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maags1950-gmail-
Level 1

Discrepancy between quick balance and bank balance.

I need clarification if someone can help  ,when reconciling bank account  the program.  I have already a beginning balance  entered that I cannot alter ,does this figure represent the bank beginning balance or quickbooks balance  program requests that you enter a ending balance and date  do I enter quickbook balance or actual bank balance at specified tine ,I am.a little confused am.i entering quick.book or bank balances,apologies for lengthy question ,only because I have a ridiculous closing in quickbook as at 31 October in excess $40000 ,actual bank only $2600,how do I fix.
1 Comment 1
Kurt_M
QuickBooks Team

Discrepancy between quick balance and bank balance.

We thank you for reaching out here in the Community space.

 

Before we go through with your query, we'd like to share possible reasons why your QuickBooks Online (QBO) balance doesn't match your bank's actual balance. It could be the ending balance at the start of the reconciliation entered is incorrect, and there are duplicates or missing transactions inside your company file. Lastly, you may have entered transactions into QBO that haven't cleared your bank yet.

 

That said, you'll want to review a few things to get through this situation and complete reconciling the account. After checking the opening and beginning balance, check the ending balance you entered. We'll gladly write down the steps to get you going:

 

  1. While you're reconciling an account, in the Reconciliation window, select Edit info.
  2. Review the Ending balance and Ending date.
  3. Check your bank statement. Make edits as needed.
  4. When you're done, select Save.

 

For further guidelines, it's best to visit this handy article: Fix issues at the end of a reconciliation in QuickBooks Online.

 

Also, please be aware that the QuickBooks Balance is the balance that you have in your register, while the bank balance is the actual balance the same as what you see in your bank statement.

 

In addition, we'd recommend checking these articles to help you fix reconciliation, ensure what you've entered inside the company file stays accurate, and prepare you to wrap up your tasks for this year:

 

 

Please don't hesitate to comment or visit us anytime if you ever need further assistance managing your account reconciliation inside QuickBooks. We'll be happy to get back to you as soon as possible and help you address it. Stay safe, and have a good one!