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massey222
Level 2

Connecting Two Credit Card Accounts For One Statement

I've taken over helping reconciling a previously set up account.  They have two credit cards/users on the same account.  In Quickbooks it has them listed separately but they are included together on the monthly statements.  How do I fix this so I can properly reconcile the monthly statements since they aren't connected in Quickbooks?  

 

10 Comments 10
RoseJillB
QuickBooks Team

Connecting Two Credit Card Accounts For One Statement

Great to have you here in the Community, @massey222. I’ll help you with reconciling your bank accounts in QuickBooks Online (QBO).

 

The first bank account must be set up as a parent account, while the second must be set up as a sub-account.

 

Although, for reconciliation purposes, we must add the bank account (parent) before setting up the credit card accounts as sub-accounts. Because all transactions from the sub-accounts are rolled up into one, you'll only need to reconcile the parent account.

 

Also, the transactions will remain intact since we’re only adding the parent account.

 

Here’s how you can add the parent account:

 

  1. From the left navigation pane, select the Accounting menu.
  2. Select the Chart of Accounts tab.
  3. Click the New button.
  4. Fill in the necessary fields, then click Save and close.

 
Next is to set up the credit card sub-account. I’ll show you how:

 

  1. From the Chart of Accounts page, look for the credit card.
  2. Click the View register drop-down arrow, then select Edit.
  3. Tick the Is sub-account box, then select the parent account.
  4. Click Save and Close.

 
Moreover, you can check out this article about bank or credit card subaccount setup.

 

Furthermore, you can utilize this article to reconcile your account in QuickBooks Online.

 

Let me know if you need further assistance with banking transactions. The Community always has your back. Have a great day!

massey222
Level 2

Connecting Two Credit Card Accounts For One Statement

Is there any way to do this after the fact, after two credit cards have been listed as their own parent accounts?  The 2nd card has been used for a year (before I took over cleaning up & helping categorize).  So it won't let me change it now.  Does this mean I'd have to remove the 2nd card, reconnect it to Quickbooks like a new account & then newly re-categorize everything?  

Jen_D
Moderator

Connecting Two Credit Card Accounts For One Statement

Thanks for updating this thread, Massey.

 

I'm joining the thread to share some insights about this banking concern. If the two accounts are not yet connected to online banking, you have the option to merge them, so all transactions go into one account. This way, you can reconcile them properly.

 

The merging process is recommended if you have the following scenarios:

 

  • If the bank connected to online banking changed account numbers and you need to add the new account in QuickBooks.
  • If the old account is already inactive and you want to combine previous transactions to the new active register.
  • If you don't want to use the other account and wanted to move entries to a new one.
  • Accounts with the same Account Type.

 

Once done, follow the steps below to merge the two registers. Don't worry, you will not lose any transactions during the merging process. All entries will go to the winning account (active). Follow the steps below:

 

  1. Go to the Accounting section and select Chart of Accounts.
  2. From the list, find the old connected account (Example Old Checking).
  3. In the View Register drop-down, select Edit.
  4. Use the same name for the new account in the name field and number on the Description. To merge accounts, one must use the same name for both registers.
  5. Click on Save and close.
  6. You will see the merge option, click Yes on the prompt.
  7. The transactions posted from the old register will be combined to the winning account.

 

Once merged, connect the correct parent account to online banking. These are the steps:

 

  1. In the Chart of Accounts, find the new register.
  2. Click the drop-down under the Action column.
  3. From the options, choose Connect bank.
  4. Follow the onscreen instructions to fully connect the account.

 

The system does not allow connecting both parent and sub-accounts for online banking. If all transactions download to only one account, connect only the parent account. To guide you further, check out this related link to learn about the connection in QBO: About bank or credit card subaccount setup.

 

We do not recommend merging if the account is still actively downloading transactions in QuickBooks. This is because online banking downloads data based on your bank info and credentials.

 

If you want to merge accounts that is still connected for online banking, you will need to disconnect the connection first. Then, add the new account information as a separate register in the Chart of Accounts and merge them afterwards. 

 

I've outlined the steps for you below:

 

  1. Go to the Banking menu then go to the Banking tab.
  2. Click the account from the linked accounts to see the Edit account info option.
  3. On the next screen, click the box for Disconnect this account on save.
  4. Press Save and Close.

 

Next, add the new account information by going to the Accounting tab then Chart of Accounts. Tap the New button then add a new name for the updated credentials. Skip this step if you already have the account added.


I'll be right here if you need further help with our banking process. Message us anytime. Have a nice day!

Rhusch
Level 1

Connecting Two Credit Card Accounts For One Statement

I have a Chase Business credit card account that has two employee cards.  They are both linked to my bank, and have separate registers.  Can you please provide me with the steps to combine the two cards on to one register.  The main account (Chase Credit Card) has 17 years of data and the (Credit Card) account has this 2022 year on it.  I would like not to lose any data.

RoseJillB
QuickBooks Team

Connecting Two Credit Card Accounts For One Statement

I’m here to guide you with merging your account in the Chart of Accounts (COA) in QuickBooks Online (QBO), @Rhusch.

 

To combine the transactions into one register in COA, you’ll need to merge them or set a parent account and add the two employee cards as sub-accounts. Since you mentioned that the credit cards have already been connected to your company file with a separate register, you will have to disconnect the two employee cards first and set their registers as sub-account.

 

Take note that before disconnecting your online banking, please ensure that all transactions have been categorized. Otherwise, all uncategorized transactions will be deleted.

 

Afterward, use your Chase Business Credit Card account as the parent account. Then, add the two employee cards as a sub-account. To do so, you can follow the steps below:

 

  1. Go to the Accounting menu and select Chart of Accounts.
  2. From there, locate the separate registers of the employee credit cards to change them as sub-accounts.
  3. Once located, click the dropdown arrow beside the View register and select Edit.
  4. Under the Save account under section, select the Chase Business Credit Card to set it up as the parent account.
  5. Then, repeat the same process for the other sub-account.

 

Once sorted out, reconnect your bank to keep receiving your latest bank transactions. Then, learn to categorize and match this to the correct category and reconcile after.

 

Feel free to comment below if you have more questions regarding this or any QuickBooks concerns. I'll be here to help. Have a good one.

CR92323
Level 1

Connecting Two Credit Card Accounts For One Statement

RoseJillB, I have this set up already and have been using parent accounts like how you explained it. Throughout the years employees have had company credit cards and some have either lost the credit card and we opened a new one or have canceled cards for employees who are no longer with us.  However, their cards are still "active" in QB and I would like to make them inactive so that they do not show up on reports, etc.

 

However, they look like they have balances since reconciling is done in the parent card register and the card as a whole is paid off monthly in the parent, not each individual card. Therefore, I can't make the card inactive since it does not have a zero balance (even though it does).

 

What is the best way to zero the cancelled cards, either create a journal entry or something else?

CR92323
Level 1

Connecting Two Credit Card Accounts For One Statement

RoseJillB, I have this set up already and have been using parent accounts like how you explained it. Throughout the years employees have had company credit cards and some have either lost the credit card and we opened a new one or have canceled cards for employees who are no longer with us.  However, their cards are still "active" in QB and I would like to make them inactive so that they do not show up on reports, etc.

 

However, they look like they have balances since reconciling is done in the parent card register and the card as a whole is paid off monthly in the parent, not each individual card. Therefore, I can't make the card inactive since it does not have a zero balance (even though it does).

 

What is the best way to zero the cancelled cards, either create a journal entry or something else?

ZackE
Moderator

Connecting Two Credit Card Accounts For One Statement

Thanks for getting involved with this thread, CR92323.
 

To properly identify how you should go about zeroing out cancelled credit cards, I'd recommend working with an accounting professional. If you're in need of one, there's an awesome tool on our website called Find a ProAdvisor. All ProAdvisors listed there are QuickBooks-certified and able to provide helpful insights for driving your business's success.
 

Here's how it works:

 

  1. Go to our Find a ProAdvisor page.
  2. Use the City or ZIP search field to specify a location.
  3. Select Find a ProAdvisor.
  4. Browse through your results and find one that works best for the business. You can click on each ProAdvisor's profile to learn more information about them.

 

Once you've found an accountant, they can be contacted through their Send a message form:
 

  1. Use the available text box to introduce yourself. Be sure to include details about which services you're looking for.


     
  2. Enter your appropriate info in the Your nameYour email, and Your phone number (optional) fields.


     
  3. Hit Send message.

 

You'll also be able to find many detailed resources about using QuickBooks in our help article archives.
 

If there's any additional questions, I'm just a post away. Have a great day!

JStrieber
Level 1

Connecting Two Credit Card Accounts For One Statement

I disconnected both accounts from online banking, made them parent and sub account, but when I try to reconnect them to my bank, QBO gives the message, "The account {} has a parent account that is already connected to an account at one of your banks and won't let me complete the link. Any suggestions?

Ethel_A
QuickBooks Team

Connecting Two Credit Card Accounts For One Statement

Hello there, @JStrieber.

 

Let me share information about connecting parent and subaccounts in QuickBooks Online.

 

In QuickBooks Online, you cannot connect to online banking for both the parent and subaccount. It will only allow you to connect the account where the transaction flows.

 

Do you know what account your transactions flow? If they flow in the parent account, connect the parent account only. If they are in the subaccounts, connect the subaccounts only.

 

Here's how:

 

  1. In the Chart of Accounts, find the new register.
  2. Click the drop-down under the Action column.
  3. From the options, choose Connect Bank.
  4. Follow the onscreen instructions to connect the account.

 

To guide you further, check out this related link to learn about the connection in QBO: About bank or credit card subaccount setup.

 

Moreover, I've added this article as your guide in categorizing transactions: Categorize online bank transactions in QuickBooks Online.

 

Let me know if you have questions about connecting bank accounts in QuickBooks Online. I'm always here to help. Have a great day.

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