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.
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.
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:
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.
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.
Thanks for providing us additional information.
In this case, we must need to review the report that causes the discrepancy. Here's how:
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:
Secondly, is to change your fiscal year on the company file:
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.