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NathanTB
February 10, 2019
Question

How to properly setup and connect Chase credit cards

  • February 10, 2019
  • 6 replies
  • 0 views

Seeing as how there are a litany of topics/issues in regards to Chase credit card downloads, I'd like to know how others have structured their cards in their Chart of Accounts and if the banking feed is downloading their transactions properly.

 

Is the master card for your chase account structured as the parent account in QBO? And would that mean that all of your other employee cards are structured as sub-accounts to that parent card?

 

Or are you setting up a parent account for all cards (including master) that is not actually connected to Chase Online? Meaning that only the sub-accounts are connected to a bank feed. 

 

Any feedback on the correct way to do this is greatly appreciated. 

 

    6 replies

    Regina_Lend_A_Hand_Accounting
    Regina_Lend_A_Hand_Accounting
    February 10, 2019

    Setup the Master Account as the Parent account on your Balance Sheet and do not connect it. Setup the individual cardholder accounts as sub-accounts to this Master Account and connect them.

     

      N
      NathanTBAuthor
      February 10, 2019

      But how would the master accounts transactions be downloaded then? Or are you saying set up a dummy master account and then connect the actual master as a sub account?

       

       

      RenjolynC
      RenjolynC
      February 11, 2019

      Thanks for getting back to us, NathanTB.

       

      In QuickBooks Online, you can't connect both parent and sub-accounts. If the master account has transactions that come into, then, you can add them as an additional sub-account. 

       

      Here's an article article that you can check for more information: About Bank or Credit Card Sub-account Setup.

       

      Feel free to leave a comment for any additional questions or concerns about QuickBooks. 

        P
        protennisgroup
        October 10, 2019

        I gave up trying to use automatic downloads with Chase in banking and credit cards. I download the monthly credit card statements from chase in a CSV file and then upload to Quickbooks.  I was having issues for years with duplicate transactions across my many employee accounts and huge frustrations when trying to reconcile. Now, I cannot tell in Quickbooks which employee made what charge anymore, but it was never accurate anyway. Uploading manually has saved me a huge amount of time and frustration as the statements are always 100 percent accurate! 

        G
        ghostf4ce
        February 11, 2020

        Do you download the bank monthly statement and upload it or do you download a record of the transactions since it has to be a CSV file on a certain date?

        J
        JamesDuanT
        February 11, 2020

        Hello ghostf4ce,

         

        When you use Online Banking, QuickBooks Online will download 90-days worth of bank transactions. Some banks go back as far as 24 months. From time to time, the system will update the downloaded list depending on what your bank shares with us.

         

        If you don't see the cleared bank transactions on the list, you can update the Banking page manually. You can use this link for reference: What to do if bank transactions won’t download or there's a bank error.

         

        Meanwhile, you can get a valid WebConnect (CSV) file through your bank's website or directly from your bank. Once you have this file, you can upload it to QuickBooks Online. Here are some links that are helpful for the import process:

        After downloading or importing the banking transactions, you can start categorizing them to the correct accounts.

         

        This is a time-saving feature when managing your business. Keep us posted if you require additional help with using the feature. Have a great day!

        R
        RL817
        September 24, 2020

        Is this still an issue with QB and Chase?  I still have to do a journal entry each month to move the charges from my employee cards to the main master card (mine).  Is there a fix yet? 

        M
        Mark_R
        September 24, 2020

        Thank you for joining the thread, @RL817.

         

        QuickBooks only depend on your bank how they manage to sync transactions. You'll want to check with your bank how they send the transactions in QuickBooks Online (QBO). 

         

        In the meantime, you can enter a journal entry as you usually do to move your employee's card transactions to your master card account. And consider requesting from your bank to sync the transactions separately. This way, you won't enter a journal entry for your employee's card transactions manually.

         

        I'm adding this article for more details: About bank or credit card subaccount setup.

         

        Keep in touch if you need any more assistance with this, or there's something else I can do for you. I've got your back. Have a good day.

        J
        jk28
        April 21, 2021

        After way too much time trying to parse out the answer on QBO's website and numerous phone calls with customer service who couldn't succinctly answer the question, here's the short answer to handling Chase credit cards in QBO:

        1.  Create the parent account - this will NOT be connected to chase.com.

        2.  Create a subaccount for each cardholder. Don't worry about the primary and additional, everyone is a subaccount under the parent account.

        3.  Connect each cardholder's account to chase.com. QBO does a nice job of allowing to showing you the one-to-one account connection.

        4.  When you reconcile the credit card statement, choose the parent account and start reconciling. All of the transactions for all cardholders will show up in the reconciliation window.

        NOTE:  the statement payment will always flow into the primary cardholder's account. You can either break up the payment by cardholder account or leave as the net effect of the subaccounts will be reflected in the parent account - this is where you see the accurate, sum-total balance of the credit card account and all card holders.

          J
          jk28
          April 21, 2021

          After way too much time trying to parse out the answer on QBO's website and numerous phone calls with customer service who couldn't succinctly address the issue, here's the short answer to handling Chase credit cards in QBO:

          1.  Create the parent account - this will NOT be connected to chase.com.

          2.  Create a subaccount for each cardholder. Don't worry about the primary and additional, everyone is a subaccount under the parent account.

          3.  Connect each cardholder's account to chase.com. QBO does a nice job of allowing to showing you the one-to-one account connection.

          4.  When you reconcile the credit card statement, choose the parent account and start reconciling. All of the transactions for all cardholders will show up in the reconciliation window.

          NOTE:  the statement payment will always flow into the primary cardholder's account. You can either break up the payment by cardholder account or leave as the net effect of the subaccounts will be reflected in the parent account - this is where you see the accurate, sum-total balance of the credit card account and all card holders.

            S
            soyyo273907
            February 4, 2024

            Yo inverti y no puedo tengo acceso a mi dinero 

             

            L
            LeizylM
            February 4, 2024

            Thank you for posting here in the Community, Newbuzoldways.

             

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