In transactions the "in quickbooks" value is £1,557.78. "bank balance" shows £666.07
When I export excel the transactions in quickbooks and sum values I get "bank balance" number £666.07
Thanks for the screenshot, rich77.
The QuickBooks balance is the total balance of all bank transactions you've added or matched to QuickBooks. On the other hand, bank balance is your bank's actual balance from the last bank feed update.
You can check the lists of transactions on your bank statement with what's in QuickBooks to see if there are any changes made from the previous reconciliation or any transaction that shows in QuickBooks but not in the bank. Here's how:
From there, you'll see when the transaction was deleted, changed, and who did it. For deleted transactions, you'll need to manually re-enter it and do a mini-reconciliation to fix it. Here's how:
I've also added these references as your guide in reconciling the transactions:
I'd like to know how you get on after trying the steps, as I want to ensure this is resolved for you. Feel free to reply to this post, and I'll get back to you.
I started reconciling and see duplicates as a result of having both PayPal integration and Shopify Integration both turned on. The sum of all the duplicates is 891.71 aka the difference between "in quickbooks" and "bank balance".
Each sale results in an sales receipt auto created thanks to Shopify integration, but also a PayPal transfer created thanks to the PayPal integration.
Should I stop Shopify integration from creating sales recipets?
Hi rich77, do you transfer the transactions from PayPal to a bank that is also connected to QuickBooks, and do the amounts of the sales receipt match the PayPal transactions, or are these often different?
> do you transfer the transactions from PayPal to a bank that is also connected to QuickBooks
yes. The account that receives the PayPal money is Tide.
> do the amounts of the sales receipt match the PayPal transactions, or are these often different
always different. the product is £19.99, and PayPal charges a fee. For simplicity lets say the charge is 99p. So £19.00 is added to PayPal balance on sale. Then every few days I transfer a lump sum from PayPal to Tide (leaving some in PayPal). For simplicity lets say I transfer £50 from PayPal to Tide.
So Shopify sees 3 sales of £19.99 each, and a few days later Tide sees £50 transferred from PayPal.
Using the example numbers above, I am currently marking the £19.00 PayPal as "deposit", and 99p as bank charge. In meantime, Shopify is also auto creating "sales receipt" of £19.99 in QB. Perhaps I should instead mark the £19.00 as transfer rather than deposit?
Hi there, @rich77.
I want to make sure your issue about duplicate transactions is taken care of.
You'll be able to accept card payments once you've integrated PayPal in QuickBooks. Integrating Shopify isn't necessary since this can cause duplicates in QuickBooks. To turn off the other app integration here's how:
Let's exclude the duplicates and match existing QuickBooks entries with Tide bank feeds. I'll walk you through the steps.
For more detailed steps, check out this article: Exclude a bank transaction you downloaded into QuickBooks Online
When it comes to your deposit, yes you should mark it as a transfer rather than a deposit.
Lastly, exporting your transactions to excel won't affect your bank balance.
You can also check about categorising and matching bank transactions for your additional reference.
Also, free to visit our Banking page for more insights about managing and reconciling your bank transactions.
Stay in touch with me if there's anything else I can help you with QuickBooks. I'm always around to help you.