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viviane1
Level 1

Why does my bank balance not match the quickbooks balance in this simple case?

I have a brand new bank account and there are only two transactions - a $9 bank fee and then a $9 refund for the bank fee. The balance of the bank account is $0.

After reviewing both transactions, quickbooks shows my balance is $9.

Under my "Reviewed" tab, I see both transactions. One with a $9 banking charge expense, and one with a $9 refund.

This should be a simple case. I have reviewed all the documents about why a bank balance wouldn't match with the quickbooks balance and haven't been able to solve this. I've cleared my cookies, updated the bank account information, tried to see if there were any duplicate transactions (there's only 2 transactions!), and have no luck.

Can anyone please help me with this issue? Am I entering these transactions incorrectly?
1 Comment 1
JaneD
Moderator

Why does my bank balance not match the quickbooks balance in this simple case?

Hi viviane1,

 

The Bank Balance is the current balance of your actual bank, while the QuickBooks Balance is the total balance of all the transaction within the register in the Chart of Accounts.

 

These two transactions in the Reviewed tab can be matched if they're in the QuickBooks register. Matching them will not make any changes on both Bank and QuickBooks Balance. It will only show you what matches to your bank statement.

 

If these two transactions are already in your register, then make sure not to select "Add" from the Banking page since it will change the QuickBooks balance.

 

However, you can create either an expense or bank deposit if you haven't entered any transactions in QuickBooks.

 

Then, follow these steps to match your downloaded transactions:

  1. Go to the Banking page.
  2. Locate and click on the transaction to expand the view. 
  3. Select the Find match radio button.Find match.PNG
  4. On the Match transactions page, locate the manually entered transaction. If you've found a match, mark to select it and click on Save.

You can find more detailed information in this article: Match and categorize your downloaded bank transactions.

 

Please let me know if you have any follow-ups or other questions. I'll be here to keep helping. Have a wonderful day.

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