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massey222
February 17, 2022
Question

Connecting Two Credit Card Accounts For One Statement

  • February 17, 2022
  • 1 reply
  • 0 views

I've taken over helping reconciling a previously set up account.  They have two credit cards/users on the same account.  In Quickbooks it has them listed separately but they are included together on the monthly statements.  How do I fix this so I can properly reconcile the monthly statements since they aren't connected in Quickbooks?  

 

    1 reply

    R
    RoseJillB
    February 17, 2022

    Great to have you here in the Community, @massey222. I’ll help you with reconciling your bank accounts in QuickBooks Online (QBO).

     

    The first bank account must be set up as a parent account, while the second must be set up as a sub-account.

     

    Although, for reconciliation purposes, we must add the bank account (parent) before setting up the credit card accounts as sub-accounts. Because all transactions from the sub-accounts are rolled up into one, you'll only need to reconcile the parent account.

     

    Also, the transactions will remain intact since we’re only adding the parent account.

     

    Here’s how you can add the parent account:

     

    1. From the left navigation pane, select the Accounting menu.
    2. Select the Chart of Accounts tab.
    3. Click the New button.
    4. Fill in the necessary fields, then click Save and close.

     
    Next is to set up the credit card sub-account. I’ll show you how:

     

    1. From the Chart of Accounts page, look for the credit card.
    2. Click the View register drop-down arrow, then select Edit.
    3. Tick the Is sub-account box, then select the parent account.
    4. Click Save and Close.

     
    Moreover, you can check out this article about bank or credit card subaccount setup.

     

    Furthermore, you can utilize this article to reconcile your account in QuickBooks Online.

     

    Let me know if you need further assistance with banking transactions. The Community always has your back. Have a great day!

    M
    massey222Author
    February 24, 2022

    Is there any way to do this after the fact, after two credit cards have been listed as their own parent accounts?  The 2nd card has been used for a year (before I took over cleaning up & helping categorize).  So it won't let me change it now.  Does this mean I'd have to remove the 2nd card, reconnect it to Quickbooks like a new account & then newly re-categorize everything?  

    Jen_D
    Jen_D
    February 24, 2022

    Thanks for updating this thread, Massey.

     

    I'm joining the thread to share some insights about this banking concern. If the two accounts are not yet connected to online banking, you have the option to merge them, so all transactions go into one account. This way, you can reconcile them properly.

     

    The merging process is recommended if you have the following scenarios:

     

    • If the bank connected to online banking changed account numbers and you need to add the new account in QuickBooks.
    • If the old account is already inactive and you want to combine previous transactions to the new active register.
    • If you don't want to use the other account and wanted to move entries to a new one.
    • Accounts with the same Account Type.

     

    Once done, follow the steps below to merge the two registers. Don't worry, you will not lose any transactions during the merging process. All entries will go to the winning account (active). Follow the steps below:

     

    1. Go to the Accounting section and select Chart of Accounts.
    2. From the list, find the old connected account (Example Old Checking).
    3. In the View Register drop-down, select Edit.
    4. Use the same name for the new account in the name field and number on the Description. To merge accounts, one must use the same name for both registers.
    5. Click on Save and close.
    6. You will see the merge option, click Yes on the prompt.
    7. The transactions posted from the old register will be combined to the winning account.

     

    Once merged, connect the correct parent account to online banking. These are the steps:

     

    1. In the Chart of Accounts, find the new register.
    2. Click the drop-down under the Action column.
    3. From the options, choose Connect bank.
    4. Follow the onscreen instructions to fully connect the account.

     

    The system does not allow connecting both parent and sub-accounts for online banking. If all transactions download to only one account, connect only the parent account. To guide you further, check out this related link to learn about the connection in QBO: About bank or credit card subaccount setup.

     

    We do not recommend merging if the account is still actively downloading transactions in QuickBooks. This is because online banking downloads data based on your bank info and credentials.

     

    If you want to merge accounts that is still connected for online banking, you will need to disconnect the connection first. Then, add the new account information as a separate register in the Chart of Accounts and merge them afterwards. 

     

    I've outlined the steps for you below:

     

    1. Go to the Banking menu then go to the Banking tab.
    2. Click the account from the linked accounts to see the Edit account info option.
    3. On the next screen, click the box for Disconnect this account on save.
    4. Press Save and Close.

     

    Next, add the new account information by going to the Accounting tab then Chart of Accounts. Tap the New button then add a new name for the updated credentials. Skip this step if you already have the account added.


    I'll be right here if you need further help with our banking process. Message us anytime. Have a nice day!

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