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Beachkeeper
Level 2

Bank Balance vs Ending Balance not matching

I have reconciled with the bank through 8/31 - at 8/31 the ending balance was $155,160 per the bank stmt.

Why does this show bank balance of $241k but ending balance of $71k?   There are few Sept transactions and they do not total the difference......  

3 Comments
Pete_Mc
Community Champion

Bank Balance vs Ending Balance not matching

On this most recent Reconciliation you're saying you put in:

Statement Closing Date

Statement Beginning Balance

Statement Ending Balance

 

And when you finished matching what the bank showed as cleared the Reconciliation showed a $0 Difference.  Correct? 

 

And with all the prior times you Reconciled you also came out with a $0 Difference?  There was never a time you just let it go thinking you'd catch it later?  (That doesn't really work easily with QBs.)

 

If all of your outstanding items are accounted for (both credit & debit) then there has to have been a change to the account.  By any chance were any reconciled items deleted or changed?  Even if an item(s) was deleted by mistake and then added back in and checked as reconciled, it will affect the Reconciliation Balance.

 

Go through the Reconcile process again and put in all the info from the last statement (you can cancel out at the end).  Does anything still show up in the list that stands out to you as an issue?  Often old items that were deleted and added back up will show up here. 

Beachkeeper
Level 2

Bank Balance vs Ending Balance not matching

Thank you for your help!  I just started working with this client today - reconciled all of 2019 to the ending balance that he gave.  Then I reconciled Jan - Aug of 2020 with $0 difference on all but one month which I made a $504 adj.  I have done all of this within about 4 hours, so I don't believe anything has changed....

 

There are 'old transactions', 6 that total $73,450 only

 
It really makes no sense to me.  This is a start up company so not too many transactions.......
Rejeil_O
QuickBooks Team

Bank Balance vs Ending Balance not matching

Hi there, @Beachkeeper.

 

Let me step in and assist you in reconciling your account.

 

In reconciling your account, you'll have to match the transactions you've entered in your QuickBooks and your bank statement. You can follow these steps on how to fix the discrepancies on your account:

 

Step 1: Review the opening and beginning balance

 

You'll have to review the opening and beginning balance so that you will not having trouble in you reconciling your account.

 

Step 2: Check the ending balance you entered

 

Enter the ending balance from your bank statement when you start reconciling your account.

 

  1. While doing your reconciliation, click the Edit info button in the reconciliation window.
  2. Check the Ending balance and Ending date. Make sure it matches your financial institution statement and your QuickBooks.
  3. Makes edits as needed.
  4. Click the Save button.

 

For the next troubleshooting steps in fixing the discrepancies, you can refer to this article then proceed to Step 3Fix issues when you're reconciling accounts in QuickBooks Online.

 

You may also use this article as your reference in reconciling your account: Reconcile an account in QuickBooks Online.

 

I've also added an article that helps you review the reconciliation report. This report is useful when you have trouble reconciling in the following month and meet with your accountant: How do I view, print, or export a reconciliation report.

 

Please know that I'm always around here in the Community to help. Keep safe, and have a good day.

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