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Level 1

Hi. My bank balance and quickbooks balance don't match but I can't find any outstanding transactions so don't know how to reconcile the numbers. Pls advise urgently :)

Hi

there's lots of help articles about reconciliation but they all seem to focus on sorting out transactions. I can't find any transactions to sort out so can't understand why my quickbooks balance is different to my bank balance.

It's all a bit confusing - so much so that I might just stop quickbooks because it's giving me a balance that doesn't make sense.

Urgent help very gratefully received!

thanks

16 REPLIES 16
Level 3

Hello gerrard, Thank you for contacting community. Th...

Hello gerrard,


Thank you for contacting community.


The QuickBooks bank balance will come from the Chart of Account you created. There are a few steps I would suggest trying to make the QuickBooks bank balance match you actual bank balance.


First check your opening balance is correct. The opening balance is to replace historic transactions so you do not need to bring in your entire transnational history to QuickBooks. To check this please follow these steps:

1. Log into QuickBooks Online.

2. Select Accounting from the left hand navigation bar.

3. Select Account History under Action on the right hand side of your bank.

4. Click the filter icon in the top left hand corner.

5. Under Transaction Type select Journal entry and click Apply.


If there is a journal entry, make sure the amount is correct for the opening balance for the date before you brought in your first transaction into QuickBooks Online. If you do not have a journal entry you will need to create one. To do this please follow the below steps:

1. Click on the plus icon in the top right hand corner.

2. Select Journal Entry.

3. Change the date to the day before your first transaction brought into QuickBooks Online.

4. On line 1 enter the Bank account and put in the balance your bank was on the above date under Debits.

5. On line 2 select the account Opening Balance Equity, the balance will then populate under Credits.

6. Save and close.


If after you have amended or created an opening balance in QuickBooks Online the balances do not match I would suggest comparing your Account History to your bank statement. If you go back to Accounting and select Account History, you will notice on the right hand side you will have a running balance of your account. By comparing this to your actual bank statement you can see at what point they differ.


Finally I would have a look in the Account History to see where the transactions have came from. If you have your bank connected and the transactions have originated from the banking section they will have two green squares under the status column. If these boxes do not show they have been manually created, in this case I would check they are not duplicates.


Let me know if you have any queries. Or, if you'd like to go through this over the phone, you can call our dedicated team who will be happy to assist you. Our contact details can be found here along with our opening hours.

Level 3

"3. Select Account History under Action on the right hand...

"3. Select Account History under Action on the right hand side of your bank."

This does not exist under the action dropdown. Please update your answer~
Level 2

Re: Hi. My bank balance and quickbooks balance don't match but I can't find any outstanding transactions so don't know how to reconcile the numbers. Pls advise urgently :)

Luckily books still provide live telephone support, so you talk to them on the phone, they do a screen share, and your problems just melt away........

Level 2

Re: Hi. My bank balance and quickbooks balance don't match but I can't find any outstanding transactions so don't know how to reconcile the numbers. Pls advise urgently :)

Did you get this sorted out? I had this same issue today. My problem is the bank feed balance and My quick book balance are the same only because I have the bills entered on Quick books and the amounts have now come out of the bank account but the actually bank's  transactions were never transmitted from the bank feed to my QB program.   I will match manually I guess but why would this have happened?

QuickBooks Team

Re: Hi. My bank balance and quickbooks balance don't match but I can't find any outstanding trans...

Hello uniquepools,

 

Have you manually pressed update on your bank feed to make sure there wasn't a delay in bringing the transactions through?

 

Thanks,

 

Talia

Level 1

Re: "3. Select Account History under Action on the right hand...

I have the same problem. I'm still waiting for the answer.  There is no transaction left in the Review tab. And I already reconciled. My Balance in QBO is equal to my Bank statements so I know that my number is correct, but it's different to the "Bank Balance". So that means, the "Bank Balance" shown in the Banking is wrong??? If so, how do we fix this?

Moderator

Re: "3. Select Account History under Action on the right hand...

Greetings, @Twan T.

 

I appreciate you for posting in the Community and for letting us know about this unexpected behaviour. Let's get this straightened out.

 

There are factors affecting the balances:

  • Outstanding/Pending transactions
  • New transactions for a connected bank account
  • Duplicate transactions
  • Edited/Deleted transactions
  • Credit card (liability) account

To begin, let's update your bank account manually to refresh the banking page.

 

Here's how:

  1. Click Banking, and then Banking at the top.
  2. On the Banking page, select Update
  3. If prompted, enter your Multi-Factor Authentication (MFA) credentials and select Continue update.
  4. You'll be notified once the update is complete.

If you get the same result, you can refer to the following article for additional steps about fixing the bank balance: How to fix differences between QuickBooks balance and bank balance.

 

For additional reference, you can use this link to add or match the downloaded transactions to your bank register: Match and categorise your downloaded bank transactions.

 

Let me know if there's anything else you need. I'll be always here to help.

Level 1

Re: "3. Select Account History under Action on the right hand...

Thanks for your reply! This morning, a new transaction showed up which made the balances equal now! Yesterday I clicked on update many times and nothing happened. I should be more patient next time. :)
Level 1

Re: Hello gerrard, Thank you for contacting community. Th...

Hi, i'm just trying to go through the journal entry and theres no "opening balance equity" in the dropdown on line 2! Help!

Moderator

Re: Hello gerrard, Thank you for contacting community. Th...

Hi there, @Siubtronix Ltd!

 

Your Opening Balance Equity account will only show once you created a bank account in QuickBooks. I'm here to share a few insights and help you from there.

 

To start with, your Opening Balance Equity account is associated with your bank account. Every amount you've entered on the Opening Balance when you created your bank account will be recorded into your Opening Balance Equity account.

 

Thus said, here's how you can create your new bank account:

  1. Go to Accounting.
  2. Select Chart of Accounts.
  3. Click New.
  4. Under Account Type, select Cash at bank and in hand.
  5. Select the appropriate Detail Type of your bank account.
  6. Enter the name of your bank account.
  7. Click Save and close.

After following the steps above, you'll now see your Opening Balance Equity account from the list of accounts in your Chart of Accounts. Once done, you can now go back and record your Journal Entry transaction.

 

In case you need some tips and related articles for your future accounting tasks, you can always visit our QuickBooks Online Help Articles for reference.

 

If there's anything else that I can help you with, please let me know in the comment section down below. I'll be always around ready to help.

Level 1

Re: Hello gerrard, Thank you for contacting community. Th...

Thanks for your reply. 

I already have the bank account set up with historical feed data in there. The problem seems to be that when the first transaction starts in the account history that QB starts at £0.00 when infact there's money in the account at that point so it starts at a different balance to begin with. Then there's a date further along where it picks up the balance from the bank which I believe to be correct at that time, and it adds it to the QB balance. So now my QB balance is roughly twice what my actual balance is. 

 

Gav

QuickBooks Team

Re: Hello gerrard, Thank you for contacting community. Th...

Hello Siubtronix Ltd

 

You can do a journal entry to rectify this as mentioned above though if you already have an entry that is wrong editing it is probably the best option.I have included both options below.

 

When your bank account connects in QuickBooks it will pull through an opening balance at that point.

You can  click on the line in the account history of that transaction>go to edit>change the date to the date you want QuickBooks to track the balance from and amend the amount to the amount you want the start balance to be and then save it.

 

or

 

Delete the entry where it picked up the balance.Create a journal with the bank account and open balance equity account on line 1 and 2 .If it is a positive opening balance the bank account amount will go in the debit side and the opening balance equity in the credit side and if it is a negative balance you would just do the other way around.If you can not see the opening balance equity you can set it up (go to chart of accounts>new>in account type select equity>in detail type select>opening balance equity-sometimes this account is called retained profit balance forward in the QB and then go back to the journal.Make sure the journal date is the date you want the opening balance to be from.Then save the journal.

 

You can then check the account balance in the account history is correct.If the opening balance is correct but the balance is still out you may need to look at using the reconcile tool

 

Emma

Level 2

Re: Hello gerrard, Thank you for contacting community. Th...

Hello,

 

I too am having an similar issue, however I’m trying to make a transfer between a enabled bank feeds account and a non bank feeds enabled account. The transfer shows in my QuickBooks desktop checking balance however I’m not able to match or approve the transfer since the transfer is new.

 

Is there a way to know when the transfer will post in my bank account so either I can deposit it from QuickBooks or transfer it from my enabled bank feeds account so I can reconcile the transfer. I can’t find anywhere on the QuickBooks community forums that show an example how to do so. I also don’t know when the bank transfer will balance in my account and how long the processing will be. Is it 3-5 days or instantly?

 

Any help is appreciated in regards to this misleading information.

 

Thank you. 

 

QuickBooks Team

Re: Hello gerrard, Thank you for contacting community. Th...

Hello Sharp Collection

 

You mentioned in your post  QuickBooks Desktop .Can we just confirm are you using QuickBooks Desktop or QuickBooks Online?Just to confirm as the features are different in each product

 

Thank you

 

Emma

 

Level 2

Re: Hello gerrard, Thank you for contacting community. Th...

Hello Emma, QuickBooks Desktop. Does making transfers between online accounts on QuickBooks Online more profound and easier than QuickBooks Desktop? Thank you.
Highlighted
QuickBooks Team

Re: Hello gerrard, Thank you for contacting community. Th...

Thanks for confirming your QuickBooks version, @sharpcollection

 

Quickbooks Online (QBO) and QuickBooks Desktop (QBDT) are two different platforms, but they have the same process when it comes to transferring funds between accounts. Also, both are for recording purposes only. 

 

Hence, if you're doing the funds transfer within your QuickBooks company, it will only be recorded in QuickBooks. To ensure that the transactions will actually post to both accounts, you'll have to do it through your online banking. That way, you can easily match your bank statement with your QuickBooks.  

 

On the other hand, each financial institution (FI) has different timeframe for processing fund's transfer, I'd suggest you contact your bank for more information. 

 

For future reference, you can check out this help article: Learn the reconcile workflow in QuickBooks. It contains detailed steps on how to reconcile. It also contains links to help fix the reconciliation issue in case you encounter any. 

 

Feel free to message us again if you have more questions. We're always here to back you up.