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Level 2

Reconcile Credit Card - Multiple Card holders

Hello, we have our credit card linked into banking. There are 2 credit card holders. There is a CREDIT CARD ACCOUNT and then 2 sub accounts, one for each card showing as 2 separate things on the banking page. 

when it’s paid off from the CURRENT ACCOUNT each month it comes off as 1 payment. How do I reconcile the sub accounts?

 

my thoughts were to raise a bill. The CREDIT CARD ACCOUNT pays the sub account the amounts owed then I do a transfer from CURRENT ACCOUNT to CREDIT CARD ACCOUNT. I’m not 100% sure how to do it.

 

Any help much appreciated!

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Best answer February 06, 2020

Accepted Solutions
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QuickBooks Team

Reconcile Credit Card - Multiple Card holders

I'll help you from here, Jalexanderplant.

 

Add £100 in the 1st line (CREDIT CARD), then £200 in the 2nd one (2 CREDIT CARD).

 

 

Although, you can also check in the statement to verify how the amounts are categorized. This way, we can accurately add it in the system. 

 

I'll share an article on how to record credit card payments for future reference. 

 

Tap me if you need more help with recording these expenses. I'll reply to you as soon as I can. 

View solution in original post

5 REPLIES 5
Highlighted
QuickBooks Team

Reconcile Credit Card - Multiple Card holders

Great thoughts, jalexanderplant. 

 

We can record an Expense that is paid by the Current Account posted to the Parent and Two sub-accounts. That can be an easy way to do it. 

 

Let me show how to create it:

  1. Go to the ( + ) New button and click Expense
  2. Under the Payment account drop-down, select the Current Account
  3. For the Category fields, select the Credit Card accounts, the parent and two sub-accounts. 
  4. Enter the amounts paid to each credit card account. 
  5. Fill-out the rest of the fields and then Save and close

You can check each register if payments were posted. Then, you can continue reconciling your accounts

 

Let me know if there's anything else that you need. Thanks!

Highlighted
Level 2

Reconcile Credit Card - Multiple Card holders

Hello,

 

Many thanks for your reply and apologies for not getting back to you sooner. I am still having some issues with this.

 

I have 2 cards for my credit card. The first has a balance of £100 and the second has a balance of £200 this month. These are sub accounts of the main CREDIT CARD account. In banking I have a transaction in the CURRENT ACCOUNT for £300. I created an Expense, I added in the CREDIT CARD and the 2 CREDIT CARD sub accounts but I didn't know what numbers to put where.  Can you give me further help?

 

Many thanks.

Highlighted
QuickBooks Team

Reconcile Credit Card - Multiple Card holders

I'll help you from here, Jalexanderplant.

 

Add £100 in the 1st line (CREDIT CARD), then £200 in the 2nd one (2 CREDIT CARD).

 

 

Although, you can also check in the statement to verify how the amounts are categorized. This way, we can accurately add it in the system. 

 

I'll share an article on how to record credit card payments for future reference. 

 

Tap me if you need more help with recording these expenses. I'll reply to you as soon as I can. 

View solution in original post

Highlighted
Level 1

Reconcile Credit Card - Multiple Card holders

I’m having similar issues, I have one parent account with 3 cards linked to it. As these are business cards how do I tell QuickBooks to ignore the payment when claiming vat back as it takes into consideration the reviewed transactions on each card account.

Highlighted
QuickBooks Team

Reconcile Credit Card - Multiple Card holders

Hi there, Lilolill.

 

I'll provide information about connecting transactions with parent and subaccounts in QuickBooks.

 

Before connecting to Online Banking, you'll 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. That said, QuickBooks depends on how your bank downloads the transaction and adds them to the For Review tab.

 

Then, once the payment is already reviewed, this will go to the categorized section. From there, you can undo the entry and go back in the for review tab to re-categorize the transaction.

 

Then, it could be the bank account set up in a recording the VAT payment is the parent account or one of the 3 cards accounts. I'd suggest checking the account used in the VAT payment. Then, make sure to choose a different account so this will not include in the reviewed transactions for each card.

 

Here's how:

 

  1. Go to the Taxes menu at the left panel. Then, select VAT.
  2. Choose the Payments section and select each payment by clicking the View link.
  3. Review the account used under Account.

 

 

 

 

 

Once you've confirmed that you used the parent account or the other card that was linked to it, you can delete this payment and create a new one and use a different account. To do this, choose the Delete option in the VAT payments you've created.

 

 

 

Once done, you can follow the steps provided in this article on how to Record a VAT payment with the correct account: Record a VAT payment or refund [Video].

 

Please refer to this article to see information on how connecting the accounts to Online Banking works in QuickBooks: About bank or credit card subaccount setup. This also provides a link on how you can reconcile an account so they match your bank and credit card statements and to avoid discrepancies.

 

If you have other banking concerns, don't hesitate to click the Reply button below. I'll be around to help.