Credit card balance

You’ve come at the right place, @dlee26.

Welcome to the Community! I appreciate you for sharing to us a screenshot of what you’re seeing on your end. I’m here to provide you with some details about differences between QuickBooks balance and bank balance.

Here are the reasons your bank balance and QuickBooks balance are not the same. 

• New transactions for a connected account
  • Make sure to add or match all transactions before running your report.
• Outstanding transactions
  • To fix this, sort out your QuickBooks Online bank register by date and compare it with your bank statement.
• Credit card (liability) account
  • Compare your credit card statement with the QuickBooks balance. Verify if the Balance column is showing a positive amount.
• Duplicate transactions
  • The system automatically locate duplicate transactions and match them. However, there are times the system can’t locate any similarities on the transactions details. You can manually match the transactions.
• Edited or deleted transactions
  • You can run the Audit log to verify the details of the edited or deleted transactions.

For additional insights, you may check out these articles:

• Fix Reconciliation Discrepancies

• Fix mismatched or mis-categorized bank transactions

• Reconcile previously deleted and re-entered checking or credit card transactions

That should do it! Should you need further assistance about the reconciliation process in QuickBooks Online, feel free to visit us here in the Community. I’m always here to help.

I found this list in the Help Center before, and I don't believe that any of these apply to my issue. Anyone else who might be able to help here?

Hello there, vallaeys.

Thanks for letting us know about this. Let's get this sorted out so you'll be able to have the correct credit card balance in QuickBooks Online (QBO).

May I know how did you enter downloaded transactions in QBO? There is a possibility that you add a transaction instead of matching it. Adding transactions that already exist in the register can cause duplicate. The reason why your credit card balance got doubled.

If it's the case, you'll need to undo these transactions by following the steps below:

1. Go to the Banking page.
2. Select the In QuickBooks tab.
3. Locate the transaction.
4. From the Action column, select Undo.

The undo transaction will be moved from the In QuickBooks tab to the For Review tab where you can start assigning an account for it from the drop-down list in the Category or Match field.

I've got you an article that know more about adding and matching downloaded transactions in QBO: Add and match downloaded banking transactions.

This should keep you on the right track. Let me know if you have follow-up questions about this, I'd be delighted to answer them for you.

Ahh.. thank you. So I just did that and now the totals match again. 

But why would I not add them (i.e. account for them), just like I do for my Checking and Savings account transactions?

And actually now that I'm saying this, I seem to have the same issue with my Checking account (higher QB balance than account balance). 

Is there a training video or other resource that you can recommend that shows how you account for expenses in QBs?

I really appreciate the help!

Helen

Hey there, vallaeys.

I'd like to join this discussion and provide additional clarification regarding this matter.

Generally, you should add the transactions downloaded from your bank. This is to ensure that your QuickBooks bank register will match what's on your bank statement during the reconciliation.

However, when you've entered the transactions before they were downloaded, that'd be when you'll want to match them instead. For more information about this, you can check out our: Assign, categorize, edit, and add your downloaded banking transactions

Since you also mentioned that you're experiencing the same situation with your Checking account, it'd be a good idea to follow my colleague Charies_M's suggestion again.

Lastly, for training videos and other resources, I highly recommend that you visit our website to view our awesome tutorials. Here's a link that'll direct you to it: QuickBooks Tutorials

That should get you going in the right direction. Please keep in touch if there's anything else I can do to help you succeed with QuickBooks. I've got your back. Have a great day!