After I connected our quickbooks online to the bank for payroll, the ending balance in our checkbook registrer has been growing with every transaction. It is now over $300,000 and this month I cannot reconcile. All previous months had been reconciled with quickbooks before. What do I have to correct to stop this balance from growing?
From what you say it would appear that the import from the bank is not correct. QB does what the banking download tells it to, so if a withdrawal is labeled as a positive, that would be a deposit to the bank. Examine the bank data.
Thank you for your response. I do not understand why the ending balance keeps growing. Every day I add deposits or write checks, it keeps growing. On my dashboard under accounting. It says I have many accounts to review. This showed up after we connected to the bank. What is the reason to confirm these now after all has been reconciled? If i do confirm the deposit or check the ending balance keeps growing.
This is so frustrating.
I'm here to share insights about the balance of your account register, @flowers55.
As stated by one of our all-star members, @Rustler, it's true that QuickBooks receives its banking data based on the information provided by your bank. The same as how you categorize your downloaded transactions will determine the balance of your account register.
With this, let's review your downloaded transactions and determine the reason why your account's ending balance is growing. Let me show you how.
From here, make sure all downloaded payroll transactions have the amount located on the SPENT column for both the For review and Categorized tab. To add, learn more about categorizing your transactions with this article: Categorize and Match Online Bank Transactions in QuickBooks Online.
However, if your online transactions downloaded incorrectly in the first place, meaning they're coming in as your income transactions and the amount is placed under the RECEIVED column, it's best to contact your bank and update the mapping of your account.
Finally, I'm also adding this reference with the topics you can use in case you need help with future reconciliation: The Reconcile Workflow in QuickBooks.
Let me know if you have any additional questions about banking transactions by using the Reply option below. I'm here to ensure your continued success. Take care and stay safe!
I contacted our bank. They had not isolated our business accounts from the owners private accounts. That is why I have such a large amount in the balance.
They helped me generate a file and want me to send it to quickbooks to rethink our bank account.
When I did this, it opened up our old account of quickbook desktop instead of quickbooks online.
Have you ever had this issue? Can I now download this file from the bank into our old qb desktop and have it also go into qb online to clear this situation up?
If I try to get out of the download it tells me that I will loose connection with the bank. Help.
Hey there, @flowers55.
I appreciate you reaching back out to us. Allow me to provide you with some helpful information.
Since you're having new problem occur out of this situation, I think it would be best to contact our Customer Support Team. They'll be able to use a screen share tool to review your screen to double-check what steps need to be taken next. Here's how:
It's that easy!
Please let us know how the phone call goes. I want to ensure that you're able to get back to running your business. Have a wonderful day!
Thanks for all your help. We had to make a journal entry to get rid of the amount the bank was adding to the company. I called the bank and they had added all the owners accounts instead of just the business. Once they cleared this up at the bank, my accountant was able to go in and make the journal entry. I was finally able to reconcile the September statement.
Hey there, @flowers55.
Thanks for reaching back out and letting us know what happened.
I'm so glad that you were able to get this resolved.
Feel free to ask any other questions you may have about QuickBooks. The Community is always here to have your back. Have a wonderful Monday!