I'm here to share some pointers on how you can resolve the difference on these balances.
The QuickBooks balance is the total balance of all bank transactions that you’ve added or matched to QuickBooks. While the bank balance is your bank's actual balance from the last bank feed update. If the Bank balance is greater than your QuickBooks balance, there might be bank transactions that are causing the difference. Here’s a list of possible reasons why these balances don’t match:
Depending on the factor that’s mentioned above, there are different steps to fix your issue. Here’s an article on the steps to fix or adjust these factors: How to Fix Differences Between QuickBooks Balance and Bank Balance.
If you have other questions, feel free to leave a comment
there is often a time lag between the REPORTED bank balance shown in Quick books, and the transactions required to be matched in Quick books being fed through.
The banking screen showing all done with a green tick is misleading.
that simply means that the bank transaction feeds have all been posted........... the ones lagging and as yet unseen require posting in due course to bring Quick books ban and real bank into alignment.
In reality if there is a constant flow of transactions you are most unlikely to see the two accounts match ! in that case it is not an error, just a timing issue.
if you go online and look at your bank account, through your EYES, not quick books EYES you will soon see the point.
Some days I miss my spreadsheet. I need QB for the reporting etc though. I just had the same issue. I went and undid all my transactions as I was worried I might have allocated some wrong. And now it's worse!
Hello there, Treescape.
Let me help you identify where the issue is coming from so you'll be able to get your account reconciled.
You can review the list of transactions in the Reconciliation window to check any transactions in your bank statement that's not recorded in QuickBooks. Physically mark them and enter those that aren't on the list. Here's how:
On the other hand, you can also match your downloaded transactions with the ones you already entered to avoid duplicates. Here's how:
If you're seeing more than one potential match, just pick the right one. Once done, review the transactions in the Reviewed tab. Check out the article's Step 3: Review transactions after you’ve matched or added them for the steps: Match and categorize bank transactions in QuickBooks Online.
I'd suggest you do your monthly reconciliations to easily catch errors and keep track of your business' income. To reconcile, kindly refer to this article for the detailed steps: Reconcile an account in QuickBooks Online.
Please let me know if you have other concerns. I'm just around to help.