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Community Contributor *

Bank balance

Just installed the software last Thursday.

Started the balance with $10,000. Deposited $5,000. Wrote check in an mount of $3,000.

My ending balance shows $15,000 instead of $12,000.

Under BANKING tab I click on Check Register where I see all checks written are under PAYMENT and also under DEPOSIT column.

Under COMPANY tab, I click on Chart of Accounts and the BALANCE TOTAL shows $15,000.

What is the problem. I only created one checking account, very simple.

Thank you for your help.

4 Comments
BRC
Established Community Backer ***

Re: Bank balance

You can see what drives the bank balance by opening the register.  Each transaction that impacts the balance is listed there, along with the running balance.

Community Contributor *

Re: Bank balance

Thank you for the response.

Running balance works fine but then same checks are shown under deposit column and that is what makes my balance off.

QuickBooks Team

Re: Bank balance

Thanks for the quick response, Robert Naz.


I’m here to clarify why the same checks are showing under the Deposit column.


This can happen when you use the same bank account to track the transaction. To ensure your records are correct, you’ll have to open the check and change the account used.

 

Here's how:

 

  1. Go to Lists at the top menu bar.
  2. Select Chart of Accounts.
  3. Double click on the check you’re working on.
  4. Click on the Expenses tab.
  5. Under Expenses, change the appropriate detail type.
  6. Click on Save & Close.

For visual reference, check out these screenshots:

 

COA 1.png COA 2.png COA3.png COA 4.png COA 5.png


Once done, you should see the correct balance on your chart of accounts.  


If you need further assistance with any of these steps, leave me a comment. I'll jump right back in to help. Wishing you the best.

 

Established Community Backer ***

Re: Bank balance

You forgot to enter the details of What you Bought or are paying for.

 

"where I see all checks written are under PAYMENT and also under DEPOSIT column."

 

Banking menu > Write Check to Staples, put Check # = "debit" and list Office Supplies expense on the Expenses tab, because you just bought Office Supplies at Staples.

 

Banking menu > Enter Credit Card Charge, and list what you just paid for from the AMEX Card.

 

You use Expenses tab, and Items if this relates to Customers and optionally is billable to them.

 

You forgot the "why I made this purchase" as the Reason.

 

Please see my attachment.