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?  

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!

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, 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?

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?

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 name, Your 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!

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?

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.

Hi! We have the same situation and need some support. We have 2 Chase Business Cards (let's call them Card A and Card B) which different numbers but they roll up to the same account that we reconcile in Quickbooks as a Parent Account. My issue is the cards say the following: 

Card A - $0 balance, $18k in Quickbooks

Card B - $3k balance, - $19k in Quickbooks

Why is it negative and can we correct this? We do have a $3k current balance which we'll pay after we reconcile our June Statement. 

The differences you're noticing between your Chase cards and QuickBooks may be due to how transactions have been recorded or categorized in QuickBooks, StephGer.

The Bank Balance shows the actual amount currently available in your bank account based on the latest statement or real-time data from Chase. If this balance appears to be incorrect, we suggest clicking the Update button to refresh the latest transactions.

In contrast, the QuickBooks Balance represents the total of all transactions (expenses, payments, adjustments) that you have entered in QuickBooks for the account. This balance is dynamic and updates automatically as you add, edit, or delete transactions.

To resolve the discrepancies, it is essential to review and compare your QuickBooks records with your bank data. You can follow these steps:

1. Go to the Settings icon and select Chart of Accounts.
2. Locate your Chase Business Card accounts (Card A and Card B).
3. Click on View register for each card to view all recorded transactions.
4. Gather your latest Chase bank statements and cross-reference them with QuickBooks, checking for duplicate entries, missing transactions, and incorrectly categorized transactions.
5. If you identify any incorrectly assigned transactions, choose the transaction, click Edit, and assign it to the correct card account.
   

    

After making the necessary adjustments, initiate the reconciliation process. It will help you confirm that the transactions in QuickBooks match your bank statement, and you can identify any remaining discrepancies.

You may also want to check out these articles that can help you generate your reconciliation report and learn how to use bank rules to categorize transactions from your bank automatically:

• How do I view, print, or export a reconciliation report?
• Set up bank rules to categorize online banking transactions

If you have any additional questions or need further assistance, feel free to revisit this thread. We are here to help you.

Hi, while this is extremely helpful, I don't think you fully understand what my issue is. 

We receive 1 statement from Chase bank each month (that covers both cards) and make 1 payment, which hits our parent reconciliation credit card account. We reconcile the 1 parent credit card account monthly and have no issues. 

Card A - has a positive quickbooks balance. 

Card B - has a negative quickbooks balance. Why is this?

I appreciate you getting back to us, StephGer. Let's dig into why your Cards A & B show positive and negative amounts in QuickBooks.

Card A shows a positive balance because of overpayments, refunds, credits, or misclassified transactions. Meanwhile, Card B shows a negative balance due to unpaid charges, incorrect payment allocation, or missing transactions.

To fix this, review how payments were applied and correct any misclassified transactions. By reviewing each account individually and cross-checking with your Chase statement, you should be able to identify and resolve the discrepancy.

You can run the Balance Sheet Detail report to review the transactions. Then, edit the transactions and assign them to the correct card via the Transaction Details.
 

Here's how:
 

1. Go to the Reports menu
2. In the Search bar enter Balance Sheet Detail.
3. Review the credit card transaction.
4. Click the transaction that you want to edit and choose the correct account.
5. Select Save and close.
   
   

Once everything is fixed, refer to this guide for various methods to help you reconcile your online transactions: Reconcile an account in QuickBooks Online.

On top of that, you can use this article to help you review your beginning balance to ensure accurate numbers in QuickBooks: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

I'll be around if you need additional help with your banking transactions.