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Reconciled Balance vs Balance Sheet Balance

The reconciled balance for my bank account as of the end of the period shows a different amount than what is on my balance sheet for the same period end. What is the reason for the difference? 

 

I thought maybe it could have to do with uncleared transactions, but I only had one outstanding transaction and the amount of the difference and the amount of the transaction do not match up.

 

Is there something wrong? The balance sheet shows the same balance as the what the register does, but that is not the same as what the reconciled balance shows for the same period end.

 

 

8 Comments
Moderator

Re: Reconciled Balance vs Balance Sheet Balance

Hello anwava,

 

Aside from outstanding transactions, here are other reasons why your QuickBooks and bank balances don't match:

  • Duplicate transactions
  • Edited or deleted transactions
  • Transactions for a connected account
  • Credit card (liability) account

Though, there are different ways to fix this depending on the what's causing the issue.

 

First, we can review the Audit Trail to see if there are reconciled transactions that were deleted or edited. Here's how:

  1. Click the Reports at the top menu and select Accountant & Taxes.
  2. Select Audit Trail and click the Customize Report button.
  3. Go to the Filters tab and set a date range.
  4. Click OK and look for the transaction.
  5. Take note the details of the transaction, and recreate it.

If you need more about how reconciliation work in QuickBooks, you can use these articles for reference:

Feel free to let me know if you need anything else.

BRC
Established Community Backer ***

Re: Reconciled Balance vs Balance Sheet Balance

RE: The reconciled balance for my bank account as of the end of the period shows a different amount than what is on my balance sheet for the same period end. What is the reason for the difference? 

 

The most common and normal cause is that there are uncleared transactions before the date of the balance sheet.  Nothing needs to be done about this.  You'll see the same balance in the bank register for the balance sheet date.

Established Community Backer ***

Re: Reconciled Balance vs Balance Sheet Balance

The Reconciled Balance from the Reconciliation report should match the Bal Sheet and the Register running balance for that same Date you used when you reconciled. That does not need to match the bank's perspective.

 

Please see my attachment.

Not applicable

Re: Reconciled Balance vs Balance Sheet Balance

 


@anwava wrote:

The reconciled balance for my bank account as of the end of the period shows a different amount than what is on my balance sheet for the same period end. What is the reason for the difference? 

 

I thought maybe it could have to do with uncleared transactions, but I only had one outstanding transaction and the amount of the difference and the amount of the transaction do not match up.

 

Is there something wrong? The balance sheet shows the same balance as the what the register does, but that is not the same as what the reconciled balance shows for the same period end.

 

 


The replies don't seem to be answering the question, and I may have a similar issue.  The bank reconciliation has been completed.  On the QBs reconciliation report the 12/31/2018 register balance is -4861.80.  The register balance is, of course, after the uncleared transactions.  The Balance Sheet balance for the same bank as of 12/31/2018 is -3,948.98.  This is a difference of 912.82.  There should be no difference between the register balance in the reconciliation report and the balance sheet, since the register balance takes the uncleared transactions into consideration.  I've selected the bank reconciliation report that shows any changes since the original reconciliation, so it isn't a matter of the data having changed since it was reconciled.  What causes this amounts to become out of sync and how do I fix it?  I have run data integrity and a data rebuild, but the issue has not resolved.  There were also no issues found.

Moderator

Re: Reconciled Balance vs Balance Sheet Balance

Hello there, @KristinaG.

 

Thank you for joining the Community. Allow me to help share additional ways to determine why the balance sheet report doesn't match your register.

 

If your company's fiscal year is different than the calendar year, the amounts on both the report and the register may not match because the Balance Sheet is run on a calendar year. 

 

To fix this, I recommend changing the date of the report to match your fiscal year or the calendar year. Let me show you how: 

  1. From the Reports menu, select Company & Financial.
  2. Choose Balance Sheet Standard.
  3. Select the appropriate report period.
  4. Select Refresh.

Otherwise, you'll need to check the dates on the individual checks and deposits to fix the discrepancy. For additional help, I recommend reaching out to our Customer Care Support. They can use the screen share tool to determine what's causing the issue and help you get back to business in no time.

 

You may also want to visit our QuickBooks Resource Center for future reference while working with QuickBooks. 

 

That should point you in the right direction today. Please know that I'm just a post away if you have any other questions about QuickBooks. I'll be happy to help you out. Have a great day ahead. 

 

 

Established Community Backer ***

Re: Reconciled Balance vs Balance Sheet Balance

There are 2 dates and 2 balances to keep separate in your mind:

Actual balance in Bank vs QB Register Balance

The reconciliation does not make these the same - it just explains the difference.

Also Reconciliation (bank statement) Date vs Report date - self explanitory.

 

QB financial reports always contain Register Balances as of Report Date.

Bank Balance (as of any past date) will not change. 

But the register balances at any date can change after a reconciliation is done if new entries are made. 

Not applicable

Re: Reconciled Balance vs Balance Sheet Balance

Hi Kristina, 

Did you resolve this? I have the same issue, but cannot resolve it.  I expect the "register balance" on the bank rec to agree to the register (as at the same date) but they do not agree and I can't work out the difference.  

 

Would be great if you had the answer. 

 

QuickBooks Team

Re: Reconciled Balance vs Balance Sheet Balance

Let’s check out why the beginning balance of your reconciliation doesn’t agree with your register, Charley. I’ll also add information about the balance in the register and the Balance Sheet.


Before we start, we’ll have a little background to guide us through the process.

 

The reconciliation has two balances. The Ending Balance is from your bank statement, whereas Beginning Balance is from your register. The latter is from the last reconciled transaction in your register, as shown in the screenshot. It also reflects on the Balance Sheet.


beginning and ending balance.PNG

 

perfect reconciliation.PNG If you delete, un-reconcile, add and reconcile a transaction, or edit a reconciled transaction, the beginning balance will change. This will cause a difference when you reconcile your account. The account balance in the Balance Sheet will change as well, except if you just un-reconcile a transaction.

changed in the reconciled transactiosn.PNG


To resolve this, you'll want to correct the Beginning Balance:

  • Compare the transactions in you bank statement and your register, and make sure they are the same. If there are duplicates or missing ones, delete or recreate them. Then, mark them as reconciled.
  • Check your Reconciliation Discrepancy Reports to see if there are reported changes. You can click on the transactions to correct them.reconciliation descripancy report.PNG
  • Re-reconcile any unreconciled past transactions that shows on the report by placing a check mark in the field indicated. Please refer to the screenshots.

Please let me know if you're able to resolve the difference or if you still need more help.

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