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808sweetshack
Level 2

WHy does Quickbooks show a different credit card balance than my statement does? I have looked under "review" There is nothing to review. How do I correct QB balance?

I have reviewed the transactions from last year thinking that might be the issue. However nothing is showing under "Review"
3 Comments 3
LieraMarie_A
QuickBooks Team

WHy does Quickbooks show a different credit card balance than my statement does? I have looked under "review" There is nothing to review. How do I correct QB balance?

Not to worry, I'm here to make sure your account matches your credit card statement, @808sweetshack.

 

Do you reconcile your accounts? My best advice is to reconcile starting from the very first month or the first month you started recording. Then, go month by month until you reach the most recent statement. 

 

Here's to start reconciling:

  1. In QuickBooks Online, select the Gear icon and then select Reconcile. If you're reconciling for the first time, select Get Started first and then Let's do it.
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  2. From the Account drop-down menu, select the account you want to reconcile. Make sure it's the same one on your statement.
  3. Check the Last statement ending date. Make sure your bank statement starts the day after your last reconciliation.
  4. Review the Beginning balance. Make sure the beginning balance in QuickBooks matches the one on your bank statement. Here’s what to do if they don't match.
  5. Enter the Ending balance and Ending date as they're written on your bank statement. Some banks call the ending balance a "new balance."
  6. When you're ready to start, select Start reconciling.
  7. From there, you'll have to mark the transactions that appear on your statement.
  8. Once done, the difference between your statement and QuickBooks should be $0.00.
  9. Select Finish now and then select Done


Otherwise, if you've already reconciled your account, you can use the search tools to locate duplicate transactions. Refer to this link for more details: Find, Review, and Edit Transactions in Account Registers.

 

To learn more about the reconciliation workflow in QuickBooks, you can refer to the articles below. It contains complete information to keep your accounts accurate:

 

Please let me know how it goes. I'm determined to help you fix this banking issue. Have a good one!

808sweetshack
Level 2

WHy does Quickbooks show a different credit card balance than my statement does? I have looked under "review" There is nothing to review. How do I correct QB balance?

I did the reconciliation and it balanced every month so why do I have this issue still?

 

JessT
Moderator

WHy does Quickbooks show a different credit card balance than my statement does? I have looked under "review" There is nothing to review. How do I correct QB balance?

Hello there, 808sweetshack!

 

The credit card balance is what QuickBooks got from your financial institution from that the last update, while the balance on your statement only covers the balance of the period it indicates. Often, they do not match because the actual account is constantly being updated, and there may be new transactions that are not yet on your record.

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

The good thing is you're able to reconcile your account every month, which means you have a good record-keeping routine. Therefore, I'd say that you can leave this as is.

 

Feel free to reach back out if you have more questions about account balances. By the way, you can also visit the QuickBooks Blog page to know the latest product news, webinar schedules, or new QBO features.

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