Bank Balance vs Quickbooks Balance

Luked6 · ‎June 19, 2023

Hey!

I just signed up for Quickbooks Online and have recorded all my transactions for the 2023 year. I had been running an airbnb for the previous year as well but recorded all my transactions on paper or spreadsheets. Now that I have finished recording my transactions I still have a quickbooks balance of $12,322.52 and a bank balance of $5,734.63 on my linked account. I don't know why there is a difference between these two accounts. I made sure there are no duplicate transactions and if I enter the years opening balance of about $3500 it makes the difference even greater. I do not want to go through all of my previous years transactions so I am wondering what I can do to start fresh and make this number balance for now and going forward it will stay balanced? Could I just manually enter an opening balance that is a negative number for the account? Any suggestions is appreciated!

JamesM4 · ‎June 19, 2023

Hi Luked6,

Welcome to the QuickBooks Online family. Reconciliation is a beneficial process that helps you keep track of your balances and I'm glad you're using QuickBooks to help streamline this process. The program is designed to help you save time so you can do the things that you enjoy the most. I'll be glad to share more information about reconciling your accounts.

Based on what you've shared, I recommend you to check out these helpful resources with more info about reconciling in QuickBooks:

I encourage you to go through the articles above as they provide helpful information. I also highly recommend getting in touch with an accounting professional for expert advice. If you're not in contact with a professional, don't worry, you can search for one using this link here. If you have questions, don't hesitate to reach back to me here. I'll be one message away.

Luked6 · ‎June 19, 2023

No it still doesn't seem to be working. If I add an opening balance it makes the differences greater. I also tried removing all the old transactions and re adding them but it still is unbalanced.

For an idea I had a bank balance and quickbooks balance of $5622.44 when I linked my account and categorized all the transactions.

I had to manually add the previous 3 months so I downloaded a .csv file from my bank and when I categorize all of those transactions I'm out by almost $7000.

Any other ideas?

Trish_T · ‎June 20, 2023

Hi Luked6,

Thanks for getting back to us here. It's important that you're able to balance your books in QuickBooks Online, and reconcile your account effortlessly. In this situation, I encourage you to contact us outside of Community. With your consent, a member of our Customer Care team will be able to work with you in real-time and ensure you're books are balanced as soon as possible!

Schedule a Callback or start a Chat: click (?) Help in the upper right in QuickBooks Online > enter "Contact support" > hit Contact Us > provide a brief summary of your situation > hit Let's Talk > choose Get a callback or Start a Chat.
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Support hours are from Monday to Friday between 9 a.m. and 8 p.m. ET.

Feel free to reach back out if you have any other questions. We'd be happy to help!

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Bank Balance vs Quickbooks Balance