Bank & QBO balances do NOT match

megvc · ‎April 08, 2024

Need some help…

Just set up my QBO account:

connected bank and categorized transactions for the last year
verified opening balance and matched statement beginning
reconciled every month individually (each month balanced perfectly)
now QBO shows balance as approximately negative $200 and bank shows positive $1900
there is NOTHING outstanding at this time
how can I correct this?
My husband & I thought this would be a good way to handle our finances for better tracking, but the plain excel sheet always matched after reconciliations

GebelAlainaM · ‎April 08, 2024

Hello there, @megvc.

Let me route you to our QuickBooks Support team to best handle your concern.

Since you already reviewed the transactions and followed the suggested troubleshooting steps of my colleague and in the article, yet you still get the same concern. It's best to reach out to our Technical Support Team so they can further investigate the issue. They have the necessary tools to securely check your account setup and check on what's causing the discrepancy, even after doing the troubleshooting steps to fix it. Also, they can create a ticket for investigation if needed.

Here's how:

On your company file, go to the Help menu.
Select Contact Us.
Enter your concern, then select Let's Talk.
Choose a way to connect with us:

Start a chat with a support expert.
Get a callback from the next available expert.

Please refer to this article for more details about the support schedule: QuickBooks Online Support.

I'll be leaving these articles for future reference in managing your bank transactions and reconciling accounts in QuickBooks:

Keep us posted if you have additional information or clarification about managing your bank accounts in QBO. I'm always here to assist you.

View solution in original post

DebSheenD · ‎April 08, 2024

Welcome to the Community, @megvc.

I'd like to share some insights about bank feeds.

From a business perspective, the bank and QuickBooks balance must match when performing reconciliation.

You also need to check why they don't match to fix them.

Here are some reasons why balances do not match:

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

You may check this article to help you fix the differences between QuickBooks balance and Bank balance.

Then, to ensure your QBO accounts always match your credit card or bank statements, it's recommended to perform a reconciliation process regularly. Once done, pulling up a reconciliation report is also important so you can check your balances and those cleared and uncleared transactions.

Don't hesitate to post again if you have questions or concerns about QuickBooks and bank balances. I'm always around and happy to help. Take care.

megvc · ‎April 08, 2024

Thanks so much for the response. I have checked the article and tried all those things prior to posting/asking. I am literally at a loss because my beginning balance for each month was spot on, transactions matched statements, and the reconciliations had zero discrepancies. Yet, I now have a discrepancy between register and bank balance. My excel sheet with all the same information shows no discrepancy and matches the bank.

Any ideas where else I should look to figure out what is going on?

GebelAlainaM · ‎April 08, 2024

Hello there, @megvc.

Let me route you to our QuickBooks Support team to best handle your concern.

Since you already reviewed the transactions and followed the suggested troubleshooting steps of my colleague and in the article, yet you still get the same concern. It's best to reach out to our Technical Support Team so they can further investigate the issue. They have the necessary tools to securely check your account setup and check on what's causing the discrepancy, even after doing the troubleshooting steps to fix it. Also, they can create a ticket for investigation if needed.

Here's how:

On your company file, go to the Help menu.
Select Contact Us.
Enter your concern, then select Let's Talk.
Choose a way to connect with us:

Start a chat with a support expert.
Get a callback from the next available expert.

Please refer to this article for more details about the support schedule: QuickBooks Online Support.

I'll be leaving these articles for future reference in managing your bank transactions and reconciling accounts in QuickBooks:

Keep us posted if you have additional information or clarification about managing your bank accounts in QBO. I'm always here to assist you.

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Bank & QBO balances do NOT match