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lbrock1847
February 9, 2021
Question

Register Balance for Credit Card Is to too High

  • February 9, 2021
  • 1 reply
  • 0 views

Hi,

 

I recently set up my Chase bank account with with sub accounts and reconciled everything. I noticed after the balance for the "Chase Bank" account is a lot higher than the Chase parent account. Shouldn't the amounts match?

See attached snapshot of my sub accounts set up. 

1 reply

R
Rea_M
February 9, 2021

Hello there, @lbrock1847.

 

You're able to add both parent and their subaccounts in QuickBooks Online (QBO). This way, you can keep your Chart of Accounts organized and break-down your expenses, income, and others into details.

 

When you connect your account to online banking, you need to know how Chase Bank sends the downloaded transactions. If the transactions download to one account, connect only the parent account. If the transactions download to the individual accounts, connect the subaccounts and not the parent one.

 

Based on your description of the issue above, it seems that most of your transactions came from your credit card. That's why its balance is higher compare to the parent account. Since you've already reconciled everything, I can say that your entries match with your real-life transactions. With this, your accounts are updated and financial data is recorded accordingly.

 

To learn more about parent and subaccounts in QBO, I'd recommend checking out this article: About bank or credit card subaccount setup. It also includes details about the proper way in reconciling your accounts.

 

Let me know if you have other banking concerns or inquiries about the reconciliation process in QBO. I'm just around to help. Take care always.

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