank statement.
  • Credit card (liability) account
    • Compare your credit card statement with the QuickBooks balance. Verify if the Balance column is showing a positive amount.
  • Duplicate transactions
    • The system automatically locate duplicate transactions and match them. However, there are times the system can’t locate any similarities on the transactions details. You can manually match the transactions.
  • Edited or deleted transactions
    • You can run the Audit log to verify the details of the edited or deleted transactions.

That should do it! For additional insights, you may check out these articles:

Feel free to visit us here in the Community and let us know how it works on your end. I‘m always here to help you in making sure your transactions are accurate and reconciled.

Experienced Member

Re: Bank balance does not match balance in QBO

Edit: Below can't be right either. If I had duplicates of expenses, QBO balance would be much lower than my bank account. But it's 10x higher. Doesn't make any sense.

 

I don't have issues with any of the points listed but one, possibly duplicates. It seems that entering in expenses on the app along with a photo of a receipt causes a duplicate when the bank record is fetched. Is there a way to merge an "added" expense to a bank record that should have been "matched"? I don't want to void the bank record because my reconciliations have been perfect without having to change anything. And I don't want to void the app-added expense because that contains a photo - the only record of the physical receipt. I tried searching for duplicate transactions but I do not have a "transactions" tab in the left pane within QBO Simple Start. This is extremely frustrating and taking way too much of my time. Practical advice would be appreciated.

QuickBooks Team

Re: Bank balance does not match balance in QBO

Hello there, @Dpack.

 

I'm here to help handle your duplicate transactions in QuickBooks Online (QBO).

 

If you've uploaded an attachment along with the photo of the receipt, you can just simply delete the duplicate transaction. On the other hand, if one of the duplicate transaction isn't reconciled yet, you can also delete the unreconciled one.

 

To view the transactions or the attachment added along with the photo of the receipt, simply go to the Gear icon and select Attachments under Lists.

 

In addition, to know more about reconciling transaction in QBO, you may check this article: Reconcile hub.

 

You can also get in touch with our Support Team if you need further assistance along the process.

 

I'll be right here to help you if you have any other banking concerns, just add a comment below. Have a good day!

Experienced Member

Re: Bank balance does not match balance in QBO

Everything is reconciled. I do not have an issue with reconciling.

 

Duplicates show up in the register, one for app-added expenses with receipts and one for bank records a couple days later, which say they are "matched" and which add to the overall QBO balance on the far right. That is the big problem. Duplicates do not show up if I search for Expenses.

QuickBooks Team

Re: Bank balance does not match balance in QBO

It's great to hear again from you, @Dpack.

 

Allow me to provide you with additional information on how to remove the duplicate transactions in your bank register.

 

When matching manually added transaction with the downloaded ones, all information about the transaction should exactly match including the date of the transaction.

 

To verify whether there are duplicate in your transaction list, let's do the search within the bank register.

  1. Go to Banking.
  2. Choose Banking tab.
  3. Select the bank or credit card account in question.
  4. Click on Go to Register link.
  5. Select the Filter icon above the Date Column.
  6. Enter a key word about the transaction or filter your bank register to look for duplicates.

 

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That should so it! This will allow you to locate any duplicate transaction in your bank register.

 

I'm always here to help should you need further assistance with managing your transactions. Feel free to visit us here in the Community.

Experienced Member

Re: Bank balance does not match balance in QBO

Hello, please see the example from when I received one single check.

I added a payment to its invoice.

Then I added a bank deposit.

Later, QBO synced with my bank and found the record of a deposit.

Now, QBO sees those three transactions AND adds all three to my QBO balance - shown on the right. This is the issue. I'm beginning to think I should completely dismiss the balance shown so long as my reports are accurate.

Moderator

Re: Bank balance does not match balance in QBO

Hello there, @Dpack.

 

Thank you for getting back to us in the Community and for providing us more information about your experience when matching your transactions. Allow me to help share some insight to get this straightened out. 

 

To start, let's check the payment you entered for the customer's invoice. To make sure that it shows in the Bank Deposit screen, it should be posted to Undeposited Funds

 

Here's how to check: 

  1. On the bank register, select the payment.
  2. Click Edit.
  3. Check if the account selected in the Deposit to field is Undeposited Funds. If not, change it.

After that, you need to add the payment in the bank deposit. Once done, go to the Banking page to undo first the added transaction. Let me guide you how: 

  1. On the left pane, select Banking.

  2. On the Bank and Credit Card window, select the In QuickBooks tab.

  3. Find the transaction.

  4. In the ACTION column, select Undo.

Once done, match the downloaded transaction to the transactions in QuickBooks. The following article contains more information and detailed steps about this process: Add and match downloaded banking transactions (Match downloaded transactions to transactions in QuickBooks Online).

 

If you still see the duplicate deposit, I suggest deleting it in your account. For additional help, feel free to reach out to our Customer Care Support. They have tools like screen share to determine what's causing this and get this taken care of today.

 

And of course, please know that I'm just a post away if you're referring to something else or once you've tried the steps above. I'll be happy to help you some more. Take care and have a great day ahead. 

Experienced Member

Re: Bank balance does not match balance in QBO

Thanks for the reply. I do not have the "in Quickbooks' tab mentioned in the second part of your explanation. See attached.

QuickBooks Team

Re: Bank balance does not match balance in QBO

Hi Dpack,

 

The In QuickBooks tab is now changed to Reviewed. It's beside the For Review tab on your screenshot. From there, you will see all the transactions that you've added or matched. You can undo the ones that are causing duplicate entries, and match them instead to your QuickBooks entries.

 

On the other hand, your photo will remain in the Attachment section. You can attach them to your transactions that are already in your register.

 

Moving forward, if you have existing transactions in QuickBooks, I'd suggest to add them in there.

 

Please let us know if you need more help. Thanks!