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r-sorrell
Level 2

Why are my "In Quickbooks" balance and my "Bank Balance" showing different numbers for my new company?

I have created a new company and the only transaction I have had before setting up QBO was a Paypal verification payment of £0.01. When I go into quickbooks, if I add the transaction, I then have an "In Quickbooks" balance of £0.02. Which I know is not much but its frustrating. I don't know where the extra penny is coming from... Any help would be great! I want to get this sorted out before we run much more through these books.
Solved
Best answer November 02, 2019

Accepted Solutions
MaryLandT
QuickBooks Team

Why are my "In Quickbooks" balance and my "Bank Balance" showing different numbers for my new company?

Hello there, r-sorrell,

 

Let me clarify things out for you about the balance in QuickBooks.

 

Once your bank account is connected, the system automatically creates an opening balance. The amount is based on the real-life bank account. Thus, it causes the incorrect balance in QuickBooks.

 

No worries. You can either edit or delete this entry. Simply go to your Chart of Accounts and make changes from there. Here's how:

  1. Go to the Gear ⚙️ icon at the right top.
  2. Select Chart of Accounts under Your Company.
  3. Locate the account, then click Account history under Action.
  4. Find the opening balance.
  5. You can either delete or edit it.
  6. When you edit it, make sure to enter a zero amount to fix the opening balance.
  7. Click Save and close.

I've added this article for additional information: Fix opening balance issues in QuickBooks Online. This link will also help ensure QuickBooks will match your bank records.

 

Let me know if there's anything else you need with your bank account and I'd be glad to help you out.

View solution in original post

10 REPLIES 10
MaryLandT
QuickBooks Team

Why are my "In Quickbooks" balance and my "Bank Balance" showing different numbers for my new company?

Hello there, r-sorrell,

 

Let me clarify things out for you about the balance in QuickBooks.

 

Once your bank account is connected, the system automatically creates an opening balance. The amount is based on the real-life bank account. Thus, it causes the incorrect balance in QuickBooks.

 

No worries. You can either edit or delete this entry. Simply go to your Chart of Accounts and make changes from there. Here's how:

  1. Go to the Gear ⚙️ icon at the right top.
  2. Select Chart of Accounts under Your Company.
  3. Locate the account, then click Account history under Action.
  4. Find the opening balance.
  5. You can either delete or edit it.
  6. When you edit it, make sure to enter a zero amount to fix the opening balance.
  7. Click Save and close.

I've added this article for additional information: Fix opening balance issues in QuickBooks Online. This link will also help ensure QuickBooks will match your bank records.

 

Let me know if there's anything else you need with your bank account and I'd be glad to help you out.

View solution in original post

r-sorrell
Level 2

Why are my "In Quickbooks" balance and my "Bank Balance" showing different numbers for my new company?

That worked perfectly. Thanks.

susan76
Level 2

Why are my "In Quickbooks" balance and my "Bank Balance" showing different numbers for my new company?

I do not see the Account History under Action.... 

Charies_M
Moderator

Why are my "In Quickbooks" balance and my "Bank Balance" showing different numbers for my new company?

Thanks for pointing this out, susan76.

 

The Account History option is an old feature in QuickBooks Online (QBO). Under Action, you can use the View register instead.

 

To be updated with the latest improvements made in the product, feel free to visit this link: https://quickbooks.intuit.com/blog/whats-new/.

 

Get back to me if you have any other questions. I'm a post away to help. Have a great day!

mandarin
Level 1

Why are my "In Quickbooks" balance and my "Bank Balance" showing different numbers for my new company?

Hi I did the Opening Balance part and still my "in quickbooks amount is way higher than my bank balance is there any possible reason for this. If so how can I fix it

MarsStephanieL
QuickBooks Team

Why are my "In Quickbooks" balance and my "Bank Balance" showing different numbers for my new company?

Allow me to share some details about the mismatch amount between QuickBooks and your bank's balance, @mandarin.

 

This happens when there are outstanding checks, duplicate transactions, transactions that may have been modified or deleted. I'd recommend carrying out full reconciliation of the account would be the best way to find the discrepancy and allow you to amend the account accordingly.

 

Checking the Account register to verify the opening balance is one way to spot if there's an opening balance not being added correctly. This figure should be the balance of your bank account on the first day of your financial year to be accurate. Also, let's make sure that every transaction there are reconciled in the Account register. This is how it looks like:

 

 

To know more about the causes and resolution of the mismatched balances, you can check out this article: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

 

You can also reach out to an accountant to make sure that your books are accurate. If you don't have one, you can find an accountant here: https://quickbooks.intuit.com/find-an-accountant/.

 

Please don't hesitate to let me know if you have other questions or concerns. I'd be happy to help you further. Take care.

PPON
Level 1

Why are my "In Quickbooks" balance and my "Bank Balance" showing different numbers for my new company?

Hi,

I'm still having issues w/ my account balances. Bank balances are correct but QB balance is negative. I adjusted the opening balance and reconciled our checking account 

MichelleBh
QuickBooks Team

Why are my "In Quickbooks" balance and my "Bank Balance" showing different numbers for my new company?

Thanks for joining on this conversation, @PPON.

 

I'm here to ensure your balance in QuickBooks Online (QBO) is correct. So, let me share with you the possible reason why your QuickBooks Balance is negative.

 

Several factors may cause why your opening balance is negative in QBO. These are the following: 

 

  • Outstanding transactions
  • New transactions for a connected account
  • Duplicate transactions
  • Edited or deleted transactions
  • Credit card (liability) account

 

To figure this out and resolve it, I'd suggest running the Reconciliation report

 

Here's how: 

 

  1. Go to the Report tab on the left side. 
  2. Type the mentioned report in the search box. 
  3. Choose Report period and Account in the drop-down. 
  4. Review each transaction on the report one at a time by clicking the View button. 
  5. Revision the Change Type to see the status of the transactions. 
  • Amount changed- open it and modify the amount. 
  • Unreconciled in the register - Please go to your Chart of Accounts (COA), then mark the transaction R
  • Reconciled in error- In the COA Select the box in the tick column until it's blank or you see a C
  • Deleted - recreate the transaction to fix the problem. 

      6. Follow the on-screen instructions. 

 

For the complete steps, check out this article: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

 

Additionally, I'd encourage you to visit these articles below about reconciling errors troubleshooting, and other topics. 

 

 

Let me know if you have further questions about this situation. I'm eager to help. Keep safe. 

PPON
Level 1

Why are my "In Quickbooks" balance and my "Bank Balance" showing different numbers for my new company?

Hi Michelle, thank you so much for the help and for the quick reply. Ok, i've followed the instructions and when i get to the reconciliation report and click on the transactions, i get a pop up window that says Missing Transaction-The transaction you are trying to edit has been deleted.  A few weeks ago i realized a whole bunch of my credit card deposits were going into either both checking and savings or just savings, i can't remember but i went in and deleted them and now they are stuck in there i think? Not sure how to fix. 

Catherine_B
QuickBooks Team

Why are my "In Quickbooks" balance and my "Bank Balance" showing different numbers for my new company?

Thanks for keeping us updated, PPON.

 

I can share how we can fix QuickBooks and bank balances.  

 

When reconciling an account, we take into consideration the transactions posted on your bank statement and match it with the one QuickBooks. If some edited, moved, or deleted, or unreconciled a reconciled transaction, it changes the ending balance of your last reconciliation which also impacts the beginning balance of the next period to reconcile. 

 

You can review your statement first if the deleted transactions are supposed to be on that period's reconciliation. If so, you can recreate them exactly how they were created. For your reference, you can use the reconciliation report. 

 

Here's how to pull that up: 

 

  1. Go to the Reports menu.
  2. Enter and select Reconciliation Reports.
  3. Select the Account and Report date.
  4. Click View report.
  5. You'll see the Reconciliation Change Report section which identifies the change. 

Once you've recorded the transactions, you'll want to manually reconcile them. For more details, you can check out the steps on this link: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

 

Let me know if you have other questions. Take care and have a great day!