How to balance QuickBooks with Bank account?
QuickBooks, as the name itself speaks, is an accounting software for making the accounting entries easy to organize in compact data form. With its unlimited advantages and features, sometimes, wrong postings on QuickBooks may lead to discrepancies within your company account. Accounting is a crucial task and for doing it, you should have your eyes wide open every time. Thus in case if you come across balancing issues in regards to using QuickBooks, then you must do some troubleshooting or get in touch with QuickBooks tech support number which is available online 24 hours of the day.
Causes and solutions on how to balance QuickBooks with Bank account
- Cause: Duplicate entries – it is one of the most common causes of your entries not matching
Solution: Filter out transaction report by amount, do not sort by the date and save your preferences and at the end, you will see your report sorted.
- Cause: Credit cards – if you have credit card transaction not been matched with your QuickBooks company file then your balance will surely be negatively affected.
Solution: Pass a credit card entry like you normally do and see if the balance matches. If not, rectify and reconcile the same.
- Cause: Outstanding cheques – if you have entered a cheque entry with QuickBooks and the same is not cleared by your bank then differences will automatically show up.
Solution: You will have to wait and watch until the bank clears the outstanding cheque. Then your figures will be balanced once it gets clear.
- Cause: New Entries – when you connect your software with your bank account then any new transaction in your bank will get imported into the system. Those get added with a twist and you don’t find them easily.
Solution: You need to update your software by adding entries within your same account as those lost entries might be open on additional tabs.
By analyzing the causes, you will feel easy to troubleshoot your error of imbalance, in case you need further help, then directly reach out for QuickBooks Contact Number. Where the technicians will assist you by providing a solution.