Welcome to the Community space, @admin388. When reconciling your accounts, your bank statement is the ultimate source of truth, and closely following it will help avoid discrepancies. Let's dive into more details about this.
Since QuickBooks Online (QBO) is primarily suited to track cash-based transactions, including income, expenses, and bank transfers, but not the market performance of investments, I strongly recommend collaborating with your accountant or financial advisor to ensure the overall accuracy of your accounts.
They can provide expert guidance on reconciliation processes, ensuring proper treatment of stock-related transactions. If you haven't got an accountant yet, we can help you find one through this resource: Find an accountant Tool.
What's more, the Bank Balance in QBO reflects the actual bank balance of your account from the last bank feed update, and the QuickBooks balance represents the sum of all bank transactions that you've added or matched. These balances may not always match due to several scenarios, including:
- Outstanding transactions.
- Card (liability) account.
- Edited or deleted transactions.
- Duplicate transactions.
- New transactions for a connected account.
I recommend carefully categorising your downloaded transactions against your official bank statement to ensure QuickBooks accurately reflects your actual banking activity.
By comparing your QuickBooks account with the statement, you can quickly spot any missed transactions, @admin388. If you need assistance reconciling your account or help performing tasks inside the program, feel free to visit us anytime. Goodbye!
