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bculp818
January 2, 2021
Question

Bank feed for Capital One Credit Cards - Parent Child Issues

  • January 2, 2021
  • 2 replies
  • 0 views

I've run into an issue several times now that I'm hoping someone can either confirm or correct my understanding of.  It has to do with Capital One credit cards that have multiple children on the account.  It's my understanding that Capital One cards will only allow / facilitate one connection for the entire credit card account, so if you are hoping to utilize the child cards to capture transactions by say Class/Location, you will be unable to do that until you have the statement itself each month and will then need to manually code the transactions.  This is in contrast to my understanding of AMEX and Chase Cards, both which allow you to connect the sub-cards, or children cards.  I understand that when you have multiple "children" connected, you still reconcile at the Parent level.  This post has to do with the way transactions actually download from the bank, not the reconciliation process.   I have a number of customers that love the Capital One card(s) due to the cash back rewards and I want to be sure that I have my facts correct when I approach them about either switching credit cards or possibly incurring additional accounting fees to perform this work manually instead of utilizing bank feeds.   Thanks in advance.  Brandon Culp

2 replies

Angelyn_T
Angelyn_T
January 2, 2021

I appreciate you for reaching out to us here on the Community page, @bculp818.

 

I'm here to share with you some insights about connecting parent and sub-accounts into QuickBooks Online.

 

Connecting both parent and child accounts into QuickBooks is currently unavailable. Before you initiate a connection, determine how you want your bank to send the downloaded transaction. If you want the transactions to download into one account, just connect the parent one. But if you want to import them to the individual accounts, link the sub-accounts and not the parent one.

 

If you'll connect both accounts (parent and subs), you'll be getting an error message that the account has already been connected to QuickBooks Online.

 

For more information, I recommend opening this link: About bank or credit card subaccount setup.

 

For additional tips about banking or reconciliation, you can also check out the topics from this link: Find help with bank feeds and reconciling accounts.

 

Please let me know if you need further assistance with this. I've got your back and am always happy to help. Wishing you and your business all the best.

B
bculp818Author
January 3, 2021

I understand the connecting of either a parent or child account in order to reconcile.  What I'm trying to confirm is the difference in say Capital One vs.  Amex.  Let's say there is 1 parent and 3 sub-cards.  With American Express, I could connect the children.  But with Capital One, I believe you can essentially only connect the parent).   That's what I'm trying to confirm.  It looks like this has been addressed in the past: https://quickbooks.intuit.com/learn-support/en-us/banking/can-you-connect-three-capital-one-credit-card-accounts/00/209694.  The response here says "different account numbers" which I'm trying to confirm means different parent account numbers.   Aka, is there anyone out there who has been successful connecting children accounts for a Capital One card? 

    R
    Ryan_M
    January 3, 2021

    Hi @bculp818,

     

    I'll handle your queries about online banking in QuickBooks Online (QBO).

     

    In QBO, you can sync either the parent account or it's sub-accounts. As for online bank accounts, they either flow their transactions to the parent account or through the sub-accounts. With that said, it depends on the financial institution in question how you can proceed. 

     

    Additional insight on this matter is in this article: About bank or credit card subaccount setup. 

     

    I'll also share this article with you: Reconcile an account in QuickBooks Online. It's a detailed guide on how you can reconcile in QBO. It includes a short video that you can use as a reference. 

     

    Feel free to drop a reply in the comments below if you have other concerns. I'll handle them for you.

    H
    helenayew
    February 8, 2023

    I'm running into the same issue with Capital One Credit Cards where I can't link to individual sub-accounts. If anyone found a solution, I would really appreciate the feedback. Thank you!

    R
    ReymondO
    February 8, 2023

    Thanks for joining the thread, @helenayew.

     

    I'll share with you the steps on how to link sub-accounts in QuickBooks Online (QBO). 

     

    Once you connect sub-accounts to online banking, we'll need to make sure that your parent account is disconnected first. You can't connect both accounts. Doing so will give you an error message that the account is already connected. 

     

    If your parent account is still connected, you can follow these steps to disconnect it from the Banking page. 

     

    1. Go to Bookkeeping, select Transactions, and click Banking.
    2. Select the tile for the bank account.
    3. Click the pencil ✎ icon, then select Edit account info.
    4. Select the Disconnect this account on save checkbox.
    5. Click Save and Close.

     

    Once done, you can now connect your subaccount to QuickBooks. 

     

    After QuickBooks downloads your transactions, you'll want need to review and categorize them to make sure they’re categorized right.


    Please let me know if you need further assistance with this. I've got your back and am always happy to help. Wishing you and your business all the best.

    H
    helenayew
    March 2, 2023

    Per QBO training, you're supposed to link the no-primary subaccount credit cards first then the primary subaccount credit cards. If subaccount cards are added later, and the primary subaccount card has already been linked, can you still link the new non-primary subaccount card?

     

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