Corp credit card split accounts from Bank of America

Hi there, trigrman.

I can share some information about how online banking works in QuickBooks.

Your financial institution (BOFA) controls what and how information is received by QuickBooks. Since the transactions are downloaded to the individual accounts, you'll have to connect the subaccounts and not the parent account. Here's how:

1. Select Banking menu or Transactions menu.
2. Go to the Banking tab.
3. Select Add account or Link account, then search for your bank. 
4. Click Continue then enter the username and password you use for your bank's website.

5. Follow the on-screen instructions, then choose the subaccount you want to connect

6. Select the matching account type from the drop-down menu.
7. Click Connect to complete the process.

I understand that the interest and payments are only downloaded to the parent account. However, we're unable to connect both the parent account and its subaccounts. If you try to connect both, you’ll receive a message that the account is already connected.

For now, you can create journal entries to transfer balances between the two accounts or move the downloaded transactions to the parent account. This way, it would easier for you to reconcile them. 

I also recommend coordinating with your bank to check if they can roll up the transactions from the subaccount to the parent account. Additionally, here are some articles that you can read to help keep your QuickBooks accounts balanced and up-to-date:
 

• Fix issues at the end of a reconciliation
• Fix issues for accounts you've reconciled in the past

Keep me posted if you need more help in managing your bank transactions. I'll always have your back.

Yes, it is very hard as the problem starts when there is more than one interest. Most people are confused how to use credit cards for online shopping properly. I guess it's time to make plans first, to have a look at the possible expenditures. I faced the same problem as a beginner. 

This is what we do and it seems to work. We use a "Check" to pay the bank statement in full each month.

Payee: Bank of America          Payment Method: Bank Acct-Checking used to pay Bill

Then we write the check like this.

   Line1. BOA-Account (positive amount of total charges for month)

   Line2. BOA-Account (negative amount of total charges for the month)

   Line3. BOA-Card1 (positive amount of total transactions for this card for the month)

   Line4. BOA-Card2 (positive amount of total transactions for this card for the month)

I have this as recurring each month and then I just have to go in and change it to the correct amounts for that month. This way I don't have to do journal entries to move transactions around.

+1 to this issue. For the past 10 years I had this working correctly. I had both the main account and sub accounts linked for a BOA CC. This month, the connection has to be re-established because it expired and now it does not let me connect both. The main account is what would import all the payments, and the subaccounts would import the expenses. It was all running beautifully and I never had to manually add anything, neither payments or expenses. The whole idea of using quickbooks is to avoid manual entry, us small businesses have enough to do! 

There should not be a "Workaround" for this, BOA a top bank and QB needs to adjust to them, not the other way around. Additionally, I prefer the way BOA does it so I can easily have each employee review their expenses instead of having it all balled up into one account. 

Please get this in front of your development team. Warn users that a subaccount is already setup instead of preventing the linking of both.

EDIT: I just remembered what I did and why I said it worked for so long. It never let me link the main account and sub accounts, what I did was created an additional sub account and linked the Main account (from bank) to a sub account in QB called MAIN. So, I'd have sub accounts: BOACC Employee1, BOACC Employee2, BOACC Main. Everything rolls up into the main account so I would just reconcile the "True Main" (not the sub main) in QB. I hope this is a better answer for most than "Enter Manually". pfft

Quickbooks should still fix this though! This workaround causes all the sub accounts show incorrect ballances.

After a lot of research I came up with a solution to this issue.  With the goal of helping others save time having to figure this out from scratch I offer the following approach.  Keep in mind that I use BofA and this works for their account scheme, but I imagine it's common for banks to have one master (parent) account for credit card statements, billing and payments with sub accounts for each employee credit card (I know US Bank does this).

Initial Setup

1. Search for Chart of Accounts and using the New button create a new Master account of type Credit Card. Use these field values
   * For Name: “<Bank Name> Parent Credit Card Account” For Example, “B of A Parent Credit Card Acct”
   * Save under “Credit Card”
   * Tax Form Section > Credit Card

2. Connect QBO to your bank and import the credit card sub accounts (Not the master/parent account)

3. Edit each sub account and check the “Is Sub Account” checkbox and set the parent account to the one you just created above. Include the employees name in the sub account name (if it isn't already).
4. When the transactions are imported into QBO during the update cycles you must categorize your CC transactions for each of the sub accounts.

Monthly Procedure
After you receive your statement each month you will do the following. For the purposes of these instructions I will assume two employee credit cards, but this should work for any number of them.
1. When the credit card payment arrives from the imported bank transactions for your checking account and you are categorizing it, choose Record as Credit Card payment and under Select credit card, select the parent account you created in the initial setup.
2. Now we need to create a journal entry to divide up the payment from the parent card account to the individual credit cards underneath it. The way we do this is to add Debits for the individual credit card sub accounts from the bank statement used to pay off the sub cards. This will result in a third line journal entry providing a credit in the combined amount for the sub card payments. Here are the steps:
  a. Search for Create Journal Entry from the top right search field in QBO.
  b. In the first line under account choose the first employee credit card (.e.g, “Joe Smith’s Card”), and from the bank statement for the month find the amount paid for that card. Enter it under Debit.
  c. In the 2nd line do the same for the second employee credit card.  If Quickbooks tries to populate the Credit field, make sure to clear that.
  d. On the 3rd line choose the Parent CC account created in the initial setup. The Credit field should automatically be populated with the sum of the two cards’ debits.
  e. In the description for Line 3 put <month> <year> CC payment.
  f.  Click the Save and Close button.

Now you should see the balances for the parent account and the two sub accounts reconciled to zero in the Bank Transactions tab (assuming you have categorized the transactions for each of the sub accounts).

I am having the same problem. Was this ever fixed?  When I ask quickbooks they say disconnect 1 account but then it will not show payments or purchase.