I use QB online and download my checking account transactions on a weekly basis and reconcile my account monthly. For a long time now, my "bank balance" has not changed. It has not matched my actual balance for quite some time. Shouldn't the "bank balance" always update to the current balance that is actually in the bank account? I understand that the "bank balance" and the "quickbooks balance" will probably never match, but why isn't the "bank balance" matching what's really in the bank??
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Welcome to Community @JillCHal.
Let me help you with the bank balance in your QuickBooks Online account. The "Bank Balance" will only depend on the update on your financial bank institution while the "In QuickBooks" balance will change when you add transactions in your QuickBooks Online account.
If your "Bank Balance" is not automatically updating, you can manually update the bank balance to match it to your recent financial bank institution. Here's how:
- Go to the Banking menu or Transactions menu.
- Select Update. If you only want to update some accounts, select the unwanted ones, then select Update now.
- If asked, enter your Multi-Factor Authentication (MFA) credentials.
- Click the Continue update button.
For more detailed information about updating your bank balance, you can read this article: Manually download online bank transactions in QuickBooks Online.
You can also match and categorize your bank transactions to prevent duplicates activities.
If you have follow-up questions, feel free to leave a message in the comment section. I'll be around here in the Community to help. Take care and have a good one!