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Leanne0913
Level 1

Credit Card Entries

I have a main Credit Card account that only posts the payments and cash rewards. Then I have the sub accounts. I created a "parent" account, then made all of the other accounts sub accounts including the one the payments go to. I am reconciling perfectly! My problem is on the banking section the amounts still show incorrectly on each account. How do I get them to match if the payments go to the main account but my statements do not show which card the payment actually goes to. 

4 Comments 4
Mark_R
QuickBooks Team

Credit Card Entries

Thank you for posting your concern here in the Community, @Leanne0913.

 

Let me share some information on how QuickBooks downloads your bank transactions for parent and sub-accounts.

 

You'll want 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.

 

Please know that some banks may show the overall bank balance at each subaccount level. This is because the bank provides us with a static balance of the entire account, not the balance of each subaccount.

 

To avoid this in the future, I suggest reaching out to your bank to know how they'll send the transactions.

 

I'm adding this article for more information: About bank or credit card subaccount setup.

 

You may be ready to reconcile your bank account in QuickBooks Online (QBO). This article will guide you through the process to ensure your QuickBooks transactions match your bank statement: Reconcile an account in QuickBooks Online.

 

Come back to this post if you have other concerns or follow-up questions about your connected bank accounts. The Community team and I are always here to help.

Leanne0913
Level 1

Credit Card Entries

The real “parent” account is the account that payment s are posted to by the bank then the rest are sub accounts tbat only the transactions are posted too. I am helping a business and they connected the parent and sub accounts as I would assume you would since the parent one is the one the payments go to. I read somewhere else on here to create a “parent reconcile account” which i did but the. Made the real parent account that the bank shows the payments to a sub account. So I use the parent reconcile account to reconcile but infer banking the actual balances are correct. 
  So what should one have down with the real parent account that the bank posts the payments and cash rewards to?

Leanne0913
Level 1

Credit Card Entries

Sorry. So under banking the balances are off. But how does one post transfers and payments to correct it with the payment parent sub account. 

ChristieAnn
QuickBooks Team

Credit Card Entries

I appreciate you for coming back to the thread and adding extra details about your concern, Leanne0913. I'll be sharing further details on how parent and sub-accounts work in QuickBooks. Then, I'll ensure you can manage your bank transactions and reconcile your account smoothly.

 

Please keep in mind that when initially connecting your account, the same opening balance entries may download to all subaccounts. You'll need to delete all but one of these balances when you reconcile. Some banks may show the overall bank balance at each subaccount level. This is because the bank provides us with a static balance of the entire account, not the balance of each subaccount.

 

Then, while posting to the sub-accounts will impact the parent account balance, posting to the parent account will not impact the sub-accounts. If you've recorded money-out under the parent account, your balance will go down, while the balance of the sub-accounts remains the same. I recommend looking through the parent account to see if there's a transaction that hasn't been assigned to a sub-account, which would cause the difference between the two balances. 

 

On the other hand, after connecting your parent account and everything are accurate, I suggest making sure to match the downloaded transaction with the one you already entered. This links them together so you don't get duplicates and to ensure your account stays balanced.

 

Then, please know that when it’s time to reconcile, you only need to reconcile the parent account because all transactions in the subaccounts roll up into it.

 

Lastly, you may refer to this article to view various guidelines that might help you in fixing any reconciliation issues in QBO: Learn the reconcile workflow in QuickBooks.

 

If there's anything else I can help you with, aside from managing your bank transactions, please let me know by leaving a comment below, Leanne0913. I'm always here to help. Have a great day!