How do you correctly reconcile a credit card payment when you have multiple users on CC and payment just goes to match the main user with the payment transaction?

You can create an adjusting entry to adjust the reconciliation, @perhub. 

If the difference after reconciling is a negative number. You can resolve it by creating a check transaction without a check number. This will reduce your bank account and your Opening Balance Equity account by that amount.

Here’s how to create a check:

1. Go to the Create icon ⨁ and select Check.
2. Choose the Bank Account where you’re having some discrepancy.
3. Add the amount and make sure not to indicate a check number.
4. Select Save and close once you’re done.

But, if it’s a positive number, then you'll just have to create a deposit transaction. This will increase your bank account and your Opening Balance Equity account by that amount. Follow the steps below:

1. Go to the Accounting menu and select Chart of Accounts.
2. Locate the account register that you’re having, then select View register from the Actions column.
3. From the Add transaction ▼ drop-down menu, select Deposit.
4. Fill in the necessary fields and complete the form.
5. Click Save once you’re done.

These adjustments affect only your Balance Sheet, not your Profit & Loss. See this article for detailed guidance: How to adjust a reconciliation. 

I'm always here if you need further help or assistance. Stay in touch by leaving a post below. I'm always here. Have a wonderful day!

Hi Mary,

It may have been some confusion on what I am asking.  When I have a credit card payment. I see a transaction on my bank account and the main credit card account.  However, Since Chase has each cardholder on each account, required to download each transaction, each of those needs to be reconciled. As you can see from the picture, You match the payment from the Checking Account to the Credit card (K Jr) that has the corresponding payment received.  There you accept the match.  However, in this example, the payment was $424.20, but K Jr card only had $395.44 spent that month, and Kathleen card had $38.75. When you match, K Jr goes negative -$28.76 in Quickbooks and Kathleen stays at $38.75.  If it did it correctly, K Jr would show $9.99 in Quickbooks due to the one transaction already and match the $9.99 bank balance and Kathleen would be $0.

Honestly, we would rather not have all of our cards on that card required as separate accounts and just have one Credit Card show, but that is how it linked it.

.....

Here is what I am trying to do.  You can see QB downloads Chase cards in same account under different accounts if you have more than one cardholder in that account.  This is causing an error reconciling the "In Quickbooks" amount since it only applies it to K Jr card

Hi there, perhub,

Thank you for providing screenshots. This will help me provide the exact information needed to resolve those transactions from the bank feeds.

When accounts to QuickBooks Online, you need to check with your bank how they send the transactions. If your bank downloads to one account, connect only the parent account. If not, then connect sub-accounts if they download them to the individual user's account.

For multiple credit cards from Chase, it's recommended to have a parent account. And, set up other users as sub-accounts. Then, only sub-accounts should be connected on your bank feeds. This is for you to easily apply payments and just reconcile the parent account.

Since those accounts are already on your bank feeds, you can simply edit the account info and make them a sub-accounts.

Let me show you how:

1. On the bank feeds, let's choose Chase CC: K Jr Chase CC.
2. Then, click the edit pencil icon.
3. Select Edit account info.
   
4. On the Account window, mark the Is sub-account box.
5. Select the parent account from the drop-down list.
   
6. Click Save and Close.
7. Follow the same steps for other users' account.
8. After that, you can then match downloaded payments.

To learn more about creating sub-accounts to break down income and expenses, check this out: Organize your accounts into parent accounts and subaccounts. This article provides detailed steps and instructions to guide you with the process.

Keep me posted if you need additional information and I'll get back to you.

Mary,

I have already setup each credit card as a sub account under the Main credit card.

The issue I am running into is matching the payment sent from the checking account to the K Jr CC account (since it has the payment received transaction).

It matches them, but it throws off the "IN QUICKBOOKS" balance because it is being applied to K Jr and not to the other cards that had transactions done.

K Jr CC shows a bank balance that encompeses all the other card holders with that Chase account.  However, they each are required to download the transactions on the account, since they don't show up in K Jr card downloads.  THis is why I created the Main account Chase CC and put all the cards as sub accounts below it.  The bank balance under K Jr card is matching the IN QUICKBOOKS balance for the main Chase CC account I made.

The problem is when the payment from the checking account is matched to the payment received showing in K Jr card.  It is throwing off the IN QUICKBOOKS amount.

Either there is a way to solve this problem or Quickbooks should just be using one card K Jr, and have all transactions download on there.

Hi, perhub.

As referenced by my peer above, 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 sub-accounts and not the parent account. This is to reconcile your account smoothly.

You don't need to transfer the transaction to any account connected to the bank feeds. Once your statements are downloaded into QuickBooks Online, you can match it from there.

See these articles to get more details about connecting your accounts to Online Banking:

• Organize your accounts into parent accounts and sub-accounts.
• About bank or credit card sub-account setup.

In case you want to know some "How do I" steps in QuickBooks Online, you can always visit our Help Articles page for reference. We also have resources available to help you grow and manage your business, all you need to do is visit the QuickBooks Resource Center for more information. 

Please get back to me if you have any other QuickBooks questions. I'd be more than willing to lend you a hand. Have a good one.

HI Rose,

I don't think you are following what I am asking.  I already setup the accounts as sub accounts under a main Chase CC account I made.  Kevin Jr is the main cardholder and the bank balance shows on that card, with all the others showing $0.

I am running into issues when I am matching the payment sent from my checking account to the credit card.  It matches it to the payment received in K Jr credit card, but it throws off the IN QUICKBOOKS balance amount on K Jr card and all the other cards that had transactions.

That is what I am specifically asking about, not how to setup a main account and sub account.  All the links you have provided don't answer my question.  They are just showing me what I have already done.

I am trying to resolve the issue with the IN QUICKBOOKS balance not correctly reflecting due to the fact each cardholder is downloading the transactions.

Hi, perhub.

To show this transaction to both accounts, you can record this using the Transfer Funds feature in QuickBooks Online. 

Below are the necessary steps to complete the process:

1. Click the Plus icon in the left panel and choose Transfer.
   
   
2. Choose the account that has the payment of $424.20.
3. Then, choose the second credit card account.
4. Enter the Amount and hit Save and close.
   

See the following article to get more details about this feature: Transfer funds between accounts.

In case you want to know some "How do I" steps in QuickBooks Online, you can always visit our Help Articles page for reference.

I'm always here to help if you have any other questions. You have a wonderful day.

Thanks for that option Rose.  I would need to do the exact opposite from K Jr credit card to transfer $38.75 back to the checking account though.  That appears to accomplish the same thing as just making a journal entry and swapping $38.75 between K Jr CC and Kathleen CC though, but with more steps.

If this is the only way to fix the discrepancy, then this is pretty cumbersome for a paid product like this. Honestly, this shouldn't be this complex.  It's better off if the account just downloaded all transactions in one account instead of one for each cardholder.  The way QBO and Chase have this setup just complicates the whole process way more than it should.  I have never seen this on Mint or Personal Capital, and those are free services.

As for all the references about transferring funds and linking credit cards.  I have reviewed them, but none of them solve this problem and its why I am on here asking about it.

I understand, @perhub.

Letting us know about this will also show our developers what they need to consider in future product updates. At this time, you can use this option to fix the discrepancy. 

I'll be sure to pass along your feedback in my end.

In the meantime, you can visit our QuickBooks Blog to know more about our latest happenings. From there, you'll get the recent news, features, and updates about QBO and what our Product Team is working on. 

Should you have other questions, do let me know. I'll be here to help. Have a great day!

Following this. 

Frustrating on our end as well. 

Any progress @IntuitLily ?

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@IntuitLily wrote:

I understand, @perhub.

 

Letting us know about this will also show our developers what they need to consider in future product updates. At this time, you can use this option to fix the discrepancy. 

 

I'll be sure to pass along your feedback in my end.

 

In the meantime, you can visit our QuickBooks Blog to know more about our latest happenings. From there, you'll get the recent news, features, and updates about QBO and what our Product Team is working on. 

 

Should you have other questions, do let me know. I'll be here to help. Have a great day!

---

Good day, @evmo.

At this time, the site offers the most commonly used features. We haven't updated any features as of the moment, and there will be a notification that will be sent out if there’s an update.

To keep up with what’s new in QuickBooks, check out our blog page by clicking this link here (https://quickbooks.intuit.com/blog/).

Let us know if you have any other concerns. We'll be around to help. Take care.

@perhub I feel your pain as well.  How are you handling this since posting your question?

I've been reconciling the sub-cards individually, and generating a "bill" when prompted at the end of the reconciliation.  Make sure the payee of this bill is the master credit card account.  Due date is the due date of the credit card payment.  

Then use bill pay to pay all of the cards on one check/bill payment. 

I've been reconciling the sub credit cards individually, and choosing to enter a "bill" at the end of the reconciliations.

Make sure the Bill payee is the master credit card Vendor.

Then use "Bill Pay" to pay all of the credit card sub accounts at once on the due date of the master card.

I still struggle with credits on the account.  Our bank has an automatic draw against the card, but they take the balance less any new credits on the account.  I am struggling to handle that cleanly.

I had the same issue. What I've done, when I make the check payment, when you go to your accounts on your check, you select the amount for each credit card number and what was being reconciled on that invoice.  For instance, the total card is $500.  When it enters a bill for you to pay, I break down the expenses for each person.  Since they are all subs of the main card, it will be listed under the main card as a full amount, but breaks it out per person:

person1 - $25

person 2 - $350

person 3 - $75

person 4 - $50.

Hello, 

This might be a stupid question but I'm curious as to why would you need each account's "In QuickBooks Balance" to be 0. Since we only need to reconcile the main parent account, don't we just need all the transactions of the main parent account to be checked out in the reconciliation? Will the "In QuickBooks Balance" of each sub credit card account matter?

I'm asking to know more about how the sub account and parent account work? I'm new to QBO and they are very confusing. 

Hello @Accountant1200,

Yes, the balance in each sub credit card account matters when reconciling the parent account. This is because all transactions in each sub credit card account will affect the overall total balance of the parent account. You can read through this article to learn more: About bank or credit card subaccount setup.

If you're still in doubt, I'd recommend contacting your accountant for additional assistance. He/she can give you the best way to manage your credit card account reconciliation. You can find one through this link: Find an accountant or bookkeeper.

Lastly, I've got you this helpful article in case you'll bump into errors with your reconciliation: Fix issues when you're reconciling accounts in QuickBooks Online.

If there's anything else that I can help you with, let me know in the comments. I'll be here to lend a hand.

Once the subaccounts are all set up, then how does one reconcile the credit card and all the subaccounts? I too am having a hard time getting the subaccounts to properly reconcile. I've set everything up exactly as you've explained. 

Thanks for posting here, @Donna139,

In cases where multiple sub-accounts are connected for online banking, you only need to reconcile the parent account. This is because all transactions roll up into it and statements are only available on parent accounts.

If you need further help reconciling, see How to reconcile an account in QuickBooks Online for the step-by-step guide.

You will see this information when you scroll down to Reconcile the account section of this article: About bank or credit card subaccount setup.

Let me know if you need further help with your reconciliation. I'll be more than happy to share some more insights whenever you need it. Have a nice day!

I have a question. I am trying to reconcile my amex and I ran   a discrepancy report and found it.

When I reconcile my amex, it doesn't Match the previous balance. How can I go back and fix that since I already reconciled. The amount in there is checked in the register. 

I'm here to guide you as to how you can fix your previous reconciliation in QuickBooks Online (QBO), @MA641.

You're already on the right track in fixing your previous reconciliation. Since you've already run a discrepancy report and found the transaction that causes the mismatch of your Amex account's balance, the next step you need is to manually undo your previous reconciliation. To do this, you'll have to edit and unreconcile the transaction. Here's how:

1. Go to the Accounting menu.
2. Select the Chart of Accounts tab.
3. Find your Amex account and then select View register.
4. Find and select the transaction to expand the view. If the transaction is reconciled, you’ll see an “R” in the Checkmark ✔ column.
5. In the Checkmark ✔ column, select the box with the “R” until the box is blank. This removes the transaction from the reconciliation.
6. Select Save. 

To learn more about the process above, you can refer to this article: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

Once you're done, start reconciling again. For the step-by-step guide, please check out this article: Reconcile an account in QuickBooks Online.

Also, I encourage you to reconcile your accounts every month. This will help you monitor your income and expenses and detect any possible errors accordingly. To further guide you in doing or fixing a reconciliation in QBO, I'd recommend checking out this article: Learn the reconcile workflow in QuickBooks.

Please don't hesitate to keep me posted on how it goes in the comments below. If you have other reconciliation concerns and questions about managing your Amex transactions in QBO, I'll gladly help. Take care always, @MA641.