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My Quickbooks balance is much higher than my bank balance.

This is what my register looks like, multiple entries for one transaction, this is why I think my Quickbooks balance is so much higher than my bank balance. 


For one transaction with two entries: when I delete one of them it then takes away the payment applied on the invoice and makes there be an open balance for the invoice, when I try deleting the other entry it says something like "This was downloaded by your bank, are you sure you want to delete it". I am very confused! Any help would be much appreciated. I am new to Quickbooks. Thank you!

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Best answer 10-15-2018

Accepted Solutions
Super Contributor *

Using the bank feeds can be confusing.  If you recently c...

Using the bank feeds can be confusing.  If you recently connected the bank acct., it provides 90 days of transactions and imports the opening balance and reconciles that one transaction that will need to be deleted.

Also, with bank feeds, they are a useful tool.  Saves time in data entry.  However, for customers, you want to enter the invoice or sales receipt.  then if an invoice, enter the corresponding payment and deposit it. Then match the customer transaction.

I see it many times where users will download the bank feed as "income" and then also post the customer details, thereby doubling their income.

Best way to track the bank acct is to reconcile it monthly.

18 Comments
Super Contributor *

Using the bank feeds can be confusing.  If you recently c...

Using the bank feeds can be confusing.  If you recently connected the bank acct., it provides 90 days of transactions and imports the opening balance and reconciles that one transaction that will need to be deleted.

Also, with bank feeds, they are a useful tool.  Saves time in data entry.  However, for customers, you want to enter the invoice or sales receipt.  then if an invoice, enter the corresponding payment and deposit it. Then match the customer transaction.

I see it many times where users will download the bank feed as "income" and then also post the customer details, thereby doubling their income.

Best way to track the bank acct is to reconcile it monthly.

Not applicable

Thank you for clarifying this. I did this very thing. :(...

Thank you for clarifying this. I did this very thing. :( What is the best way to correc this? We run a business that has a lot of small transactions each day so we have several hundred entries that need to be (deleted, edited, ?). Moving forward, the reason I did this was because my dashboard said I had undeposited funds, so naturally i deposited them. Note: undeposited from QB's point of view, the actual funds had already been deposited.

Also, we are importing/reconciling transaction data from Square as well as our bank. It should be reconciled each day, which is a bit of work but gives the most up to date view of performance, but it also seemed to create the situation we're in. That and my goof on depositing funds.

Any help you can offer would be great. Thank you!
Ross
DDI
Not applicable

Re: Using the bank feeds can be confusing. If you recently c...

I’m having the same issues but I can’t see an opening balance or anything that would reconcile the difference if deleted. 

QuickBooks Team

Re: Using the bank feeds can be confusing.  If you recently c...

Pleased to hear from you @DDI.

 

Indeed, @lyndaartesani is correct! I’d be delighted to add more information on how you can manage your transactions in QuickBooks Online.

 

When you connect your bank account with QuickBooks, all of your transactions will be downloaded automatically into the system. It will stay under the “For Review“ tab.  Just click on the Add button from the action column to add the transaction to the QuickBooks register.

 

However, if you have manually added transactions such as invoices, sales receipt, income, checks and expenses you can match it with the downloaded ones. By matching your transactions, you can avoid getting duplicate ones.

 

Here’s how:

  1. Go to Banking.
  2. Select the Banking tab.
  3. Choose the specific transactions from the For Review tab.
  4. Double-click on the transaction to expand it.
  5. Click on Find match.
  6. In the Match transaction page, choose the specific transaction that exactly match with the deposit.
  7. Click Save.

In addition, you can also create a rule in QuickBooks Online. This rule will automatically categorized your downloaded transaction, match transactions, add a payeeselect a Class and a Territory.

 

Here’s how:

  1. Go to Banking.
  2. Choose  Bank Rules.
  3. Click the New rule button on the upper right-hand corner.
  4. Type in the specific description of the rule.
  5. Click Save.

For more detailed instructions, you may check out this video tutorial: Bank Rules.

 

Lastly, to remove duplicates from your QuickBooks register, you can undo the accepted transactions and exclude them.

 

  1. Click Banking.
  2. Choose In QuickBooks tab.
  3. Select Undo for each transaction you want to exclude.
  4. Return to the Banking page.
  5. Choose the transactions you want to exclude.
  6. Click on Batch actions.
  7. Select Exclude Selected.

On the other hand, to keep track on the changes made to your QuickBooks recorded data, you can generate your audit log report.

 

That should do it! This should fix any differences between your QuickBooks balance and bank balance.

Not applicable

Re: Using the bank feeds can be confusing.  If you recently c...

I had undeposited funds that I changed over to being deposited into my checking account and now they are on the register twice. I had already reconciled before this, so the original transaction is reconciled, but I don't know how to get rid of the second transaction. It is no longer under the banking-"For review" tab. Also the second deposited transaction does not show up under the "In Quickbooks" tab. So I cannot undo. The only option I have is to delete the transaction in the register, but then the invoice is marked unpaid. Please help!

Moderator

Re: Using the bank feeds can be confusing.  If you recently c...

Hi, cj2018.

Welcome to the Community. I'd be happy to assist you with the transaction that is showing twice in your register.

 

In order to remove the duplicate, you can delete the transaction in your register and link the reconciled transaction to the open invoice.

 

You may find these articles helpful:

 

 

As always, you need additional help you can call our dedicated team who will be happy to assist you. Our contact details can be found here along with our opening hours:

 

  1. Go to: https://help.quickbooks.intuit.com/en_US/contact.
  2. Choose your QuickBooks Product.
  3. Select your QuickBooks version.
  4. On the Contact Us page, click a topic.
  5. Click on the Get Phone Number button to see the support number.

Let me know if any questions may arise while working in QuickBooks Online.

Community Explorer **

Re: Using the bank feeds can be confusing.  If you recently c...

I have a checking account that's a little under a year old.  I've downloaded all of the transactions from my bank, gone through and reconciled them all.  There are no outstanding transactions under "For Review", nor any under "Excluded".  My Bank Balance is much lower than the Quickbooks Balance.  When I print the "Reviewed" register to a CSV file and sum up all of the transactions, they match the Bank Balance - there is no indication of where the Quickbooks balance is coming from.

QuickBooks Team

Re: Using the bank feeds can be confusing.  If you recently c...

Thank you for joining this thread, @JMGE.

 

I'd like to provide you with some details about the factors that causes the difference between QuickBooks balance and your bank balance.

 

These are the common reasons your balances may not match:

  • Outstanding transactions
    • To fix this, sort out your QuickBooks Online bank register by date and compare it with your bank statement.
  •  New transactions for a connected account
    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:

Stay in touch with us if you have other questions about the bank balance reflected in QuickBooks Online. I'm always here to help.

Not applicable

Re: Using the bank feeds can be confusing.  If you recently c...

I am having this same issue, but it's with the credit card. I have the main account and then the two cards we use on this account. The payment goes to the main account rather than to the individual cards.

 

How can I fix this?

QuickBooks Team

Re: Using the bank feeds can be confusing.  If you recently c...

Good day, @stefpati.

 

I can see in here that this is a duplicate post with https://quickbooks.intuit.com/community/Banking/Credit-Card-bank-balance-and-Quickbooks-balance-are-...

 

Please refer to the responses provided by my colleague,

 

Don't hesitate to drop by here in the Community if you have other questions about the difference between your Credit Card bank balance and Quickbooks balance. I'm always here to help.

Community Explorer **

Re: Using the bank feeds can be confusing.  If you recently c...

Yes, I read the 5 reasons that are posted everywhere why there would be a difference between the Quickbooks Balance and the Bank Balance.  I've gone through mine exhaustively.  They simply do not balance/reconcile.

QuickBooks Team

Re: Using the bank feeds can be confusing.  If you recently c...

Thanks for the update, JMGE. 

 

Let's try to check your bank's register with your bank statement again. You might have added the bank transactions instead of matching them. This can cause duplicate transactions in the register. 

 

We can do a few actions that can fix duplicate ones. Here's how: 

  1. Undo the added transaction in the Review page.
  2. You can use the bank statements date range or period to filter the transaction in the Reviewed tab. Then, you can Undo them at once. 
  3. The transactions are back in the For Review tab. 
  4. Check in your bank statement to verify what transactions needs to be added or matched. 
  5. If these transactions are not necessary to be added in your register you'll want to exclude them. 

After these steps, view your register and start reconciling again. Make sure to enter the Ending balance and Ending date stated in your bank statement. 

 

Always know the Community is always here to help you. 

Not applicable

Re: Using the bank feeds can be confusing.  If you recently c...

My question kinda plays off this one. 

 

I only reconcile with bank transactions to confirm I'm always 100%.  Where I run into trouble is, if I receive payment on invoice and match it to bank transaction, it does not show up as COGS sold.  If I record it as "income sales of product sold", can I still match it to the invoice so it doesn't double my quick books accrual? 

 

because my bank account balances are spot on, but my quickbook balances are definitely not.

QuickBooks Team

Re: Using the bank feeds can be confusing.  If you recently c...

Hello @Dan35,

 

Let's check if you've added inventory items in your invoice, then let me help you from there.

 

Only the inventory item have the Cost of Goods Sold (COGS) that will show on the expense account. Let's make sure that the items on your invoice are set up as inventory items. Here's how:

 

Here's how you can check the items:

  1. On the left panel, hover your mouse on Sales, and choose Products and Services.
  2. Open the invoice and check the items listed.
  3. Check under the Type column to know if it's an inventory item.

If the products/services on your invoice are inventory items, your COGS will show on the reports when matching it to the invoice.

 

If it's not an inventory item, your COGS won't show on the reports since they aren't physical items sold to your customers.

 

Fill me in if you have other concerns about matching your transactions in QuickBooks. I'll be around to assist you. 

Not applicable

Re: Using the bank feeds can be confusing.  If you recently c...

I do not have the option to create inventory and my research shows that I have to upgrade my subscription to do it. 

 

Is is there another way to have my QuickBooks balance match actual balances without upgrading?


 

QuickBooks Team

Re: Using the bank feeds can be confusing.  If you recently c...

Thanks for getting back to the QuickBooks Community, Dan35.

 

My colleague provided you the exact information. QuickBooks will generate a Cost of Good Sold (COGS) once you've created an inventory item. This is the only option to match your QuickBooks actual balance.

 

If you're using QuickBooks Online Simple Start service, you may want to upgrade your subscription by following the steps in this article: How do I upgrade my QuickBooks Online subscription?.

 

You may also check this article to learn more about the QuickBooks Online Plans a& Pricing.

 

Feel me in if you have any other concerns. Have a good one. 

Community Explorer **

Re: Using the bank feeds can be confusing.  If you recently c...

Do those of you on the Quickbooks Team actually read the whole thread before responding?  There have been 4 posts from your team stating the EXACT same thing.  Please provide a unique response otherwise it's not helpful.

QuickBooks Team

Re: Using the bank feeds can be confusing.  If you recently c...

Hi there, JMGE.

 

I've read the whole thread of this conversation and it seems like my colleagues provided you all the resolution on how to match your QuickBooks balance and bank balance.

 

If you've already performed the steps and the same thing happens, I encourage you to contact our QuickBooks Online Support Team. They have the tools to do a screen-share to view your account and investigate this further. 

 

Here's how you can contact our support:

  1. Sign in to your QuickBooks Online company.
  2. Select Help (question mark icon) at the top right.
  3. Click Contact us to connect with a live support agent.

Please know that you're always welcome to post if you have any other concerns. Wishing you and your business continued success. 

 

 

 

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