My direct bank feed is reporting my bank balance incorrectly,  It is reflecting available funds as my bank balance. How can we get the true account balance?

It's a pleasure to have you here today,  lauren54.

You can create a new liability account to record the balance of the overdraft. I'll guide you on how. 

1. Go to Accounting from the left menu.
2. Select Chart of Accounts.
3. Click New. 
4. From the Account Type ▼ dropdown menu, select Current Liabilities.
5. From the Detail Type ▼ dropdown menu, select Line of Credit.
6. (Optional) Change the account name.
7. Select Save and Close. 

For the detailed instructions, see Step 1 from the Set up the accounts for your line of credit section through this article: Set up and track a line of credit in QuickBooks Online. It also provides you with more information on how to track your LOC. 

On top of that, I've also included this reference for a compilation of articles you can use while working with us: Know where you stand financially.

If there's anything else that I can help you with, please let me know in the comments below. I'll be here to lend a hand. Take care!

Hi, We already have an overdraft facility recorded - we would just like our bank balance to reflect the true balance for example, if i have a a bank balance of $50K with further available funds of $50k due to my overdraft facility, my bank balance is reflecting as $100k, not the true $50k.  This has happened previously and has corrected itself so it is an issue I am guessing with the fields that are added to the direct feed.

I appreciate you for getting back, Lauren. Allow me to join the thread and help fix your bank balance.

QuickBooks Online (QBO) is dependent on whatever information your bank feeds. If the bank balance is showing the incorrect amount, you may need to categorise the entries added to the correct accounts to fix the amount.

1. Go to the Banking page.
2. Select the tile for your account.
3. Go to the For review tab to start reviewing the transactions. From there, you can add, match, or split your transactions.

I'd also recommend inspecting the accounts used for your overdraft entries to narrow down the result. I'm adding this article as your reference: Set up and track a line of credit in QuickBooks Online.

If you have follow-ups about your bank balance, let me know by adding a comment below. I'm more than happy to help you again. Have a good one!

Thanks for your message, but this problem has only occurred since the direct feed has been updated.  My quickbooks GL Bank account balances to the transactions, it's the bank feed balance that is incorrect.

Thanks for the immediate response, @lauren54.

Let's check for some duplicate transactions and exclude them so your Bank Balance and In QuickBooks amounts match in QuickBooks Online (QBO) and keep your financial data accurate.

Based on the information you provided, you were able to balance your GL bank account in QuickBooks when you recorded your overdraft. However, you may haven't matched them to your bank feed transactions. To fix this, you'll have to exclude those that may cause duplicates. 

Here's how:

1. On your QBO account, go to the Banking menu on the left panel.
2. Select the Banking tab.
3. Go to the For review tab.
4. Check the box beside the transactions you want to exclude.
5. Select Exclude.

To learn more about excluding transactions, see this article: Exclude a bank transaction you downloaded into QuickBooks Online.

Once everything is set, you can start reconciling the account. You can use this link for reference: Reconcile an account in QuickBooks Online.

Please keep me posted in the comments if you have other banking concerns or questions about managing transactions in QBO. I'm always ready to help. Take care, and have a great day, @lauren54.

Thanks for your response.  My bank balance in Quickbooks matches my physical bank balance.  It is the field in the banking tab that says bank balance and feeds through to the chart of accounts reflecting the ANZ Available Funds balance - not the bank balance itself.

Appreciate the update, @lauren54.

I would like to make sure we are on the same page so we can accomplish your goal on time. Therefore, I would like to ask for the name of your bank account and if you can share a screenshot where it shows the balance you wanted to discuss and get it resolved.

Keep me updated in the comments below. Hope to hear from you as soon as possible. Take care and stay safe!

May I chime in? For the past several days, the M&T Bank feed has failed using all 3 browsers - Safari, FireFox and Chrome. Yes, I updated the MacOS to v.12.5.1, have cleared browser cache, across the board. Could that be the issue? I have contacted the bank directly, and pray this is fixed before the August bank statements are distributed.

Thanks for chiming into this conversation, @biteme3. I appreciate you for following the basic troubleshooting steps. 

Good to know that you've contacted your bank about this as QuickBooks Online always relies on what your bank transmits in the system. 

I've checked our records and we don't have any active investigation for M&T Bank. Hence, we can do a manual update on your bank as our next step while waiting for your bank's results.

Here's how to update your bank in the system: 

1. Go to the Banking menu, then select the blue tile at the top for the bank account you want to update.
2. Click Update.
3. Go to the For Review tab to view successfully downloaded transactions.

Once done, categorise your transactions to put them in the correct account.

Should the issue persists, I'd recommend contacting our Customer Care team to report this issue. That way, they can help you request to investigate the cause and find a resolution to this banking concerns.

Feel free to add your comment again if you have additional banking concerns. I'll be there to help you again. 

Thank you; however, I've done that, repeatedly over 3 days. QBO makes me jump through a TON of verification hoops, and when that spinning beach ball implies success, the program notes, "We can't connect right now." Fail....darn it.

Thank you for the update, biteme3.

At this point, it would be best if you can reach out to our QBO Support, so they can check this further using more tools. Our Chat team is available today from 6:00 AM - 6:00 PM GMT+8.

1. Go to Help and select the Search tab.
2. Click Contact Us at the bottom.
3. Enter a sentence to describe the issue and click Continue.
4. Choose Start a chat.

Let me know if you have more questions in mind. Take care and have a good one!