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:

• Fix issues the first time you reconcile an account in QuickBooks Online.
• Run reports in QuickBooks Online.
• End of Financial Year | FAQ and Resource Hub.

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!

My Quickbooks balance and actual bank balance are out by a mile!

I have seen that there are deposits showing as both 'Sales' and 'Accounts Receivable' and whilst not identical they are more or less doubling the income to my Quckbooks balance.

I had connector exntesions for Squarespace and eBay and I have now disconnected them as they seem to have caused much of the problem as each deducts the fees and sends me a net amount but has totally messed up my accounts.

I've attached a screenshot to show how entries are being recorded. For example, I have sole one item for $5224 but my account then records it twice but with deduction of fees.

I am reaching out to see if someone can help me so that I can undo these 'duplicated' entries and get my account reconciled correctly.

Thank you

I know how essential identifying variances is to uphold accurate financial records when there's a discrepancy between your bank balance and the QuickBooks balance, @clint061. I'll explain the details below and guide you on how to fix this to ensure the reliability and integrity of your financial data.

The QuickBooks balance is affected by all transactions viewed in the account register and the transactions you haven't reviewed and categorized yet. On the other hand, the bank balance is solely determined based on the transactions registered by your bank. Since there's a big difference between the two, here are some possible causes to consider:

• Credit card (liability) account
• Duplicate transactions
• Edited or deleted transactions
• New transactions for a connected account
• Outstanding transactions

On the other hand, since you categorized the sales deposit while recording the payment and the processing fees manually, it doubles the amount of your income. With this, you have to delete the expenses by clicking the Delete button in the Account Register.

Once done, open the received payment and change the Deposit to account to Undeposited Funds. Then, you can record a bank deposit and enter the processing fees with a - negative amount.

The next step is to undo the transaction in the Categorised tab and match it with the deposit. Here's how:

1. Select the transaction in the For Review tab, then click Match.
2. In the Find Other Matches window, tick the deposit.
3. Press Match.

In addition, reconcile your account to ensure its balanced and accurate.

This helps you manage your transactions and avoid duplication. If you need further assistance, let us know by commenting on this thread. We'll be right back and provide the help you need.