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joel26
Level 1

Why does my statement ending balance & cleared balance match, but I still have a big difference showing up?

 
Solved
Best answer August 18, 2020

Best Answers
AlcaeusF
Moderator

Why does my statement ending balance & cleared balance match, but I still have a big difference showing up?

Welcome to the Community, @joel26.

 

We want to assist you with your balance concern in QuickBooks. However, we need more information about it to provide the right resolution and to get this sorted out promptly.

 

Which part or section it's showing a big difference to the figures? Any additional information you can add is much appreciated.

 

If you're referring to the balance in QuickBooks not matching your bank statement, there are several possible causes you can check. For the beginning balance, the system calculates the figures depending on the account (if already reconciled before or not).

 

I suggest you visit the About beginning balance discrepancies article. It contains the details you need about how the account balance is calculated.

 

Also, If there's a need to correct the opening balance, I suggest following these steps:

 

  1. Go to Settings ⚙️, then select Chart of Accounts.
  2. Locate the account, then go to the Action column and select View register.
  3. Find the opening balance entry. Tip: If you've got the Date column sorted from newest to oldest, the opening balance entry may be at the end of the list.
  4. Select the opening balance entry.
  5. Edit the amount. Tip: If you're not able to edit the amount directly on this screen, in some cases you can edit by selecting the Edit ✎ icon.
  6. Select Save. Your change will not be saved if you navigate away from the register without saving.

For additional reference, I've attached some articles you can use to learn more about fixing the account balances:

 

Drop me a comment below if you have any other questions. I'll be more than happy to help. Wishing you a good one.

View solution in original post

9 Comments
AlcaeusF
Moderator

Why does my statement ending balance & cleared balance match, but I still have a big difference showing up?

Welcome to the Community, @joel26.

 

We want to assist you with your balance concern in QuickBooks. However, we need more information about it to provide the right resolution and to get this sorted out promptly.

 

Which part or section it's showing a big difference to the figures? Any additional information you can add is much appreciated.

 

If you're referring to the balance in QuickBooks not matching your bank statement, there are several possible causes you can check. For the beginning balance, the system calculates the figures depending on the account (if already reconciled before or not).

 

I suggest you visit the About beginning balance discrepancies article. It contains the details you need about how the account balance is calculated.

 

Also, If there's a need to correct the opening balance, I suggest following these steps:

 

  1. Go to Settings ⚙️, then select Chart of Accounts.
  2. Locate the account, then go to the Action column and select View register.
  3. Find the opening balance entry. Tip: If you've got the Date column sorted from newest to oldest, the opening balance entry may be at the end of the list.
  4. Select the opening balance entry.
  5. Edit the amount. Tip: If you're not able to edit the amount directly on this screen, in some cases you can edit by selecting the Edit ✎ icon.
  6. Select Save. Your change will not be saved if you navigate away from the register without saving.

For additional reference, I've attached some articles you can use to learn more about fixing the account balances:

 

Drop me a comment below if you have any other questions. I'll be more than happy to help. Wishing you a good one.

View solution in original post

lrichards
Level 1

Why does my statement ending balance & cleared balance match, but I still have a big difference showing up?

My 12/31/20 balance per the books differs from the balance on bank reconciliation at 12/31/20.  How do I see what has changed?

Candice C
QuickBooks Team

Why does my statement ending balance & cleared balance match, but I still have a big difference showing up?

Good Afternoon, @Irichards. 

 

It's great to see you back in the Community. To receive the best advice on how to resolve this issue, can you please provide me with some additional information or screenshots? This will help me determine the best solution for your business. 

 

You can check out some of these articles to help you out: 

 

 

I want to make sure that you're able to get your problem fixed as soon as possible. I'm always here to lend a helping hand. I'll be back around shortly. 

amanihaddad
Level 1

Why does my statement ending balance & cleared balance match, but I still have a big difference showing up?

  statement beginning and ending balance are correct . the payments and deposits are correct . the ending balance and cleared balance match. I revweed all transaction in bank register to see if any transaction was left unreconciled .   but All transactions look fine. but I still have differences show up.  please help 

MariaSoledadG
QuickBooks Team

Why does my statement ending balance & cleared balance match, but I still have a big difference showing up?

Let's find out why there's still a difference in QuickBooks so we can review them again, amanihaddad.

 

If your bank combined several payments as a single record, you should do the same in QuickBooks. Sometimes, we enter payments individually which makes us think there's an error. You may need to combine the same payments in QuickBooks and put them into the Undeposited Funds account. Then make a Bank Deposit combine them into a single record.

 

If you're still seeing a difference, you can take out your bank statement. Physically mark the transactions that match the ones you entered into QuickBooks. This ensures that you entered everything in QuickBooks. 

 

If your accounts are connected to online banking, review and categorize all of your downloaded transactions. You'll also want to review the list of transactions in the Reconciliation window. If you see transactions on your bank statement that aren't in QuickBooks. Here's how:

  1. In QuickBooks, go to the Sales or Expenses menu.
  2. Look for transactions you see on your bank statement, but not in QuickBooks.
  3. If you find any, select and open them.
  4. Check the Deposit to or Payment account. Make sure the transactions are in the correct account. Select a different account as needed. 

Finally, you can use your bank statement as a guide.  Enter transactions you see on your bank statement but aren't in QuickBooks as new sales receipts or expenses.

CheckCheck

 

For your reference, you might consider reading some of our helpful articles for additional information. 

 

Keep in touch if you have any other questions about your reconciliation. Please know we're here to help you if you need assistance.

sk33
Level 1

Why does my statement ending balance & cleared balance match, but I still have a big difference showing up?

Hi,

 

My credit card statement does not show ending balance?

How do I proceed with reconciliation? 

Please, advice. 

Thank you. 

AbegailS_
QuickBooks Team

Why does my statement ending balance & cleared balance match, but I still have a big difference showing up?

I hope you're doing great, sk33.

 

I'd love to help you with your reconciliation concern.

 

Please know that the ending balance of the current month is always the opening balance of the next month.

 

Here's how you can reconcile accounts in Quickbooks online:

  1. Click on the Gear button, then on Tools, and then Reconcile.
  2. Click on the drop-down menu under Accounts, and select the account that you need to reconcile.
  3. Provide the Ending balance and the Ending date base on your bank statement information.
  4. Match transactions to your bank statement and check them one by one.
  5. Apply filters to find the transactions easier. Keep going until the field is zero. 

 

Learn to fix issues at the end of a reconciliation in QuickBooks Online.

 

Keep me posted if you need help with accounting concerns!

 

 

 

 

 

 

 

 

 

 

 

 

 

gpatherapy
Level 1

Why does my statement ending balance & cleared balance match, but I still have a big difference showing up?

I am looking for a report that shows items in my register that have not cleared the bank.  I have almost a $30,000 difference between what the bank says I have and what QB says I have.  The bank is in my favor.  So not stressed but, I am trying to figure out if there are some double entries somewhere.  I have only been handling this account since January, so I am pretty sure my own entries are good but, not sure about my predecessor.

ZackE
QuickBooks Team

Why does my statement ending balance & cleared balance match, but I still have a big difference showing up?

Thanks for becoming part of the Community, gpatherapy.
 

I can certainly understand how an ability to generate a report that shows transactions which haven't cleared a particular bank account yet could be useful and have submitted a suggestion about it as of today.
 

You can also submit your own feature requests while signed in.
 

Here's how:

  1. Use the Gear (⚙️) icon.
  2. Choose Feedback.
  3. Enter your suggestions and/or comments.
  4. Click Next.
  5. Hit Skip and send message.
  6. The available drop-down menu can be used to pick an appropriate category.
  7. Select Send message.


Your feedback's definitely valuable to Intuit. It will be reviewed by our Product Development team and considered in future updates. Feature requests can be tracked through our Customer Feedback website. You can also find news about your product on the Product Updates page.

 

As a workaround, you can use the information and/or steps in AlcaeusF's and MariaSoledadG's posts to identify what's causing your difference and how it can be corrected.

 

If there's any questions, I'm just a post away. Have a lovely day!

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