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Chris97277
Level 1

Bank Balance does not match QB Balance

Our QB online account got imported into QB back in 2022. The people before me never correctly categorized or expensed the banking transactions so now our QB balance and our actual bank balance does not even match at all. Is there any way I can go about fixing this without screwing up our 2022 financials? I do not want our Balance Sheet to be misstated with an incorrect bank balance.

1 Comment 1
AlverMarkT
QuickBooks Team

Bank Balance does not match QB Balance

Hi, Chris. It's great having you in the Community.

 

Before everything else, please know that while the bank balance represents the current bank balance amount, the QBO balance represents the amount for all the recorded transactions under the bank account. I can help fix the transactions that were incorrectly categorized in 2022 and reconcile the account to ensure having an accurate financial records. 

 

First, I'd recommend having your bank statements in 2022 ready and checking the account's balance for the same day as the opening balance in QuickBooks. You can refer to this article to review the opening balance: Fix issues the first time you reconcile an account in QuickBooks Online

 

Next, since the transactions have been incorrectly categorized, you can consider to Batch Undo them to place them back under For review. I've attached a screenshot for reference. 

 

image (3).png

  

Once done, categorize and match the 2022 transactions. 

 

You can then reconcile the bank account following these steps: 

 

  1. Go the Gear icon, then Reconciliation.
  2. Select the Account.
  3. Enter the Ending balance.
  4. Click on Start reconciling.
  5. Compare the two transactions. If they match, put a checkmark next to the amount in QuickBooks. This marks it as reconciled. 
  6. If a transaction doesn't appear on your statement but you see it in QuickBooks, don't put a checkmark.
  7. Compare each transaction on your statement with what's in QuickBooks.
  8. When you reach the end, the difference between your statement and QuickBooks should be $0.00. If it is, select Finish now.

 

While following these guidelines in fixing this, I'd still encourage consulting an accountant to ensure that the 2022 financials is accurate: Transfer funds between accounts.

 

In case you need to record movement of funds from one account to another, let me add this article as a guide:  

 

We'll be here in the Community if you need further assistance addressing differences between the bank and QBO balance. We'll do our best to assist. Take care.

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