How To Link Multiple Employee Credit Cards To QuickBooks Online Bank Feed
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- čas přidán 6. 08. 2024
- Some of you may have found that when having a couple different physical credit cards under the same account, common for giving some employees or partners their own cards to use, not all of the card's transactions come into the QBO Bank Feed with the link. There is however this workaround that I will introduce in this video to where you can set it up this way in order to get all of those transactions for every card linked under that credit card account. Before, only the parent card transactions would come into the Bank Feed & then the rest of the card transactions would need to be entered manually. This method will save you plenty of time & effort moving forward. We will first go over how to set this up correctly in your Chart of Accounts using one "Parent" Credit Card account and then multiple "SubAccounts" underneath that parent account to represent the separate individual credit cards. Then, we will go over how to connect all those new accounts to the Bank Feed & how your new workflow will look. Then, we will go over how to handle credit card payments as well as month-end credit card reconciliations. Finally, we will go over the optional step of putting in a journal entry to clean up the looks of these accounts on your Balance Sheet.
2024 Update: I am still able to use this method in QBO today for some credit card companies. However, I've found, and some of you as well in the comments on this video, that this is not currently working in QBO for certain credit card companies. If this is the case, and this of course is not the ideal solution but another option for you if this is your situation, to link the "Parent" account to the Bank Feed, and then upload in bulk at the end of each month using the credit card statement, the transactions from the employee cards. Usually, these employee card transactions are separated out by card on the statements, making this method possible. Here is a link to another CZcams video I've made on this exact topic: • How To Upload Bank & C...
Update #2!: Here's a link for the new video made specifically for Chase Employee Cards:
• How To Link Chase Empl...
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Timestamps:
0:00 Intro
3:30 Setting Up The Correct Chart of Accounts
7:00 Connecting The New CC Chart Of Accounts To Bank Feed
8:10 Workflow
9:00 Looking At The Balance Sheet
9:50 Credit Card Reconcilaitions
12:00 Cleaning Up The Accounts Appearance On The Balance Sheet
16:47 Newsletter Introduction
Love this - thank you so much
Thanks! This was super helpful. It was the first time I was going to install sub accounts so you saved me for some headaches.
Glad I could help! Thank you for the feedback
This was super helpful and exactly what I needed. Thanks so much!
I'm glad I could help, thank you for watching!
This was so incredibly helpful. We have 19 sub credit cards and I've been having to either enter them manually or as a .cvs which didn't mark the account as updated. So easy to follow I found myself nodding and agreeing. Signed up.
It sounds like this will save you a ton of time in the future, I'm glad I could help. Thank you for watching and I appreciate you signing up!
Great video.
Love your content mate and thanks for cleaning up my QuickBooks. Unfortunately my CC expired and now I have 2 Credit Cards with the same last 4 digits when I go to merge the 2 credit cards in my Chat of Accounts it says I can’t merge 2 accounts that are both set up for Online Banking. Do I just use the older CC as the parent account and the new CC as a Sub-Account?
Hello and thank you. I'm trying to connect to BOA. The separate user cards are not showing up as options to enable. Is there some particular way to connect to get these sub accounts to show up in the manage connection window?
So helpful and just what I needed. Wish I had checked here before spending 45 mins on QB chat to finally hear "sorry it's impossible, you have to manually add all the non-primary cardholder transactions"!! Just want to know if I should un-sync my main credit card account and then add it back per your instructions? I don't want to mess up what I currently have in there. Thank you!
I’m sorry to hear that, but glad I could help! It’s hard to say without taking a closer look. But, I would say it would be safest to try first and see what happens. However, you may get an error message if you try to do this with the Parent card already linked. If this is the case, then at that point you can try un-syncing and starting from scratch using the method in this video like you mentioned. Worse case, if this also doesn’t work, you can always just resync the parent card as it was before un-syncing and tell it to pull in past transactions starting at the date of the un-sync. I hope this makes sense!
thank you so much for this video. we recently switched over to online and noticed a few things set up differently like cc's. we do have 13 employee cards with bank feeds set up under the parent card so I think we're ok there. however, we'd like to use Expense Claims for the guys to submit receipts and having a tough time figuring out the best way to match things plus send a final report to a VP for approval/sign-off.
Can you do a video on that or have any suggestions?
You’re welcome! I’m glad this Bank Feed setup seems to be working for you. QuickBooks Online does have some receipt upload capabilities with the ability to match, but I’ve found it sometimes struggles with determining the payment method so that sometimes makes things a little too manual to be efficient, especially if you’re dealing with 13 different cards. In regards to the report, I do not know off the top of my head a report within QBO that would work to separate the expenses by CC, especially with tagged receipts ready to view, but you may be able to get creative with some custom reports, especially if you introduce the “Tags” feature into your workflow in QuickBooks Online. You could add a “tag” of the employee name in each transaction under each card’s bank feed and then create a custom report viewing the expenses by tag, ultimately separating the expenses by employee. So, you can upload and match receipts all within QBO for the transactions, although not always very efficiently. You also can create “Tags” and use this feature to create custom reports showing expenses separated by employee. However, and I’m not sure I may be wrong about this, I don’t think you’d be able to send this custom report directly with the attached receipts for the transactions involved as well. There also wouldn’t be any direct approval process involved.
There may be a separate software solution for you for this though. Granted, I’m not very experienced with this particular app so do some research to see if this may be a potential solution before signing up. The name of this app is: Expensify . You can find this App in your QBO portal under “Apps” and install and link the app to your QBO directly from there. It seems like you the employees can scan all the receipts more directly and you may be able to more directly create custom reports to be approved and/or sent to the VP. Hope this helps!
What credit card company do you use?
Late to the game on this one, but why don't you use the transfer feature on quickbooks online to rebalance the accounts vs a journal entry? Thanks in adavance!
You can! Using the Transfer feature in QBO will accomplish the same thing as the JE shown in the video as the debits/credits happening in the background when a "Transfer" in QBO is entered are the same. I just personally prefer working with Journal Entries, especially when able to transfer the balances for multiple employee cards during one entry vs the transfer only being able to transfer the balances for one card at a time. But again, entering transfers can certainly work as well no problem, whatever you prefer. Thank you for watching!
Thank you for this but I am having a heck of a time with it and linking my chase account. I am getting the message upon connecting that the sub account already had a main account connected and it will not let me connect it.
Thank you for this feedback. I have also been having trouble trying to use this method right now in QBO for Chase credit cards unfortunately. See the updated description for this video under "2024 Update", this explanation and video will give you another potential option for bulk importing the employee card transactions into QBO using the credit card statements even though they can't currently be all linked to the Bank Feed
Here's a new video I just created addressing this! czcams.com/video/-1gSD6Nx2C8/video.html
Thank you for this!! Here’s an issue I’m having. My sub account transactions are showing in other sub accounts to be categorized. (I’m chase too.). I have unlinked and linked again. Still doing it. I don’t know why they are duplicating!
Of course! The Chase CC/QBO relationship has been weird lately, I haven't run into duplicates yet, but I guess it's a better problem than no transactions for a card coming in at all. If, an entire card's worth of transactions in it's entirety is being duplicated in another sub-account, then you may just be able to unlink that sub account (the one that's being duplicated), that way, the end goal will still be accomplished of bringing in all transactions into the Bank Feed somewhere to be categorized while still able to reconcile the main parent account monthly. Hope this makes sense/helps!
Here's a new video I just created addressing this! czcams.com/video/-1gSD6Nx2C8/video.html
You use chase for the multiple credit cards?
I currently use Debit cards. Its a pain to get new employees new cards....
But with the employee credit card seems like it will be easier to order a card.
Did you have tk submit each emplpyeea credit or do they use the business credit?
I would imagine that the process of ordering new employee credit cards under one credit account vs separate debit cards would be easier, but I cannot speak much to this because the only experience I have with this is the bookkeeping portion of client's Chase credit cards with multiple employees and I am not involved in the process of actually ordering the new cards and/or setting up the Chase account and do not use this workflow for my business so I unfortunately just don't know. The only part I can help with is on the QBO/Bookkeeping side of things after the cards are ordered and everything as shown in the video
Gunnar you may be my only hope, do you know if it is possible to do this in QB Desktop?
Gunnar, hello again (now I feel like I'm talking to myself), BUT, oh my gosh....I think I figured it out for desktop JUST by watching you explain it for ONLINE. I spent 2 hours with QB tech support yesterday and in 2 hours they couldn't get me to where you did in 5 minutes. I KNEW I should have started with CZcams yesterday. Thanks again. I'm giving you a big thumbs up AND subscribing! Thanks again! ********THIS VIDEO WILL HELP DESKTOP USERS TOO YAY!!!! *******
@@tameraterew1755 Thank you for this feedback, information and for subscribing! Again, I appreciate the feedback because I do not work within QuickBooks Desktop at all, only QuickBooksOnline. You knowing and sharing the fact that this method can also work with QuickBooks Desktop is very useful!
This doesn't work anymore. QB won't let you link a parent account and employee account to the bank feeds. What you can do is list the parent account as a sub account under a "dummy" credit card account, but I have yet to figure out how to reconcile with this method.
Thank you for this update! I am finding myself more and more limited with this workflow in QBO for certain credit card companies. However, I do find it still possible in QBO for some credit card companies to utilize this method. For your situation, see the updated video description section here called "2024 Update" for another possible solution for you. This method won't allow all the employee card transactions to come in via the Bank Feed, but will allow for reconciliations and monthly bulk employee card transaction imports via the credit card statements.
when i get to the link account and there is a main account and all the sub accounts are listed it will only let me pick one sub account at a time and when i go back in to the link accounts it says its already paired and won't let me pick any more sub accounts. Do you pick multiple sub accounts at a time on the link credit card page? this is where I'm stuck and with no visual I'm not sure if i missed something
Yes, whenever I’ve had my clients link using this method, they have been able to link all the sub accounts at once. Maybe check the credentials being entered during the link phase? The only thing I could think of is if the credit card credentials being entered are associated with one of the employee accounts and not the credentials associated with that account’s main “parent” account? This may be what’s limiting you on what accounts you can and cannot choose to link. I’m not sure though to be honest, that’s the only thing I could think of right now that may potentially cause this.
Here's a new video I just created addressing this! czcams.com/video/-1gSD6Nx2C8/video.html
I'm getting an error saying can't link bc it's already connected to bank feed. Suggestions?
Hard to say but from what I've seen in the past is that you can keep the current CC linked in the Bank feed and use it as the "Parent" account. Then, when attempting to connect the other cards, only check those boxes for those cards when attempting to link the CC again and uncheck the parent account from this list. Hope this makes sense & helps, kind of hard to explain via these comments. Let me know.
Here's a new video I just created addressing this! czcams.com/video/-1gSD6Nx2C8/video.html
You can't change the parent of this account to Chase Credit Card because it or its parent is already set up for Online Banking or Web Connect. ... I keep getting this warning when Im trying to put my second card under my parent account unsure what I can do to fix it.
happens to me. QBO told me current users cannot make one of them the parent as we already connected the bank accounts...
Here's a new video I just created addressing this! czcams.com/video/-1gSD6Nx2C8/video.html
@@erikanino7359 Here's a new video I just created addressing this! czcams.com/video/-1gSD6Nx2C8/video.html
Chase does not allow you to do this. When you have child accounts under the parent GL account, choosing the child in the bank feed setup will tell you the account is already connected to the parent. The only way to do it is to ether export and import transactions or set them up as individual GL accounts and suck it up. It's a flaw within QBO.
That is correct, there is a recent and current bug happening between Chase CC and QBO. However, I have recently discovered a workaround for this which is a to create a "dummy" Chase CC parent account, then put all of the cards (including the main parent cc account) as subaccounts under the "dummy" account, then when linking to the bank feed, link nothing to the "dummy" account and only link the subaccounts. This allows you to bypass the current bug. I may plan on making a new video soon regrading Chase CC specifically.
Looking forward to this@@essentiallyintentional
I have the same issue and came here to watch the video. Now I see the comments, including this one, and have set up my qbo as you have described in the comment here.
Just created a new video for Chase employee cards! czcams.com/video/-1gSD6Nx2C8/video.html
@@douglasdweck8691 I'm glad to hear that. If a review is needed, I just released a new video specifically for this situation with Chase employee cards! czcams.com/video/-1gSD6Nx2C8/video.html
Lost me 8 mins in