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Buy nowI'm at my wits end with QBO. Intuit should be ashamed for their terrible customer service and ever more terrible program. That said, I have linked my company checking account, brought in every transaction (ensured every transaction it brought in was accounted for and accurate), and manually categorized each transaction (even the quickbook payment fees because this lousy program can't even manage to auto populate that correctly, what an absolute joke). After spending way too much time doing this, my bank balance (accurate) is $3,136.10 less than "In Quickbooks". I have one invoice of $5,252.52 that has not yet been deposited so this isn't the error.
I have downloaded all the categorized transactions into an excel file and the total of all categorized transactions is equal to my bank balance. Am I taking crazy pills or is this just another QBO issue they can't be bothered to fix?
Thank you for taking the time to explain the discrepancy between your bank balance and your QuickBooks balance. I truly appreciate you thoroughly explaining the situation, since it helps me get a clearer picture of what you're dealing with. I understand how frustrating this can be, and how it impacts your time and productivity, but I want you to know I'm here to help you fix it. I’ll also provide some insight into what may have caused this issue, and together we’ll find the best solution to get everything back on track so you can continue your tasks seamlessly.
QuickBooks balance relies on the opening balance and the transactions you input when you set up your account. When you create a new account in QuickBooks Online, you select a date to start tracking transactions and enter the actual balance of your real bank account on that date. See screenshot below:
Since your QuickBooks balance doesn’t match your actual bank balance, I recommend reviewing your bank register. This way, we can check if an opening balance was created.
Here's how to check:
If you haven't entered an opening balance, don't worry; You can create a journal entry to record it.
Here's how:
After that, you'll need to reconcile the journal entry to ensure it doesn't appear in future reconciliations. For more details of the process, see this article: Mark the journal entry as reconciled.
In addition to this, if you want to share your reconciliation report with your accountant, review financial performance, or maintain documentation for tax purposes, I encourage you to bookmark this resource as a future reference: How do I view, print, or export a reconciliation report?
Given your experience, this is the perfect opportunity for me to introduce you to our QuickBooks Live product. If you're looking for expert guidance on bookkeeping, need help organizing your finances for tax season, or would like a dedicated bookkeeper to manage your accounts, our Live Experts are here to assist you. Plus, you can schedule a free consultation to learn more about how we can help. Just click this link: https://intuit.me/4fYPeFd
Before we end this conversation, please know you're always welcome to share concerns in our forum. My team and I are here to assist you with any questions about discrepancies, reconciliation, or anything related to QuickBooks. We’re committed to providing you the best solutions. Until then, I wish you a wonderful day!
Didn't solve it. My quickbooks account and bank account started at the same time so there should be no discrepancy. Looking into Zoho and Wave because I have reached my limit with this.
Respect the upsell, but I'll go back to a spreadsheet before I pay for another defective quickbooks product. When I say defective, I truly mean defective. Tech support's #1 response to issues with the software (things not importing correctly, losing data, etc) is "it's an online program and has glitches and errors". Way to stand behind it. Products you pay this much money for (that are constantly increasing in price while getting arguably worse) should not have this many issues.
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