QuickBooks Online Tutorial: Connect a Credit Card with multiple sub-accounts & How to reconcile it
Vložit
- čas přidán 6. 02. 2020
- QuickBooks 30-day free trial + 30% off for 12 months:
quickbooks.intuit.com/partner...
Categorizing in QuickBooks Online: • QuickBooks Online Tuto...
QuickBooks Online Banking ADVANCED 80min Tutorial: • QuickBooks Online: Ban...
Call our office 954-414-1524 to setup a private training/consultation about QuickBooks, Excel, Accounting/Bookkeeping, Taxes, and/or General Business Consulting (rates vary fro $275 to $750) for first consultation depending on length and consultant required. E-mail Hector your questions hector@garciacpa.com - Věda a technologie
You are a life saver. I have been trying for two days to figure out how to combine multiple chase cards. Your step by step instructions were so much better than quickbooks. Thank you so much !! Only wish I had found this earlier.
Oh wow! I needed this video. I’ve been looking for this answer for about a week now. Thank you!
You welcome
Thank you Hector! You rock! I have saved so much time watching your videos to understand how to move forward with certain tasks in QuickBooks. This video really helped me to fix an existing issue for one of my clients, it was relatively easy to understand what was wrong - it was missing the parent credit card account and making the other credit card accounts a sub-account to the parent - that fixed the issue and so thank you again!
Thank you, that's great! Happy to help!
Great and thorough walk through of difficult setup and reconcile for multi card accounts. Really outstanding.
Glad you liked it
Thank you Hector. I am from Canada, corporate Bank of Montreal CC act very similar to your Chase demonstration. Now I know what to do.
Excellent video 👏👏👏
Cool
I'm saving this vid for future references. I like your mic, sounds greeeeat
Now I need to know how this works for amex
Your step-by-step video tutorial finally got me to reconcile my Chase account that I have procrastinated on since 2020. THANK YOU for the great instruction on how to setup and reconcile with the multiple card holders!!
Amazing
Whew! I finally got my questions answered with this video!
Awesome
Awesome- I needed this video. Thanks!
You welcome
This video helped so much! Thank you
:)
Thank you! So helpful!
Thanks, happy to help
Thank you for your videos, I've learned alot! My problem is I am having difficulty making sub parent accounts and keep getting errors noting that the account already has a parent account. Should I delete everything and start over? I'm losing my head over this! Many thanks
Thank you!
Very helpful with setup. The way we reconcile is, each child card has a beginning and ending $0 balance. The amount in the transaction period will show as the difference and is then entered into the child card register as a JE, memo of "moving balance to parent card for reconciliation", then entering the amount as a payment with the parent card as the account. Then select that in the rec screen and it zeroes out. It shows up in the parent account along with the payments and everything reconciles to $0 difference... 🤔
Thats 100% correct, but i skip that step most of the times. Is an excercise of zero change to your accounting; its kinda of moot
Life saver!!
Solved my problem buy 2:46 into this video. Thank you!
:)
This was very helpful. Thank you! Only questions is...what is the best way to pay the credit card. I usually pay by check and categorize purchases in the section where I write checks.. That is all done by following this video now so do I choose the parent account for the category when written the check?
Check is good
This tutorial solved my problem. Thank you. BUT Then, as I continue on to the 2nd month of reconciliation, I noticed that the difference was the total transactions from the 1st month. How do i Fix this discrepancies ?
Thanks a lot.
Ok. I have a parent account and set up a sub account, however, the sub account transactions are not showing up. I must hand enter the sub account transactions to reconcile. Please advise
Hector, How do you do this on Capital One which when you go to attach the card only shows the main card and not all the sub accounts?
I have started QB online as of 1/1/23. Thanks to your very helpful tutorials, I have been able to resolve every issue so far and the program is working great. But now I find myself stuck with the multi user credit card reconcile. We are with chase bank and so you are aware of the issue. However, when I tried to connect the sub accounts to the parent account the expenses still do not show up. For Jan - March I was able to manually input to reconcile but I want to avoid that since it is possible. Now that I have tried several different things I now have created duplicate accounts for the sub account credit cards and I am afraid to delete them to cause further issues. I am a bit frustrated at this point and I hope you can help me.
Great video. By the way, where do you close the Opening Balance Equity that has balance when you updated the beginning balance of each credit card?
Retained Earnings
Hi Hector, If I connect to the bank with credential that has limited access, can I still do reconciliation of online qb?
Very very thank you sir this vedio helpfull for me 🙏🙏
Most welcome
sub-accounts is equivalent to "extension card" of the primary Cardholder?
How to modify the credit card beginning balance?
Awesome video! I have an odd question: How would you record transactions with secured credit cards? I have a business credit card where I can add funds to the card as a deposit which determines my credit limit.
The deposit into the secure account gets treated like a bank account
Hi, Hector the Opening balance it's shows negative? how can I change it?
Thank you for your video Hector! I am jumping into an account of QBs online that already has the credit cards added as their own accounts instead of subaccounts of the main credit card. What do you suggest I do to get them linked so I can start reconciling them? I am needing to reconcile back to 2020
You need to download the .QBO files manually via your bank or enter transactions manuallly
Thank you Hector! I love your videos! I was having so much trouble with Chase and BOA CC acting very differently in QBO than other credit cards. I set up a Case CC for one client and this worked great, but the BOA client that I set up the same way seems different. When reconciling the parent credit card, the payments don't show as cleared through the bank feed and I have to manually check them to reconcile. Is this normal?
Is normal
I have a Bank of America card that has main CORP account with a sub account card 1. What happens if my accountant didn't first set up this way (currently each card is setup as main account) when I try to go add card 1 as sub under CORP it doesnt allow me to.
Thank you, You saved me with this one!
But there is something on my mind that I would like to know, Is it really unnecessary to try also reconcile each employee credit card account after reconciling the parent account?
Not worth it. Once you reconcile the parent you are all set
What if the credit cards have an existing GL account? I "disconnected" each card because credit card credentials changed for an employee responsible for this task. And I want to re-connect without creating new GL Codes because the CC holders did not change.
Very informative video.. I have one question for you, how do we add a new CreditCard sub account after it has been set up.. I know how to add but what about connecting to bank?
If the bank Supports it, when you enter you user/password it will give you the option to choose
Thank you for the videos you are making. I really appreciate it. I have a question how do you record a cc declined fee? Lets say a customer owes you $200 and they pay through credit card mx merchant. The amount is declined. How do you record the declined fee of $35 in qbo? Thanks
Bank service charge
can I delete OBE after is has been reconciled?
This video was what I needed for months, Thank You. Does it matter that the "bank balance" and "in QB" do not match? The subaccount balances keep going up and up. What can be done to get the balances to match?
good question, I hope I don't have this question in a month
That was one of the questions I had that this video answered.
Ugh, Bank of America will only let me download the main account and one sub account, I have two total sub accounts. Is there a wa other than journal entries to download the second sub account?
Hello Hector; I am having issues connecting the credit card with QBO. Previously, syncing was good for 2 months, and then syncing stopped working. The bank is asking to manually upload the transactions, which was another solution. Suddenly, both the functions Syncing and Manual imports are not working. CSV, TXT, or IIF files do not get uploaded in QBO. Manually uploading cannot be done as it shows "this is not a proper Webconnect file," given by the bank representative. The bank mentions its QuickBooks issue, and Quickbooks mentions it is a bank issue. Quickbooks support could be better.
If I set the end date and amount to reconcile, and the auto payment comes in two weeks later for that month, how can I get to zero
How do you look at the statement to copy and paste the initial balance? do you have it on the computer? or is it in the same quickbooks?
Yes
How do I fix the beginning balances if the bogus numbers were not corrected at set up and it’s in a previous year?
I think you should work with an accountant. That gets really tricky
Thanks for the video Hector. I have a question here: I am doing my husband's Qbooks. His credit card was frozen and Chase sent him a new cc number. I downloaded the new CC transactions on banking in QBS. The bank onlyly changed the card number, but views it as the same account. When I downloaded the new credit card in QBO, all of the old transactions from before the incident also downloaded. I just excluded them from the new card. So he has 2 credit cards in QBO and the bank views them as one. I'm trying to straighten this mess out. Can I just combine the two credit card accounts into one in QBO? How can I merge in as one? thanks
Yes you can merge them. Just rename one to have the same name as the other one in the chart of accounts, and it will prompt you to
I have a problem with AMEX cc with multiple users in one CC. How do I connect multiple CC users in QB? In Amex, it just highlights the name of the main CC user. Please let me know. Thanks!!
AN I don’t know how to help you.
Hector - Thanks for these videos. Is there any way to change the account to a sub-account after its already been connected, or do I have to restart entire process?
You need to disconnect all the accounts
@@HectorGarciaCPA I will have to do this then
Your information is clear and concise. Thank you. My question is.. I have already setup my bank feeds for the credit cards and did not put the two employee credit cards as sub accounts of a primary (me). Is there a way to do this now? Or do I need to disconnect the feed and re-do from the start?
You add them as additional Accounts
@@HectorGarciaCPAdo you have a tutorial on this?
@@mizzkhaeya7819 not specifically on this.
I have a bank account like this that was linked wrong and so much items were recorded already. Can I make them inactive? and link from the begiining? If so what do should I pay attention before making them inactive ? and what do I do with that inactive account categorized items?
If the transactions are wrong. You need to delete those first.
Anyway, you can simply make the account inactive in the chart of accounts
Hi Hector! I’m really new with quickbooks, I’m taking a course but this topic was really fast and I did not understand completely, I watched your video and I have a couple of questions, my boss tried to connect the main card of the credit card in quickbooks and apparently everything is right but before Connect the card, I created an account of credit card and I recorded many expenses the problem now is that the account is not linked with the credit card, the expenses don’t match automatically as normally, how can I connect both?
I have the same problem. I already have my credit card set up. now I'm trying to connect them but it won't let me. I wondering if I should delete the cards from quickbooks and start over.
How do you apply payment from chase bank feed to chase Corp credit with 2 chase credit card su accounts?
Apply it to the “master” account
thanks for the video, but for some reason i have done all the steps in this video and im still only seeing the parent card activity when im reconcile , its not showing the sub credit card (child)charges. So I cant reconcile cos its not showing the total credit card charges. Help!
Without looking at it; its hard too see what’s happening
Hector i found your video a little late but now i'm trying to fix it and qbo not allowing me to. it state: "card (xxxx) has a parent account that is already connected to an account at one of your banks." i tried to disconnect the account and redo it but it still not working. can you help with this?
Contact tech support
Hector, thank you for the video. I have a big problem, back when I set up the credit card, I didn't create the sub accounts, so now I have three main accounts. I am not finding the way to fix it. When I try to make the user card a sub account of the main one it tells me I cannot change the parent account. So I am stuck with 3 parent accounts. Is there a way to fix this?
Yea, you are going to need an expert to come in and organize it for you. There are some adjustments that need to be made
Hector, nice video. Are class codes available to be used in categorizing. We use class codes for departments. Thanks
Classes are like department
@@HectorGarciaCPA I meant to ask in credit card processing where the bank feeds the whole detail can you assign "classes" by line item.
Hi Hector, thank you for your video, I set up everything, except that none of the accounts show the payments, I am able to reconcile by adding the payments into the parent account that I created, but when you run the balance sheet it shows a negative in it and then the sub accounts have the expenses, ultimately the total if you take the credit amount under the parent account from the expenses under the sub accounts you have a postive number, but the CPA doesn't like how it pulls, is there a different way to show it? and why won't it pull the payments over to begin with?
The payments may need to be deposited they are sitting in Undeposited Funda most likely
Hi Hector. Nowadays my quickbooks desktop suggest me Quickbooks Capital funding. I hope you have a video to explain how does it work for Quickbooks Desktop. Thanks
It’s loans for US companies
Thanks Hector, it is my curiosity to know how does it work in US (totally this option works) although I live in Afghanistan. Thanks again
what is the initial balance what we owe, or the credit limit of the credit card?
Outstanding balance
I can't seem to find an answer for my question anywhere. I hope you can help me please. I have one parent credit card with 8 sub credit cards, unfortuanlty they are not connected and I have to enter everything manually...my question is once I make a payment for the main parent account how do I "distribute" the payment to the sub account? The payment is just sitting in my review tab and I know I need to transfer to the credit cards. Any advise/help would be greatly appreciate it! Thank you.
You don’t need to distribute it..
Hi Hector, you are my go to person when it comes to questions with QB Online. I have a child credit card with a balance and the employee has left the company. How does the Inactive process work when a child credit card has a balance?
You have to transfer that balance to the parent account. Then you can delete/inactivate the account
@@HectorGarciaCPA Thank you for the quick reply
what do you do when you add new cards or someone gets a replacement card because there was fraud on the account?
Create a new card and transfer the balance
My credit card account for some reason stopped downloading a couple of months of transactions but shows transactions before and after this period. Is there any way to have the account download the missing transactions if it isn't doing it when I click update? The bank is currently connected as it is downloading the latest transactions. I would like to not manually upload the statements. Thanks!
You, you need to disconnect the bank first, then upload the missing transactions, then get caught up, then connect the bank account
After connecting your bank cc and creating all the sub cc accounts; Can you assign an employee their cc sub account so they can categorize their own expenses, assign to projects, upload their receipts for the cc charges
No, that is not possible to restrict them on just one account
How would you do this with CORP Accounts? Our business has a CORP Account for each card type (Travel & Cash Rewards) Would I also bring over those CORP accounts to Quickbooks? Those accounts are where the card payments go through.
Same as the video
Hector, I have a complicated question. I uses QB 2020 very simply. It is the desktop version and I do not have a business. I reconcile bank accounts and credit cards, however I have never been able to set up reconcile for the credit cards. So the way I do it, is to find the beginning balance of the statement in my QB ledger, check off the entries on my statement and make sure the ending balance corresponds with my QB ledger. I've done the cc this way for months. Is there a way to set up "reconcile" properly with my CC this far down the road? I reconcile my bank account using "Reconcile" drop down. It works perfectly.
great video, thank you! question, I already connected my Visa to QB so now I have 5 different credit card accounts. I have tried to "edit" them but it will not give me an option to make them a sub account. do I start over or can I edit Credit Card accounts to become sub accounts?
I'm trying to do the same thing! I think QBO changed the overall look of the account setup info because I never had these options when connecting my cards, and now I can't figure out how to combine them or make a main/sub accounts in QBO.
@@kimberlygeorge5798 same here
I started my quick books now on 1-11-21 I want to start as of January 1-st. I already downloaded bank and credit card info it goes back past that.
Can I change it?
You need to disconnect and reconnect them
My payments all are being applied to the parent account and the sub accounts just keep running a balance that keeps increasing. Do you have to do a journal entry to zero out each sub account after you reconcile?
You can, that always optional
Great video but I'm having problems, when I try to do it QB says "The account has a subaccount that is already connected to an account at one of your banks". I'm guessing my checking account? I only connected my Checking and I am now trying to add the credit card. Any advise?
It’s better to create a separate new account, and make the connected accounts a su account of the parent.
@@HectorGarciaCPA Thank you! It worked!!
It doesn’t work for me. 😣 Not sure what I’m doing wrong. I keep getting the same error.
My client's credit card has the same credit card but it's shown into 2 separate accounts in QBO. Does this video apply as well in that scenario?
the first account is where the transactions are downloaded and I categorize them, while the other are payments she made (immediately) on those credit card transactions. so does this video apply too? (parent, child account)
It does
What happen if the subaccounts were not created under the parent account but as main account instead? I am trying to edit them and get a warning from QB saying " You can't change the parent of this account because it or its parent is already set up for online banking or Web Connect." Do I need to reconcile each card individually or there is a way to fix this?
I'm having this same issue and CANNOT figure out how to solve it!
Once I reconcile, if I realize I made a mistake somewhere, can I still go back and fix it?
You might need your accountant to help you undo it.
How do I offset my credit card receipts from sales?
When I do a P&L the sales and cc receipts combine to double my sales and my report is completely wrong. Thank you. Any reply is greatly appreciated.
You need to reconcile all the accounts and delete any duplocates
@@HectorGarciaCPA thank you
Has anyone figured out how to fix the growing balances on the sub accounts? My balance sheet is showing large credit card balances which are not accurate. Help Please.
Make a transfer into the parent account
Hector, I have these accounts set up. The transactions from the sub accounts all show up in the parent account. I reconcile the parent account. The transactions from the sub accounts, and the duplicate transactions from the parent account are all showing on p&l statement, effectively doubling all expenses. What am I doing wrong?
Delete all the unreconciled duplicates
Thanks for the video. Why I see payments on several sub accounts, even though I connected just like in the video (parent, sub, etc). Also, even though I deleted accounts before I reconnected (delete on save) they still show on chart of Accounts - should I make them inactive and delete all the transactions? Thank you!
Should be only in one account
@@HectorGarciaCPA Thank you! Those were credits, at it was...for some reason, the connection with bank started on 3/14, even though, if I remember correctly, I started with January first. My subs are now on 0/0, but my checking, that pays parent CC, and parent itself are off, maybe because of payments between these two from January 1 to March 14 - is there a way to bring back the date of connection to Jan 1st? I appreciate
@@rayzucchero9478 there is no easy button for this, there are some workarounds, but too much to type on a comment. There are some videos that explain manual uploads
@@HectorGarciaCPA Thank you, I understand. I'll see what I can do:)
I am purchasing a company with no money down and it is kind of a pay-as-you-go. How do I register the payments for the company I am purchasing in QuickBooks?
Other Asset called “Aquisition of XYZ company”
My question is:
Let's say I pay £500 electricity bill for my buy to let property. And I upload it to Quickbooks.
Then I pay the credit card, therefore paying the £ 500.
When I upload my bank statements , I would have to categorise the 500 as expense.
Would not I entering the£ 500 twice?
Also if I use the credit card for personal purchases also. How do I separate the credit card interest knowing that only a portion is company related. 🤔
The
You would “MATCH” the payment with the bill to avoid the duplication of it
You can split An expense, put a percentage to Interest Expense and a percentage to equity (personal)
This is extremely helpful but one thing it didn't address is applying payments that were made on the credit card. When the payment feeds into QBO it applies to the primary account, but each subaccount is carrying a quickbooks balance because the cc payment doesn't get applied to them, does that make sense? The bank balance is $0 for each, but the QB balance is thousands of $$ depending on each card's usage. How can I clear that? Thanks
Yeah.. you can clear them to zero with a journal entry
@@HectorGarciaCPAdo you have an example on how to clear them or how to apply payment. I was told we can split payments between sub accounts?
Two days ago I created a free 30 day trial Quickbooks account and connected my Chase account. My Chase account has 3 separate credit cards for our 3 people that use them. I didn’t connect each of these 3 Chase cards correctly as you describe here. I didn’t make a Chase credit card account and make the 3 sub accounts for each card. One I created as a credit card then it didn’t give me that option for the other 2. Instead I just created one as cash on hand and the other as a bank account. After I had connected the accounts and began using Quickbooks I realized my mistake. Today I disconnected all bank accounts from the Quickbooks account then deleted my trial account altogether. I then opened a new QBs account and purchased a subscription. When I tried to connect my Chase account with the new QBs account, the same designations I had mistakenly made the first time were still assigned to each card. There was no option to create a new account and follow the instructions in your video. Any thoughts or advice?
I think you might need a one on one.
Hello Hector, I was not allowed to create the individual credit card accounts for my Bank of America Business Card Account as you showed. I have each connected separately now. What do I do to fix the error? I want to connect the 4 credit cards under the parent account. Thank you for your help! Michele
Btw, I just recently transferred from QB Desktop Pro Plus to QBO Plus trial plan.
Just make them subaccounts manually
@@HectorGarciaCPA Thank you!
Is is possible that some credit cards will not download into subaccounts? I have it set up with 1 parent account and 8 subaccounts but everything goes to the parent account.
Yes, some CC companies do it differently. AMEX for example
@@HectorGarciaCPA Thank you. I can connect to Cardmember Services but it wont use the subaccounts. I guess this company is different. Thank you for all your helpful videos!
I have reconciled the parent credit card account but how do I get the sub accounts to show they are reconciled also?
Catherine Pottle that won’t happen.
@@HectorGarciaCPA Hi Hector just to be clear, when posting the payment, we are NOT supposed to split the payment to the sub accounts. The payment just stays in the one account "Hector" like you showed in the video. And in the chart of accounts, the quicklook balance for each credit card is the total expenses that card has made, it will never be zero. The bank account column should be zero once reconciled?
@@catherinepottle5714 as long as it reconciles doesn’t matter if the payments are not split Into the subaccounts
How do you correct the fact that the sub credit card accounts will have incorrect balances as you use it, even after you reconcile?
Zero them out every month by transferring the balance of the sub cards to the main card. When you reconcile, you'll see those dollar amounts offset in and out, so you can check them both off.
Do you still do seminars? If yes how do I sign up?
How would you account for discounts?
Discounts? You mean credit card rewards?
@@HectorGarciaCPA Yes
A Needlepoint In Time create an other income account called “Credit Card Discounts/Rewards” and put it there.
Thanks for the video Hector! One question. I have a similar configuration in Quickbooks Online. One parent credit card account and then two subaccounts for our two employee credit cards. The troublesome thing that we see is the primary credit card account (the one that shows the monthly credit card payment transactions) grows a progressively larger NEGATIVE Quickbooks balance while the second credit card account grows a progresively larger POSITIVE Quickbooks balance....the two added together equals the acual bank balance....but is there a way to keep these numbers from continuously growing and growing within QUickbooks???? I hope that this questions makes sense.
An example to clarify, we have a parent account of VISA CREDIT CARD and two subaccounts VISA 1 & VISA 2. The actual bank balance is $1000, but the Quickbooks balance for VISA 1 is -$20,000 and the Quickbooks balance for VISA 2 is $21,000.
I'm having the same problem.... try to do what the video says but my payments were made under the main account not under the sub-accounts.... can't fix it so frustrating
@@bh6984 I have this same issue. Did you find anything to resolve this?
Also having this problem and would like to know if there’s a way to fix it.
I have the same problem, currently I am just adding a journal entry to zero out the subaccount but if anyone has a better fix please let me know
I think I may have made a mistake. I downloaded the bank card from Jan. 1, 2020. My bank statement is Dec 12, 2019, to Jan. 11 2020. Can I disconnect the account from the bank, reconnect and redownload from the 12th of Dec.?
Tony Falcone should be doable
@@HectorGarciaCPA That didn't work. Dec. didn't download. Can I delete that account and start over?
I would say yes... but sure why you having issues
@@HectorGarciaCPA I believe my problem with reconciling the account is because I don't have all the transactions downloaded from the bank. Thank you.
Tony Falcone yes
TYTYTYTY!!!!!
Glad it’s useful!