What would cause my QBO Banking Quickbook balance to be different than my YTD Balance Sheet balance? They should match exactly.

Hi @rodney4,

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.

As far as affecting your Balance sheet, if the bank balance is higher than your QuickBooks balance, you may have a bank transaction that is causing a difference.

Here’s a list of possible reasons why these balances don’t match:

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

Depending on the factor that’s mentioned above, there are different steps to fix your issue. Here’s an article you can check for a guide: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

Also, it might be your company's fiscal year is different than the calendar year. The amounts on both the report and the bank balance may not match because the Balance Sheet is run on a calendar year.

You can resolve this issue by doing the following:

•  Option 1: Change the date of the report to match your fiscal year.
• Option 2: Change your fiscal year to match the calendar year.

Please check this article to learn more about the balance sheet troubleshooting steps: How to resolve a Balance Sheet out-of-balance issue?

If there's anything else I can assist you with, you can reach me out here. 

Thanks so much for the response.

My problem isn't the difference between the bank balance shown and the QuickBooks balance.  It's that I'm shown a balance per QuickBooks on the Bank screen for my main account that is different from that same account's QuickBooks balance if I run a YTD Balance Sheet or Trial Balance.

Not sure how QuickBooks determines the balance on the Banking tab vs everywhere else.

Mary Ann,

I attached a screen print to clarify.

Thanks again.

Rodney

Thanks to both Katherine and MaryAnn.  I don't show any transactions that aren't matched so I'm still not sure what to do.  That said, I need to carve out some time to analyze this more thoroughly.

I'll accept this as the solution as I'm sure you're right.  If I can't figure it out I'll enter another question.

Rodney

Hey, @rodney4. 

That sounds like a plan! You can always follow up with us here in the Community if you have any other questions on this matter. 

Have a splendid day.

Hello, 

I am having the same issue with my QuickBooks Balance and Bank Balance. My QB Balance is lower than my Bank Balance by around $18,000. I follow what this trend and the team suggested and when back and check for all the transaction to be reconciled and not duplicated, also all banking transactions in QB are up to date, but still the difference still there. All months are reconciled with the bank statements with $0 difference, therefore I don't understand why the huge difference. 

If someone can guide me and advice me on what to do I would really appreciated it. 

Best Regards, 

Kathy

Thanks for joining in this conversation, @KatherinGMR. As additional insights, there can be various reasons why your QuickBooks balance doesn't match with what you see in your bank account. You can check out my peer @MaryAnn_E response above.  

Also, if your bank account is connected with QuickBooks, all of your transactions will be downloaded automatically into the system. It will stay under the “For Review“ tab. You'll have to review and categorize those so they're added to the QuickBooks register.

However, if these transactions are manually added such as invoices, sales receipt, income, checks, and expenses, you'll need to match them with the downloaded ones. 

For future reference, read through this article to learn more about fixing mismatched or miscategorized bank transactions in QBO. 

I'm always around to help you further if you have additional concerns about your QuickBooks and bank balances. Take care!

Hello @katherinejoyceO  Thank you so much for the fast reply. 

I did follow the suggestions that @MaryAnn_E  posted above. I did all of them. In addition I also follow what you mentioned about the bank transaction, all of them are already reviewed and matched as well. Currently right now, there are no more transactions to be review or match.  Furthermore, I reconcile every month going back to 2020 and everything is matched to a "T" with the bank statements. 

I read this article multiples times to make sure I didn't left any suggestion out but I did all of them. And the difference still there. I don't understand. 

Any additional advice will be greatly appreciated. 

Thank you so much!

Thanks for joining the Community, KatherinGMR. I appreciate you performing katherinejoyceO's recommended troubleshooting.
 

Since all of your transactions are already added and matched, but the balance is lower than your amount with the bank, I'd recommend working with an accounting professional. They'll be able to help you determine what's causing this difference.
 

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

1. Visit our Find an Accountant webpage.
2. In the Find an expert in section, choose what you're looking for, then use your search field to enter a City or ZIP code.
   
3. Hit Search.
   
4. Browse through the results and find one that works best for your business. You can click each ProAdvisor's profile to learn more information about their services.
   

Once you've found an accounting professional, 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 info in the Your name, Your email, and Your phone number (optional) fields.
   
3. Select Send message.
   

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

I'll be here to assist if there's any additional questions. Enjoy the rest of your day!

Thank you so much @ZackE for the information provided. Will definitely take that step. 

Thanks Again!