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info1096
Level 1

My bank balances and "in quickbooks" balances are way off. My reconciliation reports are correct but somewhere I think "recurring transfers between accounts is messed up.

 
1 Comment 1
AileneA
QuickBooks Team

My bank balances and "in quickbooks" balances are way off. My reconciliation reports are correct but somewhere I think "recurring transfers between accounts is messed up.

Hi there, @info1096

 

I'm here to share some pointers on how you can resolve the difference in these balances. The QuickBooks balance is the total balance of all bank transactions that you’ve added or matched to QuickBooks. While the bank balance is your bank's actual balance from the last bank feed update. 

 

If the Bank balance is greater than your QuickBooks balance, there might be bank transactions that are causing the difference. Here’s a list of possible reasons why these balances don’t match:

 

  • Outstanding transactions.
  • New transactions for a connected account.
  • Duplicate transactions.
  • Edited or deleted transactions.
  • Card (liability) account.

Depending on the factor that’s mentioned above, there are different steps to fix your issue. Here’s an article on the steps to fix or adjust these factors: Fix beginning balance issues if you've reconciled the account in the past QuickBooks Online

 

So let's start by reviewing the opening balance in your account to make sure it's correct. Here's how:

 

  1. Select the Accounting menu,.
  2. Choose Chart of Accounts.
  3. Search for the opening balance entry.
  4. From the Actions column, click View register.

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If there's an opening balance, let's make sure that it has the correct date and amount. While if there's no opening balance equity recorded, you can enter it by creating a journal entry. You can refer to this article for the detailed steps: What to do if you didn't enter an opening balance.  

 

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. 

 

That's it. Always feel free to leave a comment below if you have other questions about managing your transactions in QuickBooks. Have a great day!

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