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Riley20
Level 1

Why for many months the QBO balance sheet report's checking account doesn't match the bank statements balance, despite reconciling ok to match the bank statement?

 
3 Comments 3
MaryLurleenM
Moderator

Why for many months the QBO balance sheet report's checking account doesn't match the bank statements balance, despite reconciling ok to match the bank statement?

There are different reasons why the two differs, heather48.

 

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

Check these articles for reconciliation reference:

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

Riley20
Level 1

Why for many months the QBO balance sheet report's checking account doesn't match the bank statements balance, despite reconciling ok to match the bank statement?

Thanks for your help! Do you mean credit card payments that might flow through the checking account? Also would outstanding transactions be payments not made yet by clients? 

Nick_M
QuickBooks Team

Why for many months the QBO balance sheet report's checking account doesn't match the bank statements balance, despite reconciling ok to match the bank statement?

Hi heather48. 

 

You're correct, I would suggest reconciling bank and credit card accounts connected to online banking. To do so, follow the steps below. 

 

Before you start, make sure you match and categorize all of your downloaded transactions.

Since all of your transaction info comes directly from your bank, reconciliation should be a breeze. In some cases, your accounts are already balanced from the start.

  1. When you're ready, start with the first transaction on your bank statement.
  2. Find the same one in the Reconciliation window in QuickBooks.
  3. Compare the two transactions. If they match, make sure there's a checkmark next to the amount in QuickBooks.Check
  4. If a transaction is on your statement but isn't marked in QuickBooks, place a checkmark next to it on QuickBooks. If a transaction doesn't appear on your statement, don't mark it as reconciled.
  5. Compare each transaction on your statement with what's in QuickBooks.
  6. When you reach the end, the difference between your statement and QuickBooks should be $0.00. If it is, select Finish now and then select Done.
  7. Select View reconciliation report to review your work.

 

If the difference isn't $0.00, or you can't find a transaction that should be in QuickBooks, don't worry. Here's how to review and fix everything.

 

If you have any other questions or concerns, feel free to reach out below. Thank you for your time and have a nice evening. 

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