I think I have a setup issue?

ge-west-finance · ‎August 16, 2020

This is for a Homeowners Association. It should be pretty simple. We send invoices once per year. The invoices are split into three income accounts. Dues, Special Assessment and Trash. When a check is received I "Receive Payment" and then they are deposited in the HOA bank account. After the check clears I match it in QB Banking.

Problem is that the QB balance is over double what it should be and what's in the bank. QB seems to be recording each deposit twice and I don't know why.

Mark_R · ‎August 16, 2020

Hi there, @ge-west-finance.

There are some possible reasons why your QuickBooks balance and Bank balance have differences. Let me share them with you and help you from there.

Before we start, let me discuss first the 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 QuickBooks balance is greater than your Bank 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.

Depending on the factor that’s mentioned above, there are different steps to fix your issue. For more guidance, feel free to check out this article for the detailed steps and information: Fix beginning balance issues if you've reconciled the account in the past QuickBooks Online.

I'm also adding this article to learn more about reconciling accounts: Reconcile an account in QuickBooks Online.

Please know that you can always visit our Community forums again if you have other questions with your QuickBooks balances. I'm always here to help. Have a wonderful day!