My bank balance is much higher than quickbooks balance. Why is that and how can I fix it?

Hi bushy402,

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:

• Outstanding transactions.
• New transactions for a connected account.
• Duplicate transactions.
• Edited or deleted transactions.
• Card (liability) account.

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 below.

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:

1. Go to the Sales or Expenses menu.
2. Search for transactions you see on your bank statement but not in QuickBooks.
3. If you find any, select and open it.
4. Check the Deposit to or Payment account. 
5. Make sure it's in the correct account. 
6. Click Save.

On the other hand, you can also match your downloaded transactions with the ones you already entered to avoid duplicates. Here's how:

1. Go to the Banking menu.
2. Select the blue tile for the account you want to review.
3. In the For Review tab, select the transaction.
4. Review the transactions already in QuickBooks in the Records found section.
5. Click the link next to each record to view its details.
6. Verify the Deposit to field.
7. Select Match once done.

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.

Thank you. I'll give it a try! 

Hi There 

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:

• Outstanding transactions.
• New transactions for a connected account.
• Duplicate transactions.
• Edited or deleted transactions.
• Card (liability) account.

Hey, I am having a similar problem, except all of my accounts can reconcile perfectly fine. Still, the Quickbooks balance is thousands of dollars lower than my actual account balances. I'm not sure why, and I'm not sure it matters, give all the accounts reconcile. Can you let me know if you can help me? I really appreciate any help you can provide.

Thank you for joining the thread, @TB0425.

I can share with you some additional troubleshooting steps to resolve the issue you had with your balances.

As mentioned above, there are several reasons why your QuickBooks and bank balance don't match. There may be:

• New transactions for a connected account.
• Outstanding transactions.
• Duplicate transactions.
• Edited or deleted transactions.
• Unreconciled in the register or reconciled in error.

To isolate the issue, I would recommend checking out the transactions added in QuickBooks and compare them to your bank statement. For additional steps, I also recommend following the instructions under Step 4: Review any discrepancy reports from this article: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

For additional resources, while working with QuickBooks and reconciliation, you can open the topics from this link: Banking Articles for QuickBooks Online-International.

If you have any other QuickBooks or banking questions, please let me know by adding a comment below. I'm always here to help. Have a good one!

I have this problem as well.  I only have 20 transactions in my Euro account so it's easy.  If I download categorised transactions (there aren't and uncategorised) into excel, they sum to the same as my bank balance, so perfect match. But the summary screen shows them almost 50% apart. Bug?

It looks like you import bank transactions manually, Stevem01. Let me share how it works in QuickBooks Online.

The Bank balance and In QuickBooks balance will not be the same when transactions are imported manually. The Bank balance will only be changed if the account is connected to online banking. The In QuickBooks balance will also depend on the added or matched transactions. 

Having said that, it's normal when you use WebConnect or CSV files.

I'll add the reference on how to match and categorise bank transactions in QuickBooks Online. This will help you review these transactions after being downloaded or imported. 

Feel free to reach out to us again if you have other banking concerns. We're available 24/7 to assist you. Keep safe!

Thank you for responding.  After a lot of investigation, i managed to find these and exclude / delete them. 

This came about after QB and my bank disconnected.  This happens every 90 days unfortunately. 

Hi Everyone

I am curious about what's going on with my quickbooks balance.

The balance is much higher in Quickbooks than my actual bank balance. 

I need to reconcile this and find a efficient way to equal accounts.

Appreciate any help provided.

Hello there, JBowen101.

As mentioned above, there are several reasons why QuickBooks balance and your actual bank balance don't match.

It could be that there are outstanding transactions, new transactions for a connected account, duplicate transactions, and edited or deleted transactions. 

We can start reviewing the transactions entered in QuickBooks. Then, make sure they're the same as your bank statement. Still, you can check these articles to learn more about keeping transactions and accounts accurate.
 

• Fix issues for accounts you've reconciled in the past.
• Learn the reconcile workflow in QuickBooks. 

The Community is always around if you still need assistance, JBowen101.