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uedmunds
November 11, 2024
Question

Chase Credit Card - Parent, Sub account Journal Entry

  • November 11, 2024
  • 1 reply
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Okay - I know there have been plenty of questions and posts on this.  I understand a JE is really the only way to get these other balances back to zero.  However - I can't figure out what the journal entry should be and what should be entered each month when reconciling.  Here is a screen grab.  The parent account matches what the bank balance says.  But the two sub accounts are way off.  Any insight/help is appreciated. 

 

 

    1 reply

    FishingForAnswers
    FishingForAnswers
    January 1, 2025

    @uedmunds  Unless the feed is really screwing the pooch, it shouldn't be an issue, nor require a JE.

     

    While I operate entirely in Desktop rather than QBO, the process is basically:

     

    1) The transactions caused by Sub-account 1 should be tied to Sub-account 1 in QB; same for Sub-account 2.

    2) The payment on the credit card should be split between Sub-account 1 and Sub-account 2 as relevant. This can be more complicated if you aren't paying off the credit card each month, but however you do it, it should still be split.

     

    If you, or the automatic system, are tying any transactions directly to the parent, you're doing it wrong. The only thing the Parent account should reflect is the sum of the balances of its Sub-accounts.

     

    Can't really comment on how you should handle it with a JE; your screenshot doesn't line up with my Desktop experience. I'm assuming QBO is just being sweaty garbage again.

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