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How to Fix Differences between QuickBooks Balance and Bank Balance

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How to fix differences between QuickBooks balance and bank balance – In this post, Quickinfy is going to explain every detail about How to fix differences between QuickBooks balance and bank balance.

If the bank register balance in QuickBooks Online doesn’t match your bank balance, there is no need to worry. Several factors may cause the balances to vary. Check out the steps for How to fix differences between QuickBooks balance and bank balance.

Reasons Balances may not match:

  • New transactions for a connected account
  • Outstanding transactions
  • Credit card (liability) account
  • Edited or deleted transactions
  • Duplicate transactions

Outstanding transactions

The amount is deducted from, or added to, your QuickBooks bank account register If you write a check or make a deposit in QuickBooks Online. Your QuickBooks register balance will be different from your actual bank balance If the transaction has not been cleared or posted on your bank yet.

Recommended fix or action

You can customize your QuickBooks Online bank register to sort it by date and compare the recent transactions to your bank account, To check for transactions that may cause a mismatch.

To identify Not Reconciled or Cleared transactions and compare them to your bank balance, If you reconcile the account regularly, you can also sort by Reconcile Status.

New transactions for a connected account

Transactions that appear in the For Review tab can cause the balance not to match, If QuickBooks Online is connected to your bank.

These transactions have been downloaded into QuickBooks but have not yet been added to your bank register.

Only transactions in the register affect the QuickBooks Online bank balance.

Recommended fix or action

Adding or matching downloaded transactions should make your QuickBooks balance and bank balance match with each other.

Duplicate transactions

The transactions may be duplicated If transactions are incorrectly added to the register instead of being matched to a previously entered transaction, which affects the balance.

Recommended fix or action

Customize your register to sort it by amount instead of date, To easily find and delete duplicate transactions. This makes it easy to compare transactions with the same amount and identify a possible duplicate.

You need to undo transactions you have accepted incorrectly, and then add and match them again.

Edited or deleted transactions

Discrepancies between the bank balance and the balance in QuickBooks Online can be caused by Editing or deleting transactions that are already in your register

Recommended fix or action

While you cannot undo deleted transactions,  to see whether editing or deleting those transactions affected your balance, you can check your audit logs to verify details of edited or deleted transactions

Credit card (liability) account

Credit card (or liability) accounts have the opposite accounting effect on your books than bank (or asset) accounts do. The Bank Balance column for these accounts is normally negative.

Recommended fix or action

Verify that the Balance column is correct (positive). See the steps in the Record credit card payment article for help in troubleshooting your credit card balance,  If the Balance column is negative.

We hope that at the end of this post the QuickBooks users have learned How to fix differences between QuickBooks balance and bank balance. In this case, you face any errors you can contact Quickinfy the best tech support providers around the globe

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