Question

Bank Balance

Forum|Forum|3 years ago
October 9, 2022
5 replies
47 views

I have read multiple responses about why there is a discrepancy between Quickbook Balance and Bank Balance on Accounting page. I realize it doesn't really matter as my balances all reconcile easily with auto downloads but just find it troubling as the differences become huge (and would like to get rid of them. On the Banking Page, there seems to be only one account with a significant difference.

QuickBooks Online

K

Klent

Level 8

I'll make that your balances are accurate at the end of the day, MVEBA.

There are several factors that may cause the QuickBooks balance and your actual bank balance to vary. You can check the pointers I've listed below to verify why they don’t match and fix them accordingly.

Outstanding transactions
New transactions for a connected account
Duplicate transactions
Edited or deleted transactions

You'll also want to compare the opening balance and transactions against your bank records. You can sign in to your bank's website or use your bank statement as a reference. If there are entries that don't match, you'll have to correct them. here's how:

Go to the Accounting menu.
Select Chart of accounts, then find the account on the list.
Click View register to get more details.
Search for the opening balance entry and review each transaction.
Select the entry that doesn't match to expand the view.
Make the necessary changes, then click Save.

I'm also adding these articles to help resolve ending/beginning balance issues and reconciliation mistakes in QuickBooks Online:

You can always find me if you need more help in keeping your bank balance accurate. Have a pleasant day ahead.

M

MVEBAAuthor

I have checked the posted help articles and all seem to relate to reconciliations issues. Possibly I am asking the wrong question. My reconciliations are all fine and show no discrepancies. I am asking about the differences that appear in Accounting-Chart of accounts:

QUICKBOOKS BALANCE

BANK BALANCE

and also appears in the boxes that open in https://app.qbo.intuit.com/app/banking.

Thanks for all assistance.Possibly not a big deal as it doesn't (appear to) affect my bookkeeping but concerned about future problem and troubling to see it.

Fred

A

AileneA

Moderator

Hello, MVEBA.

Let me explain the difference between QuickBooks Balance and Bank Balance in the Chart of accounts.

The QuickBooks balance is affected by all your transactions in the register and the ones you haven't reviewed yet. While the Bank balance is solely determined based on the transactions on the register.

I've also included this reference helpful with the resources needed while working with bank feeds and reconciling accounts: How to reconcile your accounts so they always match your bank and credit card statements?

I’m always here to assist you if you have other concerns. I’m just a post away. Have a great day!

R

ReymondO

Moderator

Thanks for getting back, @MVEBA.

I can see how frustrating it is to get a response that doesn't answer your actual concern. I'm glad that colleagues provide you with the right explanation about the difference between bank balance and QuickBooks Balance.

In addition, transactions that are showing in the For review tab on the Banking page won't affect your QuickBooks Balance not until they're categorized or matched. Once reviewed, they'll automatically classify as cleared transactions and be marked as C in the Bank Register.

In case you need related resources while working with QuickBooks, please feel free to skim through the topics from our help articles.

Please let me know how else I can help you with your banking concerns. I've got your back and am always happy to lend a hand. Keep safe!

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