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dnmh
July 6, 2023
Question

How do you reconcile bank linked credit cards in QuickBooks Online that have multiple individual credit cards that are all under a single parent corporate credit account?

  • July 6, 2023
  • 3 replies
  • 0 views
We have each individual card linked with the bank feed, and also the parent corporate credit card account is linked to QBO. We get a single bank statement that includes all of the individual credit cards on the same statement. Do we reconcile each individual card each month, or just the parent corporate account? And could someone please advise us the best way to go about this? Thanks!

    3 replies

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    DebSheenD
    July 6, 2023

    Hi there, @dnmh.

     

    I'm here to share some insights on how you can reconcile bank-linked credit cards in QuickBooks Online (QBO).

     

    Reconciling individual accounts is the best way to clear each credit card in QBO. If you have your monthly credit card statement, you can start reconciling. If you're doing it for multiple months, do them one statement at a time, starting with your oldest statement.

     

    Here's how

     

    1.  If your accounts are connected to online banking, make sure you match and categorize all of your downloaded transactions.
    2. Go to Settings ⚙ and then Reconcile (Take me there). If you're reconciling for the very first time, select Get started.
    3. From the Account ▼ dropdown, select the account you want to reconcile. Make sure it's the same one on your statement.
    4. Review the Beginning balance. Make sure the beginning balance in QuickBooks matches the one on your statement. Here's what to do if they don't match.
    5. Enter the Ending balance and Ending date on your statement. Some banks call the ending balance a "new balance" or a "closing balance."
    6. If you see it, review the Last statement ending date. This is the end date of your last reconciliation. Your current bank statement should start the day after.
    7. When you're ready to start, select Start reconciling.

    Important: If you see a message about a previous reconciliation, select We can help you fix it. You need to fix this before you start. 

     

    Please see this article for more details: Reconcile an account in QuickBooks Online.

     

    Otherwise, you can generate a journal entry for another option to clear out the outstanding transactions.

     

    Additionally, you can check out this article to view various guidelines to assist you in your online transactions' reconciliation process: Learn the reconciliation workflow in QuickBooks.

     

    If you have additional questions about reconciliation, feel free to click the Reply button below. I'm always here to help. Stay safe!

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    dnmhAuthor
    July 6, 2023

    Hi there, thank you for the quick response. We already know how to reconcile a standard bank account, but the trouble that we are having is that each of the credit cards that are linked under the parent account, and are linked to individually to our bank feed in QuickBooks online. So the steps that you outlined above don't work for us since all of the individual credit cards are part of a single parent account (which doesn't list the individual transactions on its own bank feed), and then each individual credit card has its own bank feed that does not have a beginning and ending number that can be reconciled via our bank statement. Does that make sense? So any advice on reconciling a linked credit card account that has multiple children also linked underneath it would be very helpful!

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      Carneil_C
      July 7, 2023

      I appreciate you for getting back on this thread, @dnmh. I've got additional insights to clarify your reconciliation concern.

       

      You can reconcile the parent account in QuickBooks Online if the transactions on the bank statement flow on it. You'll want to follow the steps provided by my colleague above.

       

      If you still need guidance throughout the process, you can reach out to your accountant to ensure the accuracy of your books. If you're not affiliated with one, you can utilize our Find an Accountant tool to look for one in your area.

       

      Also, here are some helpful resources to learn more about correcting issues when reconciling QuickBooks accounts, viewing details for missing reconciled transactions or reports in QuickBooks Online.

       

       

      If you have any other concerns with reconciling transactions in QBO, please let me know, and I'll do everything I can to help here in the Community.

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      DebSheenD
      July 10, 2023

      Hi, @CrystalViking.

       

      I can imagine how challenging it is to face transactions from different months. I'm here to assist you in reconciling them in QuickBooks Online (QBO).

       

      To display the transactions from 3 months you can filter them on the bank register. This way, it'll be easier to match them to your statements. 
       

      Here's how:

       

      1. On the left pane, go to the Accounting menu and select Chart of Accounts.
      2. Locate the bank account you'd like to reconcile and click View Register.
      3. Press the funnel icon to filter the Reconcile Status, Transaction Type, Payee, and Date.
      4. Tap Apply.

       

      If you meant removing invalid transactions from the bank register, we can manually delete them. They will no longer appear as they'll be eliminated permanently. To do so, follow the steps below:

       

      1. Go to the Accounting menu and select Chart of Accounts.
      2. Find the account you want to review, then click View register.
      3. Press the Filter option to select all the necessary details, then tap Apply.
      4. Pick a transaction to open its details, then select the Delete button.
      5. Press Yes to confirm. Repeat the process as needed.


      Once done, I've got you this article to help you categorize and match your bank transactions in QBO: Categorize and match online bank transactions in QuickBooks Online.

       

      After reviewing the transactions, you can continue reconciling by following these guides: 

       

       

      Once done, check out this reference to close out the previous year and prepare for the new one: Year-end guide for QuickBooks Online.

       

      If there's anything else that you'd like me to assist you with, feel free to get back to me here in the Community space anytime. I'll be more than happy to help you again. Take care!

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      cfaulkner
      July 28, 2023

      Hey,

       

      It seems like the questions asked haven't been answered on this feed. I just ran into the same problem where we have a parent credit card with 3 other cards including my own. I purchased items on my credit card, but when I made a payment on the account. The payment posted on the parent account and now I don't know how to allocate that payment to the card I use. Similar to the other problems above. Is there a good answer/fix to this? Seems like all the answers above are by a bot and unhelpful like the support assistant.

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      DebSheenD
      July 28, 2023

      Hi, @cfaulkner.

       

      Thank you for reaching out to the QuickBooks Community. I am glad to assist you in reconciling linked credit cards in QuickBooks Online (QBO).


      Before changing the bank account in which the payment was made, ensure to check where the payment goes. If the transactions are received in one consolidated account, you should connect only the parent account. However, if the transactions are received separately for each account, then connect the subaccounts and refrain from connecting the parent account to avoid errors.

      Here's how:

       

      1. Go to Settings ⚙ and select Chart of accounts (Take me there).
      2. Find the account you want to connect to.
      3. In the Action column, select the View register ▼ dropdown. Then select Connect bank.
      4. Follow the on-screen instructions to connect your bank to QuickBooks.
      5. Select the accounts you want to connect, then select the account type ▼dropdown. Choose the account type that matches your chart of accounts in QuickBooks.


      During the reconciliation process, you only need to reconcile the parent account, as all transactions within the subaccounts automatically consolidate into it. You can check this article for more details: About bank or credit card subaccount setup


      Additionally, when you have your bank statement, you can start reconciling your account in QBO: Reconcile an account in QuickBooks Online.

       

      Feel welcome to tag me in your comments and posts if you need a hand in reconciling linked accounts in QuickBooks QuickBooks. I'll always have your back!

      C
      cfaulkner
      August 2, 2023

      Hey,

       

      I'm still confused on how this helps the issue. When I make a payment on the card on the chase portal it always goes to the "master" card. How do I disperse that onto the other cards. Each card on the account has a different last 4 digits, so it seems like they are treated as different accounts instead of one master account. 

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