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sw1222
December 10, 2024
Question

Reconciling credit cards

  • December 10, 2024
  • 1 reply
  • 0 views

My credit card has a parent account from which payments are made.

One account has the charges and one account has the payments.  However, they share 1 statement.

How do i reconcile if there are 2 dif accounts that are merged with one statement?

1 reply

R
rvrfrf
December 10, 2024

Thanks for getting in touch with the Community, sw1222.

 

After setting up your parent and subaccounts, when it's time to reconcile, you'll only need to do the parent account since all transactions in your subaccounts roll up into it.

 

Once you have an accounts bank statement in hand, you'll compare each transaction with ones entered into QuickBooks. If you're reconciling an account for the first time, be sure to review its opening balance. This will need to match the balance of your real-life bank account for the day you began tracking transactions in QuickBooks.

 

You can save a step by connecting your accounts to online banking if you haven't yet. This enables transaction data to be downloaded automatically and enters the opening balance.

 

Here's how to start a reconciliation:
 

  1. If your accounts are connected to online banking, make sure you initially match and categorize all downloaded transactions.
  2. Use the Gear icon, then go to Reconcile. If you're reconciling for your first time, click Get started.
  3. From the Account ▼ drop-down list, choose an account you want to reconcile. Confirm it's the same one on your statement. In the event you see a message about a previous reconciliation, hit We can help you fix it. You'll need to fix what the message is about before beginning.
  4. Review your Beginning balance. Make sure it matches in QuickBooks with what's on the statement.
  5. Enter your Ending balance and Ending date. Some financial institutions call ending balances "new balances", or "closing balances".
  6. If you see it, review the Last statement ending date. This is your end date for the previous reconciliation. Your current statement should begin the day after.
  7. Select Start reconciling.

 

Now, you can compare transactions on your statement with what's in QuickBooks. Be sure to go over them one-by-one. The tricky part is making sure you have the appropriate dates and transactions in QuickBooks, which ensures everything matches.

 

I've also included a detailed resource about reconciling which may come in handy moving forward: Learn the reconcile workflow in QuickBooks

 

I'll be here to help if there's any additional questions. Have a great Tuesday!

S
sw1222Author
December 19, 2024

The issue is that I have bank feed from both accounts.  I dont think i can make one a parent account if this is the case.

T
ThomasJosephD
December 19, 2024

Hi, SW1222. Let me clarify how to reconcile a bank account with a parent and subaccount QBO.
 

All transactions in your subaccount is consolidated into your parent account. Since the transactions are compiled into a single statement, you only need to connect the parent account. This way you can reconcile transactions correctly.

Furthermore, you need to know how your bank sends the downloaded transactions. If the transaction downloaded only one statement, connect only the parent. If the transaction downloaded individual statements, you can connect the subaccounts.
 

You can refer to this article on how to set up your parent and subaccount in QuickBooks: About bank or credit card subaccount set up
 

This may be helpful in your next step in reconciling bank transactions in QBO: Learn the reconcile workflow in QBO
 

I'm happy to help if you have further concerns about reconciling parent and subaccounts in QBO. 
 

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