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devonne-kahunain
Level 3

Should the "Register Balance" on the on the bank Reconciliation Report tie to the Balance Sheet?

I'm fairly new to QBO and I'm trying to get the $$ amt shown on my balance sheet for my Operating Account to tie to SOME NUMBER on the bank reconciliation. I'm thinking it should tie to the "Register Balance" as of the month-end date, but it doesn't. Does that sound right?
Solved
Best answer June 11, 2022

Best Answers
devonne-kahunain
Level 3

Should the "Register Balance" on the on the bank Reconciliation Report tie to the Balance Sheet?

The cash balance on the balance sheet should always tie to the register amount shown on the reconciliation report. That's how it is in every other accounting software. Line items on a balance sheet SHOULD tie to a source document. Your bank reconciliation is the source document. It ties on every other bank account. 

I dug further into the issue and it's related to a voided stale check from last August. It's crazy that QB doesn't give you the option to CHOOSE which period the void should be reflected. I've never seen a sophisticated accounting software not give you that option. 

 

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14 Comments 14
jamespaul
Moderator

Should the "Register Balance" on the on the bank Reconciliation Report tie to the Balance Sheet?

Hello, Devonne. 

 

Let's clarify some things about the balance shown on the bank reconciliation report versus on the Balance Sheet. 

 

The Register Balance on the bank reconciliation report is a static amount. So, it's not tied to the current bank's balance on the Balance Sheet report or on the Chart of Accounts page. 

 

To further elaborate, the Register Balance is the total balance after the reconciliation process. Usually, this serves as a basis for the beginning balance for the next accounting period. 

 

reg1.PNGreg2.PNG

 

So, we'll want to look at the balance on the Balance Sheet report or on the Chart of Accounts page if you want to see the sum of all posted transactions in QuickBooks. 

 

I'll add this article in case you want to learn more about the bank reconciliation report: How do I view, print, or export a reconciliation report? 

 

Also if you'd like a refresher on the reconciliation process, check out this article for more details: Reconcile an account in QuickBooks Online

 

We also have an Online Banking feature where you can connect your bank to add and match your bank records in QuickBooks. If you're interested, we can take a look at this article for more details: Connect bank and credit card accounts to QuickBooks Online

 

I'm ready to help you out again if you'd like me to clarify other things regarding the reconciliation process. If you happen to come across any difficulties while recording your entries, let me know and I'll gladly assist you. 

devonne-kahunain
Level 3

Should the "Register Balance" on the on the bank Reconciliation Report tie to the Balance Sheet?

The cash balance on the balance sheet should always tie to the register amount shown on the reconciliation report. That's how it is in every other accounting software. Line items on a balance sheet SHOULD tie to a source document. Your bank reconciliation is the source document. It ties on every other bank account. 

I dug further into the issue and it's related to a voided stale check from last August. It's crazy that QB doesn't give you the option to CHOOSE which period the void should be reflected. I've never seen a sophisticated accounting software not give you that option. 

 

AlcaeusF
Moderator

Should the "Register Balance" on the on the bank Reconciliation Report tie to the Balance Sheet?

Hello @devonne-kahunain,

 

I have reviewed the solution you’ve shared and it's correct and accurate. Thank you for sharing your inputs to help address the issue.

 

We love to see members supporting one another! Have a great day.

MVEBA
Level 2

Should the "Register Balance" on the on the bank Reconciliation Report tie to the Balance Sheet?

This sounds like a lot of double speak. How does a user get the Bank Balance to match Quick Books balance after a satisfactory reconciliation? I have one mostly inactive account with 50% difference.

 
 
LeizylM
QuickBooks Team

Should the "Register Balance" on the on the bank Reconciliation Report tie to the Balance Sheet?

I'd be glad to help your balances accurate, MVEBA.

 

If your bank registered balance in QuickBooks Online doesn’t match your actual bank balance, several factors may cause the balances to vary. You would need to verify why they don’t match and fix them accordingly.

 

Balances may not match for a number of reasons:

 

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

 

Check out this article to know more about the recommended fix for the mentioned reason above: How to Fix Differences Between QuickBooks Balance and Bank Balance.

 

I've added this article to learn more about reconciliation in QuickBooks Online:

 

 

Stay in touch if you have any other questions or concerns about fixing reconciliation issues. I’ll be right here to answer them for you. Enjoy the rest of the day. 

MVEBA
Level 2

Should the "Register Balance" on the on the bank Reconciliation Report tie to the Balance Sheet?

 

I have checked the posted help articles and all seem to relate to reconciliations issues. Possibly I am asking the wrong question. My reconciliations are all fine and show no discrepancies. I am asking about the differences that appear in Accounting-Chart of accounts: 

QUICKBOOKS BALANCE

 
 

BANK BALANCE

 

 

and also appears in the boxes that open in https://app.qbo.intuit.com/app/banking.

Thanks for all assistance.Possibly not a big deal as it doesn't (appear to) affect my bookkeeping but concerned about future problem and troubling to see it.

Fred

Mark_R
QuickBooks Team

Should the "Register Balance" on the on the bank Reconciliation Report tie to the Balance Sheet?

I'm here to help you understand the difference between a bank and a QuickBooks balance, @MVEBA.

 

The bank or checking balance is your actual balance from the last bank feed update. While the QuickBooks balance is the total balance of all bank transactions that you’ve added or matched to QuickBooks. And the several factors why both balances don't match are already stated by my colleague LeizylM above.

 

Depending on the factors mentioned, you can use this article to learn how to fix it: How to fix differences between QuickBooks balance and bank balance.

 

Once you're ready to reconcile your checking account, feel free to check out this article for more guidance: Reconcile an account in QuickBooks Online.

 

Please let me know if you need clarification about the bank and the QuickBooks balance. I'll be standing by for your response.

MVEBA
Level 2

Should the "Register Balance" on the on the bank Reconciliation Report tie to the Balance Sheet?

 I just noticed something that could help me resolve this issue. The banking page shows the Bank Balance last updated on 6/7 yet in Quickbooks is correct for the 10/7 with a green checkmark. Now that I see that date, I checked the bank register for that date. The register shows a green entry symbol for an interest deposit and and the incorrect amount I have asked about as the then current balance, I clicked the reconcile button and that still shows my correct starting balance. Then checked money market account online and no new transactions since last connection 10/7.

I hope this can save me a support call or chat. 

Fred

 

 

9130 3525 3968 4316
Level 2

Should the "Register Balance" on the on the bank Reconciliation Report tie to the Balance Sheet?

I have a similar question. The bank reconciliation report shows the "register balance" of $227k as of 06.30.22 and the balance for the same bank account shows $78, 232.29 on the balance sheet as of 06.30.22. Should the register balance amount on the bank reconciliation match the bank account balance on the balance sheet as of 06.30.22? 

 

I show $169,039.51 in uncleared transactions 06.30.22 $105k of that is a deleted journal entry. 

I have attached a screen shot to better explain. 

 

 

Candice C
QuickBooks Team

Should the "Register Balance" on the on the bank Reconciliation Report tie to the Balance Sheet?

Good morning, @9130 3525 3968 4316

 

Thanks for chiming in on this thread. Allow me to point you in the right direction to receive an answer to your question. 

 

The cash balance on the Balance Sheet should always tie to the register amount shown on the reconciliation report. 

 

I recommend to review @Mark_R post above in the thread so that you can get these balances to match if need be. They have listed other guides to provide instructions and other details to help you out. 

 

Feel free to come back if you have any other questions. I'm only a post away if you need me. Take care! 

9130 3525 3968 4316
Level 2

Should the "Register Balance" on the on the bank Reconciliation Report tie to the Balance Sheet?

Thank you for this, but I am not talking about going to the banking tab and there is the bank account box that shows the bank balance and the in quickbooks balance. 

 

This is on the reports: balance sheet report as of 06.30.22 bank balance and the bank rec. report as of 06.30.22 register balance. It was suggest to add back in the uncleared amount or subtract the uncleared amount on the bank rec. report as of 06.30.2022 to get the register balance and the bank balance on the balance sheet to match. These does not work. 

 

ZackE
Moderator

Should the "Register Balance" on the on the bank Reconciliation Report tie to the Balance Sheet?

Thanks for getting back with the Community, 9130 3525 3968 4316. I appreciate you performing Mark_R's recommended steps to get your balances matching.
 

To properly identify which transaction(s) could be causing the balances not to match and what you should be doing to correct it, I'd recommend working with an accounting professional.
 

If you're in need of one, there's an awesome tool on our website called Find a ProAdvisor. All ProAdvisors listed there are QuickBooks-certified and able to provide helpful insights for driving your business's success.
 

Here's how it works:

 

  1. Go to our Find a ProAdvisor page.
  2. Use the City or ZIP search field to specify a location.
  3. Select Find a ProAdvisor.
  4. Browse through your results and find one that works best for the business. You can click on each ProAdvisor's profile to learn more information about them.

 

Once you've found an accountant, they can be contacted through their Send a message form:
 

  1. Use the available text box to introduce yourself. Be sure to include details about which services you're looking for.


     
  2. Enter your appropriate info in the Your nameYour email, and Your phone number (optional) fields.


     
  3. Hit Send message.

 

You'll also be able to find many detailed resources about using QuickBooks in our help article archives.
 

Please don't hesitate to send a reply if there's any questions. Have a wonderful Wednesday!

FEDERIGHI
Level 1

Should the "Register Balance" on the on the bank Reconciliation Report tie to the Balance Sheet?

I have a situation where the Register Balance on the Bank Reconciliation DOES NOT match the balance sheet??  Where to start?

CamelleT
QuickBooks Team

Should the "Register Balance" on the on the bank Reconciliation Report tie to the Balance Sheet?

Hello there, FEDERIGHI.I understand how important it is for you to match your bank balance and your Balance Sheet report. I'm here to assist you in resolving this matter.

The information that shows on your reports depends on the data that you entered in QuickBooks Online (QBO). Let's make sure that the reporting period on your balance sheet matches with your statement ending date on your bank reconciliation. To ensure that we select the right report period, we can:

 

1.Go to Reports, then search for Balance Sheet.

2. Under the Report period, select Custom.

3. Choose the starting date and end date of when you reconciled your transactions.

4. Click Run report

 

However, if the amount still doesn't match after customizing the report period, then we can click that amount to show the Transaction Drilldown Report. From there, we can review the transactions and compare it with your bank statement. If there are transactions that aren't included in the previous reconciliation, we can create them in QuickBooks and reconcile them again. If you have transactions that aren't supposed to be included, we can undo them

 

For further help in fixing your reconciliation, you can check out this guide: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

 

If you have any other concerns about matching your bank balance with your balance sheet. Please let us know. We are always here to help.

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