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dustyrose20
March 30, 2024
Question

Bank of america corporate account and user cards forever growing on balance sheet

  • March 30, 2024
  • 1 reply
  • 0 views

As mentioned many times on the community, I have a Bank of America corporate account with one credit card attached. When I connect and import this account to QbO, I get one account that only has payment transactions, and the other account, linked to my credit card, only has expense transactions.

I understand the process of creating a separate account and importing these other accounts as sub accounts, which allows reconciliation.

The problem I am seeing is that now my balance sheet shows 2 cards, one with a very large positive balance and the other with a very large negative balance. Together they equal my actual balance, but that looks very odd on the balance sheet. How can this get fixed?

1 reply

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Archie_B
March 30, 2024

Hi there, dustyrose20.

 

Could you please provide more information about how you linked the Bank of America corporate account and the credit card account QuickBooks Online? 

 

I'd also appreciate it if you could give me a screenshot of your balance sheet. This way I can give you relevant information and accurate troubleshooting steps to address your concerns.

 

Feel free to add more details by leaving a comment below. I'll check on your response and get back to you as soon as possible.

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dustyrose20Author
March 30, 2024
 

I essentially followed the below steps. I made a parent Credit card account, connected Bank of America, and brought in both accounts the linkage showed, then made them both sub accounts. When I reconcile, I use the main parent account and manually attach the statement, though Quickbooks discovers the statement for the BoA "payments" account in the screen shot. The balance sheet seems to represent two cards, but there is only one, the "main 0948" - which is where all the spending is done, and where QBO automatically imports expenses. The "Payment" account only brings in my payments or interest.

 

 

When connecting a bank account in QuickBooks Online (QBO), you'll need to identify first how your financial institution sends your downloaded transactions. If it downloads to only one account, connect the main one. But if it'll download to the individual accounts, you'll need to link the sub-accounts.

 

To do this, create a parent account and then have each individual card set up underneath as a subaccount. Here's how to create a sub-account:

  1. In the left menu, click Chart of Accounts. 
  2. Click the New button. 
  3. Choose the account type and detail type.
  4. Select Is sub-account and then enter the parent account.
  5. Enter a name for the subaccount. You can also add a description.
  6. Select an When do you want to start tracking your finances from this account in QuickBooks option Note: Only some account types need this, like bank, credit card, asset, and liability. 
  7. Select Save and Close.
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RogelioL
March 30, 2024

Thank you for providing detailed information about your QuickBooks Online setup, @dustyrose20. Let me give some information about this. 

 

Please be informed that the parent account should reflect the overall balance, while the sub-accounts represent the specific cards. Since the total of your sub-accounts matches your actual balance, there's nothing wrong with it. If you encounter an issue or have doubts about the balance, I suggest contacting your accountant to ensure accuracy.

 

Additionally, you can check out these helpful articles for information on setting up a bank or credit card account with multiple subaccounts and running a balance sheet report: 

 

Let me know if you have further questions about your bank accounts or any other QuickBooks-related concerns. I am always here to assist you. Keep safe!

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