SOLVED! Bank Balance doesn't match In Quickbooks

[agnes]

We've connected our accounts to Quickbooks Online and have hit a snag on one account.  We can't figure out why our "Bank Balance" doesn't match the "In Quickbooks" balance.  The strange thing is that the transactions we've added/matched all add up to the Bank Balance and there are no duplicates or pending transactions.  

I think we're doing it right, because the first account we did has the Bank Balance matching with In Quickbooks balance.  Any thoughts? 

Thanks in advance!

[caramia]

I think the only way the balances would match exactly is if you reconciled to the bank statement & there haven't been any transactions since. The difference should be the sum of the transactions since the last reconciliation (I think)

[agnes]

Apr 30, 2017 20:35:25 GMT -5 caramia said:

I think the only way the balances would match exactly is if you reconciled to the bank statement & there haven't been any transactions since. The difference should be the sum of the transactions since the last reconciliation (I think)

but this is a new account and it has all transactions and there haven't been any new transactions to account for.

[jlt19]

Any bank fees or interest?

Have you done the math by hand (excel) to see which is wrong? I'd do a column for the banks transactions and then one for the QuickBooks to make sure one didn't transpose anything.

[agnes]

Apr 30, 2017 21:14:22 GMT -5 jlt19 said:

Any bank fees or interest?

Have you done the math by hand (excel) to see which is wrong? I'd do a column for the banks transactions and then one for the QuickBooks to make sure one didn't transpose anything.

no fees or interest.

I know the bank balance is correct. The In Quickbooks balance is wrong. I don't even know how it's getting that amount since the transactions that show in Quickbooks don't even add to the In Quickbooks amount and they do match the bank balance.

Also, if I undo all transactions, the In Quickbooks amount is a random number.

[mmmomof2]

Have you written checks or made purchases that are in QB, but haven't cleared the bank? Are you downloading transactions directly from the bank?

When I'm reconciling my clients' accounts I sort by reconciled transactions (as opposed to by date). For some reason QB tries to be helpful and makes recurring entries that I have to delete. QB is very user friendly, but it's not perfect.

[agnes]

Apr 30, 2017 21:45:32 GMT -5 mmmomof2 said:

Have you written checks or made purchases that are in QB, but haven't cleared the bank? Are you downloading transactions directly from the bank?

When I'm reconciling my clients' accounts I sort by reconciled transactions (as opposed to by date). For some reason QB tries to be helpful and makes recurring entries that I have to delete. QB is very user friendly, but it's not perfect.

no other checks or purchases that haven't cleared the bank. Nothing pending.

We connected the account and QB imported all the transactions. But the "in Quickbooks" balance is more even though the transactions in Quickbooks don't add up to that.

[mmmomof2]

I would export the account detail to excel so I could make sure the math adds up. If not I would probably call intuit.

[agnes]

SOLVED!

Cross referenced the "In Quickbooks" transactions with the QB register and bank statement. Found that for some reason it was duplicating PayPal transactions (that were paid by credit card) on to the checking account and the same with a couple Shopify deposits/transactions.

Super weird. I hope this doesn't happen often.

[agnes]

THANK YOU EVERYONE!