Bank balance is way off

Hi there, dawgteem.

Welcome back to the QuickBooks Community. I'll share details to ensure that your balances in QuickBooks Online and from the actual bank are correct. This way, you can reconcile your accounts correctly.

When you reconcile an account in QuickBooks Online, you'll have to compare transactions in QuickBooks with the same ones on your bank statements. Then, it should be $0.00 the difference between the ending balance in QuickBooks and your bank statement. If not, you'll have to review the opening and beginning balances to ensure that your transactions are accurate.

If the opening and beginning balances are correct and the issue persists, you'll have to remove transactions that aren't on your bank statement. To see the steps on how to perform the process, you can click this article to see the instructions: Fix issues at the end of reconciliation in QuickBooks Online.

I've also added an article that helps you on how to run a reconciliation report to print or export this one, check out this link: How do I view, print, or export a reconciliation report.

Fill me in if you need more help by leaving a comment below. I'll be around in the Community to help. Take care and have a great day!

My opening balance is not correct. I’m sure that is part of it. Can you tell me how to correct it?

Thanks for your prompt reply, dawgteem.

I'll be glad to help you out.

Here's how you can edit an incorrect opening balance:

1. Go to Accounting > Chart of Accounts.
2. Locate the account and click the View register link.
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 and 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.
5. Hit Save. 

I've got this sample screenshot for a visual guide:

You can also read this article for reference: Edit an incorrect opening balance.

Please leave a reply below if you there's anything else you need. We're always around to help. Have a great day!

Good morning,

The issue I'm having in the Bank Deposit Section (Select the payments included in this deposit) I have payments showing that have already been deposited and reconciled but this is causing to show a way over balance.  But the account is reconciled correctly with the bank.

I appreciate you sharing your query here with us today, Admin19791. Let me provide information to help you manage already deposited payments in your account.

Usually, deposited payments won't show up in the bank deposit section since these are already recorded in your banking account. In your case, you'll need to link the deposit transaction on the invoices, so the payments turn into a single record for QuickBooks to match your bank statements. To do this:3

1. Open an invoice and select Receive payment. 
2. On the Receive Payment window, choose the deposit.
3. Click Save and Close.

You may refer to this guide for more ways to record your receivables: Record invoice payments in QuickBooks Online.

In addition to that, you may run a Deposit Detail report to review your past and completed bank deposits. Let me guide you on how:

1. Go to Reports.
2. Scroll down to the Sales and Customers section.
3. Select the Deposit Detail report.
4. Review all necessary transactions.

Once everything looks good, you can always reconcile your accounts, so they always match your bank and credit card statements. This way, your books stay accurate.

I'll keep an eye on this thread if there's anything else you need further assistance with when managing bank deposits in your file. Just let me know in the comments below and I'll make sure to get you covered. Keep safe and have a good one!