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mbk2
October 2, 2022
Question

Banking

  • October 2, 2022
  • 1 reply
  • 0 views

Hello, I am new to QBO and having a problem setting up my bank feed, hoping you can help. My bank account has three sub-accounts which I need to track separately. My problem is that when I connect to the bank it brings all the transactions into one sub-account, how can I move the transactions from one sub-account to another?

Thank you so much.

    1 reply

    LieraMarie_A
    LieraMarie_A
    October 2, 2022

    Hi there, @mbk2.

     

    You've come to the right place. I'll share some info about how the parent and sub-account work in QuickBooks Online. This guides you in handling them accordingly.

     

    There are two ways on how your banks send the downloaded transactions to the program:

     

    • Transactions download to one account.
    • Transactions download to the individual accounts.

     

    You'll need to connect the parent only if the transactions download to one account, which is what happens in your case. Otherwise, link the sub-accounts if they download to individual ones. Therefore, temporarily disconnect the subaccount from online banking. Then, Reconnect the parent.

     

    If you need to track entries by sub-accounts, you can upload them manually. Follow these steps to download the file from your bank's website:

    1. Sign in to your bank or credit card’s website.
    2. Follow your bank’s instructions on how to download transactions to your computer. Some banks call this WebConnect.
    3. Make sure the date range for the download is at least one day before your oldest transaction.
    4. Download your transactions and save the file somewhere you can easily find it.

     

    Once done, you can manually upload the transactions into QBO and match and categorize them.

     

    When it’s time to reconcile, you only need to reconcile the parent account because all the transactions in the sub-accounts roll up into it. For more knowledge about the process, check out this article: About bank or credit card sub-account setup. 

     

    Feel free to visit us again if you have clarification on this matter or other concerns. I'm always here to help you. Have a great day, mbk2.

    M
    mbk2Author
    October 3, 2022

    Thanks LieraMarie,

    Please let me explain. We have one bank account but all the funds in this account belongs to three separate departments where we need to maintain all transaction (debit/credits) in each individual department. 

    My issue is that when I connect the parent account to the bank it brings in all the transactions (debit/credit) into the parent account.  Since these transactions belong to different sub accounts, I would like to reclassify the transactions from the parent to the sub accounts.  Would please suggest ways to do that.

    Thanks again

     

    KlentB
    KlentB
    October 17, 2022

    Thanks for the additional details, mbk2.

     

    I'll share some tips in handling bank or credit card subaccount setup.


    Your financial institution manages the information and data received by QuickBooks Online. Before connecting your bank account, it's important to know how they'll send the transaction to the program.

     

    Since all of the transactions are downloaded to your parent account, you may need to coordinate with your bank to check if they can post or route the transactions to your subaccounts. You can also manually upload the transactions to the correct subaccount as a workaround. Here's how:

     

    1. o to the Banking or Transactions menu.
    2. Click the Banking tab, then select the account you want to upload the transactions into.
    3. For accounts connected to online banking, select Upload from file from the Link account drop-down menu. For accounts that aren't connected, select Upload transactions.
    4. Select Drag and drop or select file, then click Continue.
    5. Choose the account you want to upload the transactions into, then hit Continue.
    6. Follow the onscreen steps to match the columns on the file with the correct fields in QuickBooks.
    7. Select the transactions you would like to import, then click Continue.
    8. Click Yes, then Done.

    Once the file is imported, you may check out these articles to be guided in categorizing the transactions and reconciling your bank account:

     

    Reach out to me again if you have further questions about bank feeds. Take care and have a great rest of the day.

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