Skip to main content
J
jeanad99
June 10, 2024
Question

Credit Cards with Parent Account Balancing

  • June 10, 2024
  • 1 reply
  • 0 views

I started handling the books for a business who has parent/child accounts on their credit cards.

They started out with two credit cards in 2018, then added a sub card on both accounts in 2021.

Then they removed one sub account, and added another in 12/2023. The entire time, they were reconciling the individual accounts instead of the parent account, so the balances are all over the place. I am trying to fix the balances, so I may start handling this properly by reconciling the parent accounts. How can this be done? I need help, PLEASE...

1 reply

Nicole_N
Nicole_N
June 10, 2024

I appreciate the details you shared with reconciling the individual accounts in QuickBooks Online (QBO), @jeanad99. I'm here to ensure you can fix the balances and finish reconciling your account to keep your financial data accurate.

 

You're right. When reconciling your accounts in QuickBooks, you only need to reconcile the parent since the subaccount will always be tied to it. In your case, we can undo the reconciliation of the individual accounts to fix the balances. I'll guide you on how:

 

  1. Go to Settings ⚙, then Chart of accounts.
  2. Find the account that has the reconciled transaction. Then select View register.
  3. Locate the reconciled transaction and you’ll see an “R” in the checkmark ✔ column.
  4. Click the transaction to expand the view.
  5. In the checkmark ✔ column, select the box with the “R” until the box is blank. This removes the transaction from the reconciliation.
  6. Select Save, then close the account register.

 

Once done, you can reconcile your accounts again. Make sure to select the parent account to avoid discrepancies. 

 

If you're still having issues after the reconciliation, learn how to fix them by reading this article: Fix issues at the end of a reconciliation in QuickBooks Online.

 

Otherwise, reach out to your accountant. This can get tricky and they know how to handle the next steps. If you're not affiliated with one, you may check out this link: Find a ProAdvisor.

 

Please feel free to leave a comment below if you have other banking and reconciliation concerns or questions about managing your transactions in QBO. I'll be around to help.

J
jeanad99Author
June 10, 2024

Hi Nicole,

 

I greatly appreciate the information you provided. Unfortunately there are two issues with this solution for me.

1. There was a second sub account which no longer exists, which affects the balances and transactions.

2. I only have the option to unreconcile 2023-2024. The account goes back to 2018, but all of those can not be worked with.

 

Is there any possible way to create a journal entry to resolve the situation so we can proceed on the right track?

R
rvrfrf
June 10, 2024

Thanks for following up with the Community, jeanad99.

 

Here's how it works:

 

  1. Go to our Find a ProAdvisor page.
  2. Use the City or ZIP search field to specify a location.
  3. Select Find a ProAdvisor.
  4. Browse through your results and find one that works best for the business. You can click on each ProAdvisor's profile to learn more information about them.

 

Once you've found an accountant, they can be contacted through their Send a message form:

 

  1. Use the available text box to introduce yourself. Be sure to include details about which services you're looking for.
  2. Enter your appropriate info in the Your name, Your email, and Your phone number (optional) fields.
  3. Select Send message.

 

You'll also be able to find many detailed resources about using QuickBooks in our help article archives.
 

If there's any additional questions, I'm just a post away. Have a awesome Monday!

Terms & ConditionsAccessibility statement