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Yull_S
March 8, 2024
Question

Reconciliation - two CC with different numbers under the same account/statement

  • March 8, 2024
  • 1 reply
  • 0 views

Hi everyone,

 

I am new to QB - using "online accountant" version. It was setup for me by the accountant firm, but I am the one doing all the work, and that includes reconciliation. They actually forgot to mention that I was supposed to do it on monthly basis and now I am reconciling everything for the whole 2023. Anyway, it's not an issue with my checking and one credit card account, everything is pretty straightforward. However, the huge problem I am facing right now if how to reconcile 2 Chase credit cards that are under the same account, but with 2 different users. I spent hours trying to figure it out, watched multiple Youtube videos and read multiple posts, no luck. Seems like what I had to do was to create the "main account" and put these 2 credit cards as "subaccounts" for it. I did that, but then when I am trying to reconcile the main account, I am getting this weird "beginning balance" if $2,038 which I do not know where that came from since it's not matching the beginning balance of the credit card statement. Any hep would be greatly appreciated! 

1 reply

R
rvrfrf
March 8, 2024

Thanks for getting in touch with the Community, Yull_S. I appreciate your detailed information.

 

If you're unsure of what you need to do in QuickBooks with the two credit cards under your same one account with the financial institution, I'd recommend working with an accounting professional. Since it sounds like you have one already, I'd recommend reaching out to them to confirm if your steps to put the two credit cards as sub-accounts was what you needed to do, or not.

 

In the event you're in need of an accountant, there's an awesome tool on our website called Find a ProAdvisor. All ProAdvisors listed there are QuickBooks-certified and able to provide helpful insights for driving your business's success.

 

In regard to a beginning balance that's off the first time you reconcile an account, most of these scenarios are caused by an incorrect opening balance. This is the account's starting point when you first created it in QuickBooks. Correcting your opening balance should also fix your beginning balance.

 

You'll want to start by reviewing the opening balance for your account. Sometimes, it doesn't include transactions that were still pending when you created the account. Your opening balance is the balance of your account on the day you choose to start tracking transactions.

 

Here's how to review and compare it with the real-life account data:
 

  1. In your left navigation bar, go to Transactions, then Chart of accounts.
  2. Find the account and click its View register option.
  3. Locate your opening balance entry. It should say "Opening Balance Equity" in its Account column.
  4. Once you've located it, take note of its date and balance. If you forgot to enter an opening balance, you can do so any time.
  5. Sign in to your bank's website, or find the relevant bank statement.
  6. Check your account's balance for the same day as your opening balance record in QuickBooks.
  7. Compare the two balances.

 

If your balances match, you entered the opening balance correctly and can to move on to reviewing your account register.

 

In the event your opening balance in QuickBooks doesn't match the bank records, correct it:
 

  1. In QuickBooks, click your opening balance entry to expand it.
  2. From the Deposit column, edit your balance so it matches the bank records, then select Save.

 

I've also included a detailed resource about reconciling accounts which may come in handy moving forward: Reconcile an account

 

Please don't hesitate to send a reply if there's any questions. Have an awesome Friday!

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