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L
L-Dogg
August 21, 2023
Question

Complicated reconciliation

  • August 21, 2023
  • 1 reply
  • 0 views

Client has a parent credit card with 4 sub-accounts and wanted me to combine them.  I have moved the existing transactions for 3 of the sub-accounts into the parent leaving the parent card and one corporate sub-account.  The corporate sub-account has all of the statements attached to it but its register only shows finance/interest charges and late payments...all of the other transactions are on the parent card register.  The first transactions date from early 2020 but I want to start the new reconciliations from 2021 or later.  My questions are:

 

1 - how do I combine the remaining registers (ideally into the parent card)?

2 - how do I reattach the statements onto the parent card instead of the corporate sub-account?

3 - how do I reset the starting date for the new reconciliation (which I would like to involve only the parent card) from 2020 to a later date?

 

Thanks for any assistance

 

1 reply

A
Archie_B
August 21, 2023

Hi there, L-Dogg.

 

I can give you some tips on how to manage your accounts and start your reconciliation with the correct date.

To answer your first question, in QuickBooks, merging or combining accounts is possible, but it is only necessary if you have duplicate accounts. This procedure allows you to transfer past transactions from the duplicate account to the one you want to keep and deactivates the duplicate. However, please note that this action is irreversible. You can check out this article for the detailed steps: Merge duplicate accounts, customers, and vendors in QuickBooks Online

 

For your second question, you can either manually upload transactions into QuickBooks Online or, if your bank supports the View Statements option when reconciling, you can use this feature to compare what you recorded in QuickBooks Online. Here's a link for more information: Get bank statements directly from your bank when you reconcile.

 

Lastly, for your third question, you must ensure that you select the correct ending date, which is 2021. To properly reconcile the accounts in QuickBooks, always use your bank statement as a reference. Use this resource with the complete guide reconciliation guide: Learn the reconcile workflow in QuickBooks.

 

If you need further assistance or have follow-up questions about managing accounts and transactions, don't hesitate to leave them in the comment section. I'll be happy to help.

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