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tetinguyen
February 27, 2021
Question

CC payments only show up on parent account. Purchases and refunds only show up on subaccounts. How do I reconcile since sub accounts do not show beg and end balance?

  • February 27, 2021
  • 1 reply
  • 0 views
I have a credit card. Payments only post to the parent account which has a different last 4 digits. The subaccounts only show purchases and credits and there is not beginning or ending balance. The parent account has this information. The bank feed for the parent account only shows payments. The subaccounts only show purchases and credits back to CC. How do I reconcile?

1 reply

MJoy_D
MJoy_D
February 28, 2021

I can help you reconcile your credit card account, @tetinguyen.

 

You'll just have to reconcile the parent account because all transactions in the subaccounts roll up into it. If you have several subaccounts under your credit card account, you'll have to create a parent account and then have each individual card set up underneath as a subaccount.

 

More details about this function are shared here: About bank or credit card sub account setup.

 

Here's more information on how to reconcile your accounts after organizing them: Reconcile an account in QuickBooks Online. 

 

You'll also want to run a reconciliation report after the process is complete. Here's an article on how you can do it: How do I view, print, or export a reconciliation report?.

 

If you ever have other questions we can help you with reconciling your account, feel free to post it here and I'll get back to you as soon as I can. Have a great rest of the day!

T
tetinguyenAuthor
February 28, 2021

Thank you for your replay.  The transactions from the subaccounts DO NOT rollup into my parent account through the bank feeds.  The parent account only shows credit card payments  and no transactions.  The sub accounts only show transactions and no credit card payments.  I think it's the way the credit card company has it set up.  There are three accounts that link to each other.  I will call them A, B and C.  A is not an actual credit card.  A is an account where credit card payments are posted.  B and C are actual credit cards that are used to make purchases for the business.  I'm not sure how to tie A, B and C together and how do I reconcile them.  

 

 

JessT
JessT
February 28, 2021

Hi tetinguyen,

 

Allow me to jump in and help you with your scenario.

 

I'd like to ask for clarification on what you said about the transactions in the parent and sub-accounts. The parent account only shows the beginning balance and payments, and the sub-accounts show the charges. Is this only happening in QuickBooks or reality as well?

 

In a parent-sub account set up in QuickBooks, all transactions from the sub-accounts are accumulated in the parent account. Therefore, this should let you reconcile.

 

 

I'm curious though. How did you setup your sub-accounts in QBO? Are they not in a parent-subaccount setup/hierarchy? If this is the case, the transactions will not really roll up to the parent account.

 

If in reality, the transactions are posted as you described, then you may have to manually reconcile each of your transactions. This will be a good option since there are no beginning balances on the sub-accounts. This means you'll open each of them and put an R mark to indicate that they are reconciled.

 

 

I'm just right here if you have additional questions.

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