The "In PayHOA Balance" is the ledger balance for your bank account. The ledger balance takes the starting balance you assign to the account and adds or subtracts to that balance based on your "reviewed" transactions.
When you categorize income transactions or incoming transfers, the "in PayHOA Balance" increases, and when you categorize expenses or outgoing transfers, the balance decreases.
This system provides a quick check to ensure your bank account balance and ledger balance match.
If the balances are not matching, there are a couple of easy troubleshooting steps.
Is the starting balance on the account correct? You can update the starting balance by clicking Transactions and then the circular icon on the top right corner of the bank account card.
You'll want to pull a starting balance and date directly from your bank statement to ensure it is accurate.
2. Do you have any uncategorized unreviewed transactions? Uncategorized and unreviewed transactions will not contribute toward the "In PayHOA Balance." Only transactions that have been categorized and marked reviewed (green checkbox) will contribute to the balance.
To check this, go to Transactions. Any transactions listed under the "For Review" tab are not contributing to your "In PayHOA Balance."
3. Are there missing or duplicate transactions? The easiest way to know if you have duplicate or missing transactions is to complete monthly bank reconciliations in PayHOA. This will tie your bank account balance to your ledger balance each month and help you find duplicates or missing items.
4. I have bank reconciliations, but my balance still doesn't match. Do you have any unreconciled transaction items? These would be reviewed transactions that you excluded from your bank reconciliation. You can quickly check this by going to Transactions --> Advanced Filters.
Then select "Unreconciled" and click "Search." If you have unreconciled transactions marked as reviewed, those could contribute to your incorrect balance.
5. Are any transactions in your bank account that have not been posted to PayHOA? There can be a 1-2 day delay in bank account transactions posting to PayHOA. This can cause a balance discrepancy that will resolve itself when the newest transactions post.