Are our capital partnership contribution accounts entered correctly?

I'm here to share details about how online banking works in QuickBooks Online (QBO), res@finisroadrvp. This way, you can monitor your bank accounts and transactions accordingly.

Based on your description above, I can tell that your capital partnership contribution accounts are entered correctly. This is because when you connect to online banking, either the main account (Partner Investment) or the sub-accounts (Partner accounts) receives transactions.

When your banking data downloads to one account, then connect the parent. Otherwise, you'll have to link the subaccounts only. You're unable to connect both mentioned accounts. The system will recognize that you've already connected to online banking.

Once your transactions are downloaded, you'll have to review and/or match them to the existing entries in QuickBooks. This way, you're able to keep your account updated. For the step-by-step guide, please refer to this article: Categorize online bank transactions in QuickBooks Online.

Also, I would encourage you to reconcile your capital partnership contribution accounts every month. This will help you monitor your income and expenses and detect any possible errors accordingly. To know more about this process, I'd recommend checking out this article: Reconcile an account in QuickBooks Online.

Let me know if you have other banking concerns and questions about managing your capital partnership contribution accounts and transactions in QBO. Please don't hesitate to drop a comment below, and I'll gladly help. Take care always, res@finisroadrvp.

Thank you for the clarification, res@finisroadrvp. 

Allow me to share some additional information on how online banking works. 

You can disconnect your parent account before connecting  to online banking if you want a single downloaded transaction to register with your partner account.

For more information, you can check out this article: About bank or credit card subaccount setup

Then, for the amount that is not showing to your sub-accounts, you can  review and/or match them to the existing entries in QuickBooks. 

For detailed steps, you can check out this article: Categorize online bank transactions in QuickBooks Online.

In case you need some related articles in managing your bank account, you can always visit our Banking and Bank Feeds page for reference. 

If there's anything else that I can help you with, please let me know in the comment section down below. I'll always be around to help. Take care!

How can I disconnect the main account and transfer the four 5000.00 to each sub-accounts? My QB has already been connected to online.   The connection happened before I created my four sub- capital accounts.   You mentioned reconciliation. My sub-accounts are at a zero balance.  QB put the entire 20,000 in the main account.  I so appreciate your help in this.  

Good day, res@finisroadrvp.

I'll share some info regarding your situation. 

If you disconnect an account from online banking, your existing accounting data won't change. Please take note that when you disconnect, QuickBooks deletes the transactions that still need to be categorized in the For review tab.

To transfer the four 5000.00 to each sub-accounts, you can follow these steps:

1. Go to Transactions > Banking.
2. Click the For review tab, and select the transaction you want move. This will give you the options to Categorize, Find match, or Record as transfer.
3. Choose Record as transfer.
4. Select a transfer to/from account and hit Confirm.

If you want to record the transfer in your QuickBooks account, you can follow the steps in this article: Transfer funds between accounts.

Once recorded, you can now disconnect the account by following these steps:

1. Go back to the Banking tab and select the tile for the bank account.
2. Click the pencil icon, then select the Edit account info button.
3. Put a check mark on the Disconnect this account on save box. Note: If QuickBooks is downloading new transactions, you won't see this option. Wait a few minutes for the update to finish and try again.
4. Hit Save and Close.

For reference, you can check out this link: Disconnect or delete accounts connected to online banking.

If you want to connect the sub-accounts, the steps are included here.

Should you have any additional questions regarding the info I've shared above or need help with other task in your account, please let me know in the comments below. I'm always around to help. Enjoy your weekend!

I see that there's nothing left in the For Review tab, and every account has been reconciled, res@finisroadrvp.

To put the 5,000 amounts to each partner accounts, you can create a Transfer in QuickBooks Online. Make sure to choose the main partnership contribution account in the Transfer Funds From field to debit the 20,000 amount and credit it to the partner equity account in the Transfer Funds To. You'll record four QuickBooks transfers in total.

Here's how:

1. Click + New and then select Transfer.
   
2. In the Transfer Funds From field, select the main partnership contribution account.
3. Pick the partner account in the Transfer Funds To drop-down.
4. Type the 5,000 value in the Transfer Amount box.
5. Enter the Date and optional details (Memo and Attachments).
6. Hit Save and close.
   

Once you have transferred 5,000 to each partner, this will 0 out the balance in the main account eventually.

I'm counting this article for other details: Transfer funds between accounts. This covers how to record a transfer using a check and match a transfer when importing bank transactions.

Additionally, you can find the recorded transfer by opening each account register in the Chart of Accounts.

If you have other questions about recording transactions and matching bank entries in QuickBooks Online, feel free to let us know. We're always here to back you up. Have a nice day and take care.

I think I understand now. I do this transfer for all four capital accounts until the parent is at zero? Should I change the date to the original deposit date? Or does the date matter? 

I think I understand now. I keep transferring to each sub-accounts until the parent account is zero correct? Should I change the date to the original date or does the date matter? 

I have additional steps to ensure that the principal account balance will zero out, res@finisroadrvp. 

I'll make sure that you can distribute the $5000 to the four sub-accounts and zero out the parent. This way, the transactions, and balances will be correct moving forward. 

Before we start, I'd recommend deleting the two deposit transactions you previously edited. This way, the parent account will be messed up. Once done, please transfer the $5000 to each of the sub-accounts. You can change the Date to the original one, so you don't get confused. You may follow the steps outlined by Jovychris above. 

After that, let's create a journal entry to zero out the parent balance. Let me show you how: 

1. Go to the +New and choose Journal Entry. 
2. Choose Opening Balance in the first row and enter $20,000 in the Credit column. 
3. In the second line, pick your parent account and type the same amount in the Debit box. 
4. Complete the necessary details and click Save and close. 
5. Go back to your Chart of account list and review the balance. 

For more information, check out this article: Create a journal entry in QuickBooks.

Please note that some banks may show the overall bank balance at each subaccount level. This is because the bank provides us with a static balance of the entire account, not the balance of each subaccount. For more information, see this link: About bank or credit card subaccount setup.

Once everything is a good hand, you can reconcile your account whenever you're ready. This way, we can ensure that your books will stay accurate at the end of the month or year. 

Did you know that you can create rules in your banking feeds? To learn more about the procedure, visit this link: Set up bank rules to categorize online banking transactions in QuickBooks Online.

Remember that you can always ask me about any topics or other processes within QuickBooks. I'm always ready to work with you again. Keep safe, res@finisroadrvp.

Hello there, res@finisroadrvp.

In QuickBooks Online (QBO), when you delete the deposit, you can reconcile it again to make your accounts accurate.

However, if you want to talk with our representative, you can follow the steps below:

1. Press the Help icon at the top to open the QB Assistant window.

2. In the Assistant tab, enter the issue/topic in the field box.

3. Click the Get help from a human link and follow the on-screen steps to complete the process.

4. Choose Chat for real-time assistance or Callback to speak with an agent.

I've added this link about categorizing your account in QuickBooks Online (QBO): Categorize and match online bank transactions.

Please know that you can always get back to us if you have other questions. I'm always here to help.