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LoriGR
January 2, 2024
Question

How to reconcile main credit card when secondary has a negative balance?

  • January 2, 2024
  • 1 reply
  • 0 views

Hi there - I have to cards for one AMEX account. The secondary account received significant credits for november, leaving it with a negative -200.23 balance. The primary account does not have a credit, however, but a small balance. Typically when I reconcile, I create a new credit card credit and roll up the secondary amount to the primary. I then reconcile the secondary with a 0 starting balance and the primary is reconciled normally with the added amount from the secondary. Now that the secondary account is starting at -200.23, I don't know how to roll this up to the primary. QB shows my primary is now off by -200.23 and my secondary is starting next month with a -200.23 balance. How should I fix this?

1 reply

MariaSoledadG
MariaSoledadG
January 2, 2024

Let me help you get this fixed, Lori.

 

When you connect to online banking, ensure you know how your bank sends the downloaded transactions. If the transaction downloads to one account, connect the parent account. If it downloads to individual accounts, you can connect the subaccount instead of the parent account.

 

You'll want to transfer the balance from the secondary credit card to the primary one to zero out the balance or locate the -200.23 transaction and then edit it to the correct account. Another way is to use a journal entry to offset the amount. However, I still recommend reaching out to your accountant to guide you with the proper way and the correct process.

 

Learn how you can set up a bank or credit card account with multiple subaccounts to easily connect to your bank and reconcile bank transactions. Check out this article for more information: About Bank Or Credit Card Subaccount Setup.

 

Furthermore, learn how you can start or fix your reconciliation. I've added this article for more details: Learn The Reconcile Workflow In QuickBooks.

 

Feel free to let me know if you have any questions when reconciling credit card accounts. We'll always be right here to help you anytime.

    L
    LoriGRAuthor
    January 3, 2024

    Thank you for your help! I've reached out to my accountant and he is going to help me, thank goodness. I appreciate your reply very much!

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