Why does Quickbooks have my checking account balance wrong?

Hello there, @drfinn. I'll provide insights about the reconciliation discrepancy between QuickBooks and your bank balance.

Here are some reasons why your reconciled checking account balance does not match what QuickBooks has:

• There could be transactions recorded in QuickBooks that haven't cleared on your bank statement yet, such as outstanding checks, debit card transactions, or pending transfers.
• Data entry errors in QuickBooks, such as wrong amounts, duplicates, or misassigned transactions, can cause discrepancies between your reconciled balance and the QuickBooks balance.
• Reconciliation mistakes, such as incorrect clearing of transactions or errors with the beginning balance, can cause discrepancies.
• Timing differences, where transactions entered into QuickBooks after reconciliation are dated on or before it, can affect the balance.

To resolve the discrepancy, I recommend reviewing the following:

• Compare your bank statement with the transactions in QuickBooks to identify any missing or incorrect transactions.
• Verify all transactions around the reconciliation date to ensure they are accurately recorded and cleared.
• Review previous reconciliations to ensure there were no mistakes carried forward.

Here is an article you can refer to in fixing reconciliation issues: Fix issues at the end of a reconciliation in QuickBooks Online.

If you need professional guidance in reconciling your account in QuickBooks Online, you may contact our QuickBooks Live Expert Assisted team.

To view, print, and export your reconciliation report, here is an article to guide you: How do I view, print, or export a reconciliation report?

Leave a comment below if you need further assistance in reconciling your account.

Hi Ethel,

Thank you for the reply, but I don't think I was specific enough in my question. On the Bank Accounts heading on the home page, my reconciliation balance on the line "in Quickbooks" is correct and matches my actual bank balance. The problem is that the line called "Bank Balance" never updates. Why is that?

Thank you for your help,

Lori

I've got your back, drfinn. Together, let's determine why your bank balance isn't updating within the program.  

The Bank Balance depends on updates from your financial institution, while the In QuickBooks balance changes when you add transactions to your QuickBooks Online (QBO) account.

Now, I'll need to ask for additional details about the issues with your bank balance not updating within the system. Can you provide the name of your financial institution? This information will allow me to check for ongoing alerts or related cases that may affect your situation.

For now, we can perform a few basic troubleshooting procedures to rule out the possibility of a browser-related issue.

Start by opening your account using an incognito or private window. This avoids problems caused by a full cache or outdated internet files, providing a clean browsing environment.

Refer to the following keyboard shortcuts based on your browser type: 

•  Google Chrome: Ctrl + Shift + N
• Mozilla Firefox: Ctrl + Shift + P
• Microsoft Edge: Ctrl + Shift + N
• Safari: Command + Shift + N

Afterward, navigate to your account and click the Update button. This will connect QuickBooks with your bank and update the Online Banking page.

If the private browsing session works, clear your browser's cache to refresh the system. Ensure to use a supported and updated browser for optimal QuickBooks performance. 

Additionally, I've provided a few resource articles below that can help you learn how to generate a reconciliation report, find missing transactions, and use bank rules to categorize transactions automatically :

• How do I view, print, or export a reconciliation report?
• What to do if you can’t find downloaded transactions in QuickBooks Online
• Set up bank rules to categorize online banking transactions in QuickBooks Online

I'm still all ears if you have other concerns regarding online banking or managing transactions. My goal is to ensure that you achieve your bookkeeping goals.  

Hi Erika,

I'm trying to follow your instructions, but here is where I get stuck: Afterward, navigate to your account and click the Update button. This will connect QuickBooks with your bank and update the Online Banking page.

I don't have an UPDATE button on my BANK TRANSACTIONS page. I only have the LINK ACCOUNT and EXPLORE buttons. Please tell me how to make the UPDATE button appear.

Somehow, my accountant was able to match the two amounts before she handed it over to me.

Thank you,

Dr. Finn

Let me provide more details, @drfinn. It appears that your checking account has been disconnected from QuickBooks.

Your accountant may have unlinked the account or manually imported the transactions. To display the Update button on the Bank transactions tab, ensure that your checking account is connected in QuickBooks Online (QBO). Let me show you how:

1. Click the Link account button.
2. If your bank doesn't appear on the list, you can search for its name or the login URL associated with your bank account.
3. Select Continue.
4. Enter your checking account's login credentials.
5. After completing the setup, choose the bank account you wish to link to the account listed in the chart of accounts by clicking the drop-down ▼. Then, select a time when QuickBooks will start downloading transactions, and hit Connect.
6. Then hit Done.

I've included a sample video below for visual reference:

Please note that transactions and amounts vary by bank to ensure accuracy in QuickBooks. Some banks update the balances instantly, while others sync at midnight or other specified times.

However, if the disconnection occurred due to the bank's system maintenance, we will need to wait for the bank to resolve the issue before reconnecting it. If you require more details about the steps, you can refer to this article: Connect bank and credit card accounts to QuickBooks Online.

I've included some articles that can serve as helpful guides while you manage your bank transactions with assistance from your accountant or bookkeeper:

• Confirm suggested matches for bank transactions in QuickBooks Online
• Unmatch downloaded bank transactions or move them to another account

Please don't hesitate to let us know if you need assistance navigating your bank feeds in QBO, Dr. Finn. We're here to help you. Take care!

Thank you! I think you've diagnosed my problem correctly. Thank you for your help!