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N
nmsavard1-gmail-
February 23, 2023
Question

Credit card register and bank register do not match

  • February 23, 2023
  • 1 reply
  • 0 views

I have a credit card "Master". There are 3 sub credit cards that roll up to the Master.

Initially when I had just 1 sub card, all was well. When I aquired a 2nd sub card, the trouble began! Payments went to the sub instead of the Master. It got worse when a 3rd card was added.

With my accountant, we reset up the accounts, both in the Chart of accounts and in banking. The billing and reconcile is now correct.

My problem: the QBO register balances and the banking balances are out of line because of the incorrect processes mentioned above. What do I need to do to make adjustments to the CC registers to get into line and have correct balances. It is really messing up the year end balance sheet!

Help, I don't know where to start.

1 reply

R
RoseJillB
February 27, 2023

Thank you for posting in the Community, nmsavard1.

 

Let me assist you with your concerns about the QuickBooks register and the bank balance in QuickBooks Online (QBO).

 

If your bank register balance in QuickBooks Online differs from your actual bank balance, several factors may be at play. After you determine why they don't match, they would need to be fixed.

 

Balances may not match for several reasons:

 

  • Outstanding transactions
  • New transactions for a connected account
  • Duplicate transactions
  • Edited or deleted transactions
  • Credit card (liability) account

 

Please check out this article to find out the recommended fix for the mentioned reasons: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

 

Moreover, since you mentioned that the reconciliation is now correct, you’ll want to take note moving forward to only reconcile the parent or master account you have set up in QuickBooks Online, as all transactions from the sub-account will roll up into it.

 

Learn more about parents and subaccounts in this article. It contains instructions on how you can set it up properly on your Chart of Accounts (COA) and includes details on how it works in your application: About bank or credit card subaccount setup.

 

Should you need more help with credit card subaccounts and other QuickBooks-related concerns, please let me know by adding a reply below. Stay safe!

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