Bank balance not matching QB balance

FAC-UK · ‎February 20, 2023

Hi, newbie here. I hope someone can help me as I'm at a a bit of a loss.

I have three bank accounts linked to QB online. One current account and two savings accounts but in neither savings account does the QB balance match the bank balance. The bank balances amounts are correct and up to date. All the transactions are either transfers from the current account or interest, no other payments or deposits are made from these accounts. The number of transactions in QB and the amount of these transactions exactly matches my bank statements down to the last penny. The transactions in QB manually add up to the bank balance total.

I have undone all of the transactions in one of the savings accounts and the starting balance is around £90 out. The other savings account is around £9 out. Can anyone tell me why this might be please? I've only had these accounts since April 2022.

Thanks in advance for any help.

Jo

Ashleigh1 · ‎February 20, 2023

Hello FAC-UK,

Welcome to the Community page,

BANK BALANCE VS QB BALANCE

There are different reasons why the Bank balance and In QuickBooks balance don't match.

In QuickBooks balance is the total of bank transactions recorded under the bank account in chart of accounts. It could be that:

Reasons why In QB balance is different from the bank balance:

1 . Missing transactions that need to be recorded

2. Duplicate or incorrectly entered transactions

3. the beginning balance in QuickBooks Online is incorrect or no opening balance created for the bank account

4.Last option is bank reconciliation, previously reconciled transactions were edited or deleted.

To fix the difference customer needs to get a copy of his bank statement and compare it with the recorded transactions in the bank account inside QuickBooks to reconcile.

View solution in original post

Ashleigh1 · ‎February 20, 2023

Hello FAC-UK,

Welcome to the Community page,

BANK BALANCE VS QB BALANCE

There are different reasons why the Bank balance and In QuickBooks balance don't match.

In QuickBooks balance is the total of bank transactions recorded under the bank account in chart of accounts. It could be that:

Reasons why In QB balance is different from the bank balance:

1 . Missing transactions that need to be recorded

2. Duplicate or incorrectly entered transactions

3. the beginning balance in QuickBooks Online is incorrect or no opening balance created for the bank account

4.Last option is bank reconciliation, previously reconciled transactions were edited or deleted.

To fix the difference customer needs to get a copy of his bank statement and compare it with the recorded transactions in the bank account inside QuickBooks to reconcile.

FAC-UK · ‎February 20, 2023

Thanks, found the errors in the Chart of Accounts. All sorted :)

Mark_R · ‎February 20, 2023

Welcome back, @FAC-UK.

I'm happy to know that your issue with QuickBooks balance and Bank balance is already resolved. Please know that the Community is always open to help you again if you have other concerns with QuickBooks.

Wishing you all the best!

userelizarayjewelry · ‎February 26, 2023

I need assistance with instructions on how to make adjustments to QB to bring in it in line with my bank account. the problem resulted from cash sales processed throughShopify as such and Shopify sent the transactions to QB Bank records which recorded the sale and deposit to the QB Bank records while at the same time the actual cash was deposited in my bank accounts and fed into QB over stating the QB bank records.

MariaSoledadG · ‎February 26, 2023

Let me provide some details about bank balances when using Shopify and QuickBooks, userelizarayjewelry.

When using apps with industry-specific interfaces, allows clients to interact primarily with the app, which makes it easier to manage the books on the back end. Aside from that, more reliable data capture and enhanced reporting allow you to see trends and offer even better advice.

QuickBooks Online (QBO) is dependent on the information being processed and transmitted from Shopify. You'll want to make sure that you're matching the bank transactions instead of adding them so they won't show as duplicates and to keep your books accurate. When matching, this links your downloaded transaction with those that you've already entered. You'll have to ensure that you're matching the correct transaction. To know more about the process and find out in case transactions don't match, I've got this article for more details: Categorise Andn Match Online Bank Transactions In QuickBooks Online.

Furthermore, you'll want to compare each transaction with those you've already entered in QuickBooks. Learn from this article on how to reconcile accounts: Reconcle An Account In QuickBooks Online.

If there's anything else that you need help with about your bank balances, please let us know so we can get back to you as soon as possible. We're happy to help you.

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Bank balance not matching QB balance