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I see how challenging to see that your bank balance isn't in sync with what's in your QuickBooks account on your end, @Alarmmannie. Allow me to impart the information that can pinpoint the reason for this.
There is a list of reasons why bank and QuickBooks balances aren't the same. These are:
- Outstanding checks.
- New transactions for a connected account.
- Duplicate transactions.
- Editing or deleting transactions.
- Credit card and liability accounts.
Also, there are steps you can follow to fix this. Let's start by reviewing the original opening balance in QuickBooks. If it's incorrect, future reconciliations will be affected.
If it's correct, let's review your bank statement to see if you reconciled the right account for the correct month. Here's how:
- Go to the Transactions tab and pick Reconcile.
- Choose the account that you want to reconcile from the Account dropdown.
After that, match and categorise downloaded transactions in QBO. Then, review any discrepancy reports to see if someone made changes that affect the balance. Check out this article for the detailed steps: Fix issues for accounts you've reconciled in the past in QuickBooks Online.
You can also run the Transaction Detail by Account report to see if there are still duplicates that cause the balance issue.
I also recommend contacting your accountant or tax advisor to know what to do about the VAT you unknowingly paid excessively.
If you wish to speed up the review process by automatically classifying your transactions, check out this article: Set up bank rules to categorise online banking transactions in QuickBooks Online.
The Community door is always open to respond to more of your questions about bank and QuickBooks balances. We'll be glad to have you back. Take care, and have a good one.
