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Credit Card statement options

Forum|Forum|1 year ago
August 1, 2024
2 replies
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After downloading credit card charges, there is a report where we assign the GL account to each individual charge. We are not downloading charges for each individual card number, but instead downloading all charges to our master card account for each month. On the report, we are wondering if there is a way to sort or group the report detail into the specific cardholders sequence so we can more easily and quickly review the charges in order to assign the appropriate GL code. Or because we aren't downloading each card detail individually is that not a possibility? The individual card # has to be present in the bank's overall file structure (in order to break out the charges for each cardholder), so if that data was part of the download, such a sort would be possible. Of course, QB would have to pull in that data to the report to enable users to access it .... ???

QuickBooks Enterprise Suite

Best answer by BigRedConsulting

Yes, if your CC company puts different credentials in each card's download (maybe the CC is different) then setting up sub-accounts is probably the best way to do it.

C

CamelleT

Moderator

I fully understand the importance of modifying your reports to facilitate a more efficient review process, Deadwood. By adjusting the reports, you can streamline the task of quickly assessing and verifying the charges. This not only helps in ensuring accuracy but also accelerates the workflow.

First, I'd like to know which report you're referring to. A screenshot would also be highly appreciated. This way, I can narrow down the issue and lay down the appropriate steps to achieve your goal.

If you meant a Quick Report on the credit card account, you may customize this report and sort it by the vendor's name. Here's how:

Tap the Accountant menu and choose Chart of Accounts.
Locate the account, then right-click and pick Quick Report.
In the Sort by dropdown, select Name.
Then, you can drag the Name column to the leftmost corner.

The Name column will now be on the first column after dragging.

Please feel free to provide additional clarification or elaborate further by adding a reply below if you intended to convey something different or if there are specific aspects you were referring to. Any extra details or context you can provide will be extremely helpful for me to fully understand your concern and address it accurately, Deadwood.

D

Deadwood AlAuthor

The screen I'm talking about is what appears after you download credit card charges from the bank, and you want to assign the GL code to the items on the screen. Its called Transaction List on the top portion. I've tried to attach a pdf file showing a portion of the screen. If I said report earlier, I misspoke ... I rarely know what to call things in quickbooks because it seems QB and I usually have different name for things.

It is a screen display of a list of the individual credit card charges that have been downloaded from the bank. Once downloaded, we need to assign a GL code using the display list (what shows on the screen) and then approve the batch of the ones that have had a GL assignment made.

I am guessing that if we download all the c.c. charges for the month in one larger file that there is no option to sort by each of the cardholders, and if we wanted to do that we'd have to download each cardholder statement individually. This obviously would take more time to download each cardholder statement, but that isn't an uncommon result of many of the QB tasks.

I hope you're able to open the attached file and that helps identify what I'm talking about.

E

ErwinQ

I appreciate your effort and the detailed info you've shared about your credit card charges in QuickBooks Desktop (QBDT), Deadwood.

When downloading credit card charges from the bank, we are unable to sort them by card type because we don't have the card header to identify which credit card the transactions came from.

For now, you can download each cardholder's information individually as a temporary solution. To ensure a better customer experience in the future, I suggest sending feedback to our Product Development Team. This will allow them to gain insights from our valuable customers and make necessary improvements to our platform.

Here's how:

Go to the Help option.
Choose the Send Feedback Online option.
Click the Product Suggestion option. A window pops up.
Enter your feedback suggestion.
Thick the Send Feedback button.

Furthermore, I'm attaching this article for future reference in reconciling accounts so that QuickBooks matches your real-life bank deposits: Reconcile an account in QuickBooks Desktop.

Feel free to comment down below for more questions about your bank transactions in QBQBDT. I'm here happy to help.

BigRedConsulting

Level 15

RE: After downloading credit card charges, there is a report where we assign the GL account to each individual charge.

No, there isn't a report that will show you what you just downloaded. Picking the correct account is usually done as you accept the transactions using the bank feeds feature.

RE: We are not downloading charges for each individual card number, but instead downloading all charges to our master card account for each month. On the report, we are wondering if there is a way to sort or group the report detail into the specific cardholders sequence so we can more easily and quickly review the charges in order to assign the appropriate GL code. Or because we aren't downloading each card detail individually is that not a possibility?

It is not possible because QuickBooks doesn't know which card was used for each charge.

RE: The individual card # has to be present in the bank's overall file structure (in order to break out the charges for each cardholder), so if that data was part of the download, such a sort would be possible.

It is not part of the download in your case, as your CC company is including all the charges from different cards that are attached to your account in one download, where it only has one account number associated with all of the transactions. There's no place on individual OFX transactions to include the card that was used within the account.

D

Deadwood AlAuthor

It seems I frequently use the wrong terms when trying to explain something in QuickBooks, and if that is the case, I apologize.

When we download the QBO file from our bank, it doesn't assign any GL account as to where the charge should go in our GL. Instead, we click on the QBO file and it opens a transaction list that we can specify a date range to display, and in that transaction list display (what I referred to as a report), we assign a GL code to each line in the transaction list. It is that transaction list I was asking about if there was a way to sort by individual cardholder charges.

But I do believe you response to me covers the fact that the cardholder data isn't present when we are downloading the "master card ID" to pull in all the charges for a specific statement. To have what I was asking about would require us to identify each cardholder as a "sub-account" to the main account and then download each one separately. Our bank contact has sent information on how to do this with First Interstate Bank, so we'll be looking at this. I'm now trying to figure out how to ID those sub-accounts in QB: I was thinking maybe using the main account GL (i.e. 2100) followed by a - and then the last 4 of each card number (i,e, 2100-xxxx). If you have any thoughts or watch-outs on this, please let me know.

I did notice, however, that in a couple statements. a couple to a few of the individual charges that were on the master account statement failed to download in the QBO file. I was able to add those individual charges to the system, but I was wondering if there is any known reason for the failure to load those transactions and if this is something that routinely happens in the process?

As always, thank you for responding. I appreciate your feedback.

BigRedConsultingAnswer

Level 15

Yes, if your CC company puts different credentials in each card's download (maybe the CC is different) then setting up sub-accounts is probably the best way to do it.

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