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W
WCSW
April 23, 2020
Question

Credit Card Reconcilation

  • April 23, 2020
  • 1 reply
  • 1 view

I have 3 company bank credit cards, but each one gets consolidated into one master account. The bank allows you to make payments to the individual card, but it also allows you to make it to the master account. I have each card setup in my quickbooks. But one month payments were to the individual accounts and also to the master account. I'm have trouble trying to reconcile and suggestion on how to do that. I was trying to reconcile just the individual accounts. I thought about setting up a master account but not sure how to do it with out things duplicating. Please Help!!

 

1 reply

R
Rejeil_O
April 23, 2020

Welcome to Community @WCSW,

 

In QuickBooks, we're not able to reconcile the sub-account individually. However, you can reconcile the master account(parent account) to reconcile your three individual accounts (sub-account) automatically.

 

Visit this article for the reconciliation steps: Reconcile an account in QuickBooks Desktop.

 

In case you need help running a previous reconciliation report in QuickBooks Desktop, refer to this link: Get reports for previous reconciliations in QuickBooks Desktop.

 

Also, to learn more about reconciliation, bank activities, reports, and many more check out QuickBooks Desktop Help Article.

 

If you have follow-up questions, feel free to leave a message below. I'm always here to help. Have a great day!

W
WCSWAuthor
April 23, 2020

How would I set up the master account to reconcile the sub accounts. When I enter the credit card charges I enter them under each individuals card. Each Card has its own register.

S
ShiellaGraceA
Level 9
April 23, 2020

Hi @WCSW,

 

You'll want to set up a parent account (master account) and your multiple cards as a sub-account. Let me walk you through the steps.

 

  1. Go to Lists, then Chart of Accounts.
  2. Scroll down towards the Account drop-down, then New.
  3. Choose Credit Card, then Continue.
  4. Enter the account details, then Save & Close.

After that, edit your individual card to make it as a sub-account of your parent account. Then, connect your account to online banking. But before doing so, you need to know how your bank sends the downloaded transactions.

 

If the transactions download to one account, connect only the parent account. If the transactions download to the individual accounts, connect the subaccounts and not the parent account. This way, it'll be easier for you to reconcile your account.

 

Please refer to this article for more information about getting started with Bank Feeds for QuickBooks Desktop. I've also added this handy article about reconcile an account in QuickBooks Desktop so you'll have a guide.

 

That'll do it. Stay in touch if you have other questions or concerns. I'll be around for you. Thanks for visiting us today and have a good one.

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