Why Is ‘Bank Balance’ Different than What ‘QuickBooks’ Shows in Register – QuickBooks Online 2024
In theory, Bank Accounts, the Bank balance, and QuickBooks balance should match if you‘re not manually adding bank transactions. When it doesn’t match, you should know why Bank Balance is different in the QuickBooks register.
1. Make sure you’ve categorized all the bank transactions. And you see the “All caught up” checkmark in the bank feed tab
2. Click the UPDATE link to ensure the bank feed download is up-to-date
3. Reconcile the account. See the difference.
Is there Zero difference with uncleared transactions? Most Common Discrepancies: Duplicate Transactions/Matching Issue
1. You recorded the customer payment received on the Invoice but categorized it to Income from the Bank Feed
2. You have recorded the Vendor Bills payment but categorized it to the Expense from the Bank Feed
3. Bank Transfer between bank accounts – You have transferred from Savings to Checking, recorded from both accounts – You have made a credit card payment, recorded from both accounts
4. Selected the wrong bank account – You have recorded customer payments to the wrong bank account. – You have recorded vendor expenses to the wrong bank account.
5. Duplicate Transactions/Matching Issue – You have recorded the Sales Tax payment from the Sales Tax Center but categorized it to the Expense from the Bank Feed – You use 3rd party app and post transactions to QuickBooks but categorized it to the Expense from the Bank Feed
6. Opening Balance Equity – Opening Balance Equity transaction is wrong or not needed
7. Outstanding uncleared transactions – You write Checks (Bill Pay service) to the Vendor Contractor and – Employee but have not cashed in at the bank
8. Editing or Deleting Transactions – If you have edited or deleted transactions, it will create discrepancies.
9. Discrepancies (or Differences) – These discrepancies mean your financial records (Income Statement and Balance Sheet) are wrong.
10. If you’ve tried but couldn’t fix it, it is recommended that you consult with your CPA.
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