Everyone is always asking this and I never see anyone post the correct answer. They all mention reconciling and reconciliation discrepancy report. This will not fix your problems.
Here is the solution.
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When trying to get my book balance and bank balance to match its usually due to miscategorized transactions that the clients have entered wrongly causing a duplicate entry. For example a client made a direct deposit payment and they selected their checking account as the account to match the expense to. I dont know why quickbooks lets you do things like this but it does. My client definitely doesnt know how to use quickbooks and it should be more fool proof in my opinion. So what happens is quickbooks makes 2 entries because of double entry accounting. they credit the checking account and instead of debiting contractor expense account they credit the checking account. To find errors like these I go into the bank registery and select the filter and then choose no status and search. This will bring up all the transactions affecting the bank account that did not come through the bank feed like these mistaken entries. This is usually where the balance is off.
If your balance is still off then I will search for "transfers" in the search bar of bank transactions. Lots of times clients will categorize these as expenses or something else when transfering money from one account to the other. This can cause balances to be off as well.
With credit card accounts the main problems are clients not knowing how to enter payments and cash back rewards not being entered correctly. Those are the two main problems you run into when trying to get your book balance to match the bank balance with credit cards. I hope this helps. If you still cant figure out how to balance your accounts or would like someone to help with a comprehensive clean up of every account I do clean ups much cheaper than the competition. My rate is 30$ an hour and I will get it done quickly and not waste time. If you need a bookkeeper or help with quickbooks then visit my website and contact me.
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