Hi, Alan. Your QuickBooks checking balance differs from your bank balance because of missing, duplicate, altered transactions, incorrect opening balances, or mismatched bank feed entries.
Begin by recording all transactions started from June 01 onward in QBO manually or by matching with bank feeds.
Next, check for duplicate transactions, which can happen if they are manually recorded and then imported again. Remove any duplicates only after confirming they are invalid.
Then, go and validate the opening balance. Ensure it matches your bank statement's closing balance as of May 31.
At this point, confirm that no reconciled transactions have been altered or deleted for prior periods (up to May 31). Changes to these transactions disrupt reconciliation reports and account balances.
Afterward, head to the Banking tab in QBO and review the For Review transactions. Ensure each matches your bank feed, and double-check categorized transactions for accuracy. Mismatched or miscategorized transactions can impact your balance.
Finally, reconcile your account again starting June 1.
Here's the guide:
- Go to the gear icon menu (located at the top right corner of the page) and select Reconcile.
- Choose the specific account and, one by one, match each transaction from June onward against the transactions shown on your bank statement.
- By reconciling, ensure the balances align accurately.
When you begin reconciling an account in QuickBooks, it's essential to check the beginning balance. This balance reflects the account's total at the start of the period and serves as a verification point to ensure your initial numbers are accurate. For more information and guidelines, check out the article: Fix Issues for Accounts You've Reconciled in the Past in QuickBooks Online.
This article will guide you in regularly reviewing your accounts in QuickBooks and fixing a reconciliation: Learn the reconciliation workflow in QuickBooks.
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