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Level 2

Quickbooks online reconciliation report register balance does not match balance sheet. How to fix?

 
5 Comments
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QuickBooks Team

Quickbooks online reconciliation report register balance does not match balance sheet. How to fix?

Hi @Wolfie,

 

Let me provide you with details on why your reports are not matching.

 

Your reports don’t match since they are two different reports. The Balance Sheet is a report that summarizes the balance of your business. Included in this report are your company’s assets, liabilities, and equity. Your bank accounts are included as your assets.

 

On the other hand, the Reconciliation Report only shows the balance of a specific bank account which you reconciled. Moreover, it shows your reconciliation for a specific period.

 

Let me know if you have any other questions.

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Level 1

Quickbooks online reconciliation report register balance does not match balance sheet. How to fix?

I am trying to close second quarter.  the bank accounts are reconciled but balance in the register on 6/30 no where near matches amount on balance sheet on6/30. What can I do? How is this explained? Thank you.

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QuickBooks Team

Quickbooks online reconciliation report register balance does not match balance sheet. How to fix?

Hi there, @Dmuz.

 

Allow me to provide additional information and help you match the balances of the reconciled bank account and balance sheet report.

 

You'll need to pull up your balance sheet report to check if there are transactions hasn't been reconciled. You might also have an unclear deposit lingering in the reconciliation report which causes the report not tie out to the balance sheet.

 

This will also be different when you're using multi-currency. The bank register will show the actual foreign balance whilst on the balance sheet the balance is the conversion for home currency.

 

If your case has an unclear deposit, you can manually change the status of deposit transaction to cleared in the register. Here's how to proceed:

 

  1. From the left panel, click Accounting.
  2. Choose Charts of Accounts.
  3. Locate the appropriate account and click View register.
  4. Select the deposit and the click-box under the column twice.
  5. The status will appear.
  6. Click Save

You can read this article for more information: How to Unreconcile a Transaction or Undo a Reconciliation

 

In case you need tips and related articles in the future, visit our QuickBooks Community help website for reference: QBO Self-help

 

If you have any other questions, feel free to comment below. We're always here to help you.

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Level 1

Quickbooks online reconciliation report register balance does not match balance sheet. How to fix?

I am using QuickBooks online.

I pulled up the reconciliation report for June. 

the register balance is -27,778.81 which is the difference between uncleared transactions at 6/30

-29,712.83 and bank balance 1934.02.

Can you please provide more detail as to how I can correct this?

Thank you very  much.

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Moderator

Quickbooks online reconciliation report register balance does not match balance sheet. How to fix?

Hi @Dmuz,

 

Thanks for providing us additional information. 

 

In this case, we must need to review the report that causes the discrepancy. Here's how:

 

  1. Select each account on the balance sheet report to see the transactions related to the balance of each account.
  2. You can start running the date range down by starting from year to date (YTD), and narrowing it down each month, until you have the date range narrowed to the day that the balance sheet goes off.
  3. From there, you can start to figure out what transaction is causing the balance sheet to be off and resolve the issue.

Another one would be when your company's fiscal year is different than the calendar year. The amounts on both the report and the register may not match because the Balance Sheet is run on a calendar year. You can resolve this issue by doing the following:

 

First option is to change the date of the report:

  1. From the left menu, go to Reports.
  2. In the search bar, search for and open the Balance Sheet report.
  3. Select Customize.
  4. Choose the appropriate Report period.
  5. Select Run Report.

Secondly, is to change your fiscal year on the company file:

  1. Select the Gear icon on the Toolbar, then Account and Settings.
  2. From the left menu, select Advanced.
  3. In the Accounting section, select the edit (pencil) icon.
  4. From First month of income tax year drop-down, choose January.
  5. Select Save and Done.

That's the most of it. Here's a helpful article that would provide you other steps to check about troubleshooting the balance sheets.

 

Let me know if you have other concerns. I'm always happy to help.

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