I'm here to provide information about the causes of the discrepancy of your bank and QuickBooks balance,
@piggottaj.
The QuickBooks balance is determined by your added or entered transactions, while the bank balance is based on your actual financial institution's data.
Several factors can cause the balances to differ between Bank Balance and QuickBooks. The first is outstanding checks which can cause mismatch to your balances until they have cleared the bank.
Secondly, new transactions sitting in the
For review tab are not yet included in the register, causing discrepancies until you
add or categorize them.
Thirdly, entering a transaction more than once or adding a downloaded entry instead of matching it can overstate the QuickBooks balance. To correct this,
delete the manually created duplicate or undo the added downloaded transaction in the
Categorized tab and
match it with the existing transaction.
Additional factors that can cause imbalances include edited, deleted, or missing transactions, which can be verified by checking the
audit log and bank statement for inaccuracies. Make sure to perform the necessary corrections if you've identified one.
Lastly, credit card accounts have an opposite accounting effect on books than bank accounts. As a result, the figures in these accounts can be negative.
I'm also adding these articles to help resolve common reconciliation errors in the program:
Comment below if you still have questions about your bank and QuickBooks balance. The Community is here 24/7 to assist you. Have a great day.
