Quickbooks and Bank Balance not matching

taylorwitt7 · ‎December 04, 2017

Hello all,

I just got started with Quickbooks today and am excited to begin using this technology. My bank account is now connected and I reconciled all the existing expenses in QB, but now my "Bank Balance" and "In Quickbooks" balance is quite a bit off. I've had this checking account open for just over a year, but only the last 3 months were pulled in, so maybe that's my issue.

I just want these to add up so that come the beginning of the year I can solely use this and get away from Excel. So is there any way I can enter a one-time deposit to myself to make the 2 be the same total? Yes, my numbers will be off this year, but that's okay because I want it ready for use right away next year.

Taylor

JaymilS · ‎December 04, 2017

Hello Taylor,

Welcome to the Community, I'd be happy to answer your questions today.

In the account register, you should have an "opening balance equity" transaction. This will likely be one of the first transactions recorded in the register and it's essentially the beginning balance of the account. Editing this transaction to the correct amount of your actual bank balance on the date of the earliest transaction and marking it as reconciled should take care of the discrepancy between the "In QuickBooks Balance" and "Bank Balance".

Please let me know if you have any questions.

View solution in original post

JaymilS · ‎December 04, 2017

Hello Taylor,

Welcome to the Community, I'd be happy to answer your questions today.

In the account register, you should have an "opening balance equity" transaction. This will likely be one of the first transactions recorded in the register and it's essentially the beginning balance of the account. Editing this transaction to the correct amount of your actual bank balance on the date of the earliest transaction and marking it as reconciled should take care of the discrepancy between the "In QuickBooks Balance" and "Bank Balance".

Please let me know if you have any questions.

Rashid · ‎December 04, 2017

Hi,

It is easy to reconcile your bank transection with QB. Just download bank statement and Quickbooks ledger and use excel. You will reconcile within 5 minutes. If you have any problem, you can send me these reports and I will reconcile these and send you same. Regards,

patrigicalgllg · ‎July 06, 2020

Hi! need help reconciling both quickbook and bank account numbers!

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Quickbooks and Bank Balance not matching