Hello there, jd555.
There are a few things I'd like to clarify on how managed your transactions or where are at the moment of handling them. This way, I can provide the detailed steps on how to organize them.
Did you set up the second credit card as a sub- account? All transaction that is in the parent account will flow into the sub-account and vice versa.
Also, are both credit card accounts connected into QuickBooks? It’s one of the possibilities that QuickBooks will recognize both accounts as the same. Transactions on the corporate bank might flow on the subsequent cards and the other way around.
In addition, you can use the class or location tracking to manage the duplicates. It also helps you identify where the transactions will post. You might want to delete if they aren’t needed in your books. Before doing so, please reach out to your accountant so you won't mess up your books.
I'll keep an eye on your reply. Thanks in advance!
To my knowledge, I did not connect one as a subaccount.
Both the corporate account and the credit card are connected into quickbooks.
Let me clarify a bit further. BOA corporate credit cards are assigned under a corporate account. I connected both the corporate account and the individual credit card account to Quickbooks, as both have charges not reflected in each other.
Corporate Account: lists annual fee ($50) plus total due ($2k)
Individual Card: contains all individual transactions for this card ($2k less the $50 fee) and current amount charged in this billing cycle ($1k)
So when I connect both, my balance that flows to the balance sheet is $3k, which is $1k more than actual. When I only connect one, I'm either missing part of the total balance or the transactions in the register.
You can set up your corporate account as your parent account and your individual account as sub-accounts. This way, you can view each individual card transactions and when it's time to reconcile, you only need to reconcile the parent account.
Let me guide you how.
Once done, your individual card account will then move under your corporate card account.
After that, reconcile the parent account since all transactions in the sub-accounts are roll up into it.
You can refer to these articles for more information about:
Additionally, you can follow this article when you're ready to match your downloaded transactions.
Please don't hesitate to reach out if you have other questions.
When following the step by step guide to make the card a sub-account, QB warns me that:
"You can't change the parent of this account to Corporate Credit Account because it or it's parent is already set up for online banking or webconnect."
Reading in the link you posted, it appears that it's impossible to connect both the corporate account and credit card account at the same time, which is awkward because both accounts are needed because both have relevant entries, and the credit card sub account which has the majority of the entries does not reflect the actual account balance, which throws off the balance sheet report.
"Before connecting to Online Banking, you 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.
You can’t connect both a parent account and its subaccounts. If you try to connect both, you’ll get a message that the account is already connected."
I'm guessing that it will be easiest to not connect the parent account because it only has a few annual entries, and connect the sub accounts, and know that the total on the sub accounts does not reflect the actual CC balance so my balance sheet is just going to be off.
Is this how it's normally done?
Thank you for the response, @jd555.
If an account is set up for online banking, you're unable to add one as a sub-account of the other connected bank.
However, you can disconnect the account’s online banking to let you add it as a sub-account. When you disconnect an account, it stays active in QBO but you’ll stop it from getting your transactions from your bank.
Here’s how to disconnect an account:
See this article for detailed guidance: Disconnect or delete an account from the Downloaded Transactions page.
Keep me posted if you still have additional questions by leaving a comment below. Take care and have a wonderful day!
once the credit card is added as a sub account can transactions be downloaded? I'm getting an error message saying the parent account is already connected to a bank, but only payments and finance charges show up, not the actual card activity. How do charges get entered?
I'm here to help you in setting up your banking, QB Customer.
First of all, I'd like you to know that we've updated your username. It is because your previous username looks like it's a sensitive information.
We can only connect one account, either the parent account or the sub-account. That's the reason why you encountered an error that says the parent account is already connected.
You'll want to add your sub-accounts as an independent/parent account in QuickBooks Online. From there, you can connect the sub-accounts. Though, just a heads up, this may result to duplicated transactions. Most of the banks download the transactions into one account, which is the parent. For more details, please read this guide: About bank or credit card sub-account setup.
Once everything is good, here's a reference in reconciling your accounts.
Please reply again if you have more questions. I'll be happy to help you.
Let me inform you that we're not changing your username, it's for another customer who joins this thread. He is using a personal identification as a name so we changed it. Since your in this thread, so you also receive the notification but the change isn't for you.
You can check your profile information to verify that your username hasn't been changed. It's still jd555. You can check this link: https://quickbooks.intuit.com/learn-support/user/viewprofilepage/user-id/799459.
If you have any other QuickBooks related concerns, you can always post them here.
Hi QBO support
I have an exact question like jd555, for BankofAmerica, I have Corp credit card account and individual credit card account like to that corp account.
there are some payment, interest, fees, etc only would only show up on the Corp CC account.
For these entries, I won't be able to download it? I would have to manually enter them?
Hello there, @pochilin.
I'm here to ensure you can get all your Bank of America credit card transactions. This way, you'll be able to keep your accounts updated.
You can add your Bank of America Corp credit card account as the parent account and your individual credit card account as its sub-accounts. Then, set up each of them for online banking. This will let QuickBooks automatically download your transactions.
Before you start, I'd suggest using your bank account's URL when adding it to online banking. This is to make sure you'll be adding the right one.
Once done, you don't have to enter your transactions manually. In case you can't find or connect your bank account, you'll have the option to request it to be supported and manually upload your bank transactions in the meantime. For the detailed steps, check out the Request support for your bank section in this article: Find your bank account when you connect to online banking.
In addition, I'd recommend performing a reconciliation every month. This is to detect errors and discrepancies on your account, You can refer to this article for the complete information: Reconcile an account in QuickBooks Online.
Please let me know if you have other concerns. I'm just around to help.