What's the difference between quickbook balance and bank balance of the bank register?

Hello,

I am having the same issue that is listed above and have tried all troubleshooting steps, including speaking with QuickBooks multiple times. The account I'm referencing is a new account as of 1/1/23, therefore there aren't many transactions to sort through to begin with. I have verified/reconciled all transactions and checked for any pending and still can't get the balances to match. Any ideas what could be going on? It seems as though the balances should match at all times assuming the bank transactions are being downloaded daily. 

Thanks.

Hey there, @nikkiricha11. 

Thanks for joining in on this thread. Allow me to point you in the right direction to get some answers as to why the balances aren't matching. 

Since you've spoke to our support and none of the troubleshooting instructions worked for you, I recommend having your accountant review both balances. They'll be able to give you advice on how to fix this or at least an answer to why this is occurring. 

Keep us updated on how the call goes with your accountant. We're always here to have your back. Best wishes! 

Hello there, @Darleny99. 

Is there something you want to share with us here, or do you need help managing your QBO account? If so, please feel free to share it here. We'll be happy to assist you.

Know that you're always welcome here anytime. Thank you, and have a good day!

Good day

I do understand the difference between the QuickBooks balance and the bank balance and my bank reconciles every month.  The problem is that the QuickBooks balance is almost 3 times higher than the actual bank balance.  How do I fix it?

It's crucial to identify the variances to maintain accurate financial records when the bank balance and QuickBooks Online (QBO) balance don't align, Teres. Let's work together to fix this and ensure the integrity of your financial data.

Normally, both amounts should match to avoid any discrepancy. Since there is a huge difference, several causes are contributing to this issue, and I've listed them below.

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

To fix this, I recommend matching and categorizing all your downloaded transactions and making all the necessary corrections to your entries. You can use your bank statement as a reference when performing these procedures. For the complete guide, please see this article: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

Once you're done, reconcile your account. I'd recommend doing this every month to help monitor your income and expense transactions and detect possible errors accordingly. You may want to check out this article as your reference in doing and fixing reconciliations in QBO: Learn the reconcile workflow in QuickBooks.

I'm all ears if you have other concerns about managing your accounts and transactions in QBO. You can drop a comment below, and I'll gladly help. Take care, Teres.

Hello, I have reconciled a client's books to date, taking over where another accountant had left off. All months are matched, however when I look at the chart of account that is used for his banking, it shows 9k as the bank balance which is correct, but my QB balance is 30k. Could that possibly be errors from prior years of another accountant not reconciling correctly?  Or open invoices that haven't been collected?

It's nice to see you here in the Community, Ryan.

Let me provide some information as to why your client's bank balance and QuickBooks balance are mismatched. 

Yes, it's possible that past incorrect reconciliations may cause the mismatch. I'd suggest further checking the previous reconciliations to locate any discrepancies. Once you've identified the issues, you can fix them accordingly.

Additionally, many other factors could cause the balances to be different. It's essential to investigate the root cause and make the necessary adjustments.

Here are the possible reasons why balances may not match:

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

Furthermore, it's worth noting that open invoices that still need to be collected post to the Accounts Receivable (A/R) account in the Chart of Accounts. This doesn't affect your client's bank and QuickBooks balances. Once the invoice is marked as paid, the amount flows into the designated income account.

For more information on accounts receivable, you may refer to this article: What is accounts receivable?

Once you have resolved the balance mismatch, I recommend reconciling your client's bank account every month to ensure that the balances correspond. You can find a detailed guide on how to do this here: Reconcile workflow.

Please feel free to reach out if you have any other questions about the balances in QuickBooks. I'll be around to lend a helping hand. Keep safe.

The issue I have is different. I understand the difference between Bank Balance and Quickbooks balance. The issue I have is that the Quickbooks balance on the register view is different than the Quickbooks balance on the bank feeds update window for one account. For all accounts the Register balance and the Bank feeds balance are the same since they are both Quickbooks balance and not bank balance

Hello RayJ2,

Thank you for reaching out to the QuickBooks Community! Let's go ahead and connect with us on a screen scare in a more secure environment to investigate this matter more. Our Support team would be able to dive in further and run some tests to figure out the root of the issue. Here's how:

1. Go to the Help menu, then click Quickbooks Desktop Help or press the F1 key.
2. Hit the Contact Us button, as shown on the display.
3. Enter a brief description of the problem.
4. Select Continue.
5. Choose which method you would like to connect. The options will be chat or our call-back feature.

Please let me know how the conversation goes! I will be around. Take care.