Top 5 Questions- Banking

 

Hello, QuickBooks Community! As we approach the busy season, we want to address your recent banking concerns. We've compiled a list of the top five frequently asked questions to help you resolve any issues you may be facing. Whether you're wondering how to align your QuickBooks bank balance with your actual bank account balance, connect your bank account, or import transactions, we've got you covered.

 

Let's dive into these questions and ensure that you're taken care of during this crucial time.

 

1. How do I get my balance in quickbooks to equal my actual account balance in my bank account ?

 

Great question!

 

There are several reasons why QuickBooks and your actual bank balance don't match. Let me show you what may be causing this discrepancy.

 

Please know that QuickBooks balance is affected by the transactions you've entered and added to the register. Meanwhile, the bank balance is dependent on the information provided by your bank.

 

Since there has been a higher difference between your balances, let's determine its root cause so you can make all the necessary adjustments based on them. You'll want to refer to these factors that can affect the amount within your account:

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

 

Additionally, if you have unreviewed entries, categorize them and match them accordingly. This also ensures that your recorded financial dealings align with your real-life statements.

 

Moreover, note that each financial institution has different time intervals when transmitting your transactions to QuickBooks. Hence, there are instances that your balances will not match due to timing differences.

 

On the other hand, if you notice that your beginning balance is incorrect for the next reconciliation, you'll want to scan this article for guidance: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

 

Furthermore, you might want to browse this material if you want a summary of your past reconciliation: How do I view, print, or export a reconciliation report?

 

2. I can't connect my bank account to the new QB. What do I do? I'm getting Error 103 and my sign in de...

 

Let’s see what this error means!

 

Error 103 means the user ID or password for the bank account you’re trying to connect to is incorrect. 

 

To restore your online banking connection, follow these steps:

1. Open a new window in your web browser and proceed directly to your bank’s website. Take note of the website for later use.
2. Login with user ID and password.
3. If you can successfully log in to the account, know that the user ID and password are correct.
   
   

Next, perform Steps 2 up to 3 in this article to connect the account: Fix bank error 103 in QuickBooks Online and QuickBooks Self-Employed.

 

After establishing the connection, categorize your online bank transactions in QBO to streamline the reconciliation process. Plus, you can use the solutions provided in these resources to track down any missing entries and fix online banking errors:

• Bank errors and missing transactions in QuickBooks Online
• What to do if you can’t find downloaded transactions in QuickBooks Online

 

3. Can I change the "Connected to Business Credit Card " in the account info to match the ...

 

Yes, you can!

To start, since your bank has changed the account number, we'll need to disconnect your bank and reconnect it. This way, reconnecting your bank will automatically update your account information to match the new number that was issued.

 

Here's how to disconnect your bank:

1. Go to the left navigation panel and select Bank Transactions.
2. Choose the pencil icon or edit the relevant bank account that you want to change the account info.
3. Select the Edit account info option and check the box for Disconnect this on save in the File Upload Account section. 
4. Then, Save and Close.

 

Once you've completed the disconnection, you can reconnect your bank using the following steps:

1. Go to the Bank Transactions and select Link account. 
2. Enter your bank name or URL and select it. Then provide your credentials and click Continue. 
3. Select the accounts that were disconnected or appropriate accounts and choose the dropdown button of the account type and click +Add new.
4. Enter an Account name, number and select the correct Detail type and Account type.
5. Save and Close, then click Continue.

 

After reconnecting your bank, you'll need to edit the name of your old disconnected bank in the Chart of Accounts. Follow these steps:

1. In the Chart of Accounts section, locate the old or disconnected bank and select Edit. 
2. Update the Account Name to the current or newly created account and select the correct Detail type and Account type. 
3. When prompted to merge accounts, select Yes, merge accounts.
4. Then, select Save.

 

Once done, your bank or credit card account information is already updated and matches the new number that was issued.

 

For future reference, you can check this article to help you reconcile your accounts so they always match your bank and credit card statements: Reconcile an account

 

4. How do I change the bank account that credit card payments go to? The current account is closed due ...

 

I’ll show you how to change the bank account that your credit card payments go into.

 

Beforehand, It’s important to note that QuickBooks can't deposit payments into these types of accounts. These will cause issues, rejections, or delays:

• PayPal
• Lines of credit
• Mutual fund accounts
• Government accounts
• Credit card checks
• Routing numbers used for wire transfers
• Paper draft accounts
• Any non-transactional account

 

If you change your account after 3 PM PT, we'll deposit your payment(s) to the new account the next business day. If you processed payments before 3 PM PT, we'll put them in your old account.

 

You can make changes directly in the Merchant Service Center for QuickBooks Self-Employed. Here's how:

 

1. Sign in to the Merchant Service Center.
2. ChooseAccount and then Account Profile.
3. In the Deposit Account Information section, select Edit.
4. Fill out the New bank account.
5. Enter your Routing number.
6. Enter the Account Number you want to change to. Enter it again to Confirm Account Number.
7. Ensure the name in the Account Holder/Doing Business As matches the bank account owner's name exactly.
8. Click the Reason for this account change and then select Submit.

 

To learn more about switching the bank account QuickBooks Payments deposits to, refer to this handy reference: Change the deposit bank account for QuickBooks Payments.

 

Also, you can always check when QuickBooks will deposit those payments into your bank account. I'll add this resource: Find out when QuickBooks Payments deposits customer payments.

 

5. I am matching income transactions incoming from stripe to my bank account, and when I click "ot...

 

I’m glad you asked.

 

There are several reasons why some transactions may not appear when matching them, and I'll discuss them below.

 

Some entries may not show when clicking other matches due to the following:

• Transactions entered in QBO do not match the number, amount, date, or payee of your downloaded ones.
• The transactions have already been reconciled or matched to another downloaded entry.
• If transactions were downloaded twice, they will not be matched again.
• The bank account isn't the same as the bank where the match is located.

 

After confirming everything, utilize the Find Match feature to display all potentially matched transactions. Follow these steps to do that:

 

1. Go to the Transactions menu and select the Banking transactions tab.
2. Locate and click the transaction to expand so the Match option can be seen.
3. In the Find other matches window, set the From and To dates correctly. Under the Filter by dropdown, choose the accurate transaction type.
4. Put a checkmark on the entries, then Match after verifying.
5. Tap Match once routed back to the For review tab.

 

If the missing transactions persist, you can turn off the suggested matches inside the Find other matches window. This will lay out a list of entries.

 

Here's an article that provides a complete guide while working with business records: Add and match downloaded banking transactions.

 

For hints and tricks, visit this page: Tips for Working in QuickBooks Online’s Bank Feeds.

 

Furthermore, check out these resources to balance your accounts:

• Reconcile an account in QuickBooks Online
• Learn the reconcile workflow in QuickBooks

 

That’s all we have for today’s top questions! We hope these answers help you better manage your banking needs more confidently. As always, feel free to let us know if you have any other questions or concerns.

 

We’ll be back next month!