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Bank of America Credit Cards

I have a client with a BOA credit card - it appears that BOA splits their credit cards into two accounts...one for payments and finance charges and the other for purchases and other charges.  I have both accounts feeding into QBO, which means all transactions are recorded.  However, I can't figure out an easy way to reconcile.  Of course, BOA provides a combined statement, which has only a combined balance.  I'm not real sure why in the world they do it this way but has anyone been able to figure out a way to combine the accounts in QBO?  I tried naming them the same thing (I've combined accounts that way before) but it said I couldn't merge two accounts that were set up with online banking.  Infuriating!

Solved
Best answer 10-31-2017

Accepted Solutions
Established Community Backer ***

Re: Bank of America Credit Cards

"However, I can't figure out an easy way to reconcile"

 

Set them up as Subaccounts under a Common Parent. Reconcile only the Parent.

44 Comments
Established Community Backer ***

Re: Bank of America Credit Cards

Hi HRJeffrey, 

 

I'm here to help you figure this out. 

 

The following article covers what accounts can and cannot be merged in QuickBooks Online: https://community.intuit.com/articles/1145424. I also recommend reaching out to Bank of America to see if there's any way to prevent the credit card from being split into two accounts. 

 

If you have any further questions, please feel free to let me know. 

Established Community Backer ***

Re: Bank of America Credit Cards

"However, I can't figure out an easy way to reconcile"

 

Set them up as Subaccounts under a Common Parent. Reconcile only the Parent.

Not applicable

Re: Bank of America Credit Cards

I have the same issue. Bank Of America has two accounts for one credit card. Purchase transactions are in one and payments and interst charges are in another. However, the later account also has the sum of the purchase charges in it. So linking both accounts would be duplicating dollars. Very frustrating. Was a solution ever found?

 

Not applicable

Re: Bank of America Credit Cards

Yes!  You can set up the transactions and payments in two separate accounts, then create a "parent" account that houses both.  The reconcilation process happens at the parent account, so everything is in there from the two "child" accounts.  

 

I didn't have the issue of the sum of the purchase charges - I guess you'd just have to exclude that transaction every month.

Community Contributor **

Re: Bank of America Credit Cards

So are you saying your connect two accounts on bank feeds, one to the payment account and one to the transaction account?  Those are both Subs of the parent acocunt, which gets reconciled end of month?  So the only way to see an "actual" balance would be to manually add the balances on bank feed or check chart of account/balance sheet?

Not applicable

Re: Bank of America Credit Cards

QBO PRODUCT TEAM:


Have you created a solution for this issue yet?  Many of us as pro users and community members have been patiently waiting on a solution...  BofA is the 2nd largest credit card issuer in the united states. Quickbooks properly organizes this for customers who are using Citi and other banks as credit card providers. This is a monumental functionality gap for Quickbooks that needs to be addressed for a business accounting software like QBO.  Please advise ASAP as this is causing 6 of our companies major issues and lost manual/administrative time. thank you.

Not applicable

Re: Bank of America Credit Cards

We have 2 credit cards under the corp account.  As stated in an earlier post, the corp account tracks the total amount of the 2 cards and receives the payments in Quickbooks.  This is indeed frustrating!  We have come up with a solution that isn't perfect, but works.  After the close of the month of our card, BOA zeroes out the 2 cards' balances.  In Quickbooks, we journal the charges for each card to the corp account card.  This zeroes it out in our Quickbooks for each card and matches their online balances.  It also balances with the total of the corp card as well.  Again, it's not perfect, but it works for us.

Moderator

Re: Bank of America Credit Cards

Greetings booksbyschmidt, President12, and bbressner.


I agree with qbteachmt’s and HRJeffrey’s suggestions. I’ll chime in this thread to help set up your Bank of America credit cards.


It is recommended to have a parent account used for reconciling and to have each individual card set up underneath as a sub-accounts. The only accounts that should be connected to Bank Download Transactions would be the individual cards (sub-accounts).


This allows you to reconcile your bank's statement to the parent account since everything in your sub-accounts roll up to the parent in order to be reviewed at the same time.


Please check these articles for more details:

We'd greatly appreciate your feedback on how we can improve the bank connections in QuickBooks Online. To send your comments and suggestions, please click the Gear icon and select Feedback. We're always updating our product and love to incorporate users' ideas.


Please know that I'm only a post away if you need anything else about QuickBooks Online. Have a great week.

Not applicable

Re: Bank of America Credit Cards

Hi,

 

I am also having this problem and it is VERY frustrating. 

 

My issue with setting them up as sub/parent accounts is that you can only have one of the accounts connected to the bank account. So if I connect the parent company then my transactions from the sub account do not load into quickbooks which is one of the main reasons why I have my accounts connected. 

If I connect the sub account to the bank then neither the parent or the sub account end up being correct.

 

Quickbooks, PLEASE come up with a better solution and work with Bank of America. 

 

QuickBooks Team

Re: Bank of America Credit Cards

We appreciate you for joining this thread, RMATTISON.

 

Yes you’re right. In QuickBooks Online, you can’t connect both a parent account and its sub-accounts. You’ll need to know how your bank sends the transactions before connecting to Online Banking.

 

If your bank downloads the transactions to one account, connect only the parent account. If it downloads the transactions to the individual accounts, then you have to connect only to the sub-accounts.

 

You can check out the articles provided by my colleague @PreciousB for more details about setting up bank or credit card sub-account in QuickBooks Online.

 

In case you'll need assistance from a live support, you can reach out to our Care Support Specialist . They'll be able to guide you through the whole process of setting this up. Here's how  you can reach them: QuickBooks Online Support.

 

Reach out to us if you have other questions. I’ll be around to answer them for you.

Community Contributor **

Re: Bank of America Credit Cards

I called QB Online customer service this morning and I was told they are in the process of fixing the issue. I was told the same thing last week.....When I initially connected the BOFA Business Credit Card account to (QBO) I was advised by BOFA to connect the (CORP Account) credit card only since it supposedly reflects all the account activities. I've noticed that my daily transactions are only reflecting on the (Business Advantage) account in BOFA and those are not linked to the (CORP Account.) When I tried to connect the (BA) account Quickbooks Online notifies me that it's not possible since the  (CA) is already connected. I don't know what QB is doing about it but it is quite frustrating. 

QuickBooks Team

Re: Bank of America Credit Cards

Thank you for joining this discussion here in the Community, YOUNGARMY.

 

I want to make sure this gets taken cared of so you could get back to business.

 

Let's try looking through your Chart of Accounts to check if you can see the Lightning Bolt next to account Bank or Credit Card Accounts. This indicates the account is connected to Online Banking.

 

If you think that the account is not connected to the correct account, you can edit or remove this. If there is no account connected, then customer may need to create a new account to connect to. I'd be happy to walk you through how below:

 

  1. Go to Banking.
  2. If more than 1 bank account has been connected, choose the appropriate account.
  3. Select the pencil icon.
  4. Click Edit account info.
  5. Update the account as needed then save your changes.

For more information on connecting Bank accounts in QuickBooks, please check out this article: Connect bank accounts and manage imported transactions.

 

If the same issue happens, it'd be best to reach out to our Care Support Team. They have the specific tools to look into your account and properly investigate why you're unable to connect accounts in QBO.

 

There you have it. Should you have additional questions about connecting banks or anything else about QuickBooks, don't hesitate to reach out me.

Community Contributor **

Re: Bank of America Credit Cards

Hello QB,

 

My issue is specific to BOFA Business Credit Cards.

 

I have previously connected my BOFA checking account and BOFA Corporate Credit Card account.

 

BOFA creates two accounts on their end for each business credit cards:

 

  • Corporate Account Number - Umbrella number (Which is connected to my QB account)
  • Individual Card number - Roll up to the corporate account (Unable to connect since the above is connected)

Seems like other QB users are having the same issue based on the different threads in regards to this issue and it has not been resolved.

Anonymous
Not applicable

Re: Bank of America Credit Cards

Thank you for getting back on this thread, @YOUNGARMY.

 

I'm here to help share what you'll need to do to set up a credit card account with sub-accounts and easily connect it to your bank. In the scenario you mentioned, you'll need to create a parent account and then have each individual card set up underneath as a sub-account.

 

Here's how to create a parent account:

 

  1. Select the Gear icon at the top, then Chart of Accounts.
  2. Select New at the top.
  3. In the Account Type drop-down, select the account type.
  4. Click the Detail Type drop-down and select the type of account you want to create.
  5. In the Name field, enter a name for the account.
  6. Select Save and Close after filling out the other details.

 

Here's how to add a sub-account:

 

  1. Follow the procedure above to create an account.
  2. Select the Is sub-account checkbox.
  3. Then select the Enter parent account drop-down arrow and choose the sub-account's parent account.
  4. The parent account must be the same category type. For example, if the sub-account account is an expense account, the parent must be an expense account.

The only accounts that should be connected to Bank Download Transactions would be the individual cards (sub-accounts) as mentioned by my colleague @PreciousB. You can also check out the articles she provided for more information.

 

If you're still having issues connecting your account after performing the steps above, please let me know. I'm here to help however I can.

Community Contributor **

Re: Bank of America Credit Cards

Hello @Anonymous,

 

I think the main issue with the connecting the BOFA Business CC is that we're not able to connect both the Corporate Account (which tracks payments and finance charges) and the Individual Credit Card Account (which tracks purchases). Once one or the other is connected to a QBO account the system recognizes each respective account as coming from the same account and only allows to connect one. Since both track different activities, it is imperative to connect to each one. Hope this brings more clarity. Thanks.

Anonymous
Not applicable

Re: Bank of America Credit Cards

I appreciate the clarification, @YOUNGARMY.

 

Yes, you're right, QuickBooks Online only recognizes each respective account as coming from the same account and only allows to connect one. 

 

As designed, the parent account records all the transactions of the sub-accounts for reconciliation (not connected to online banking). For sub account (connected to online banking), as long as it uses the same login credentials for main and individual accounts, it'll download the transactions processes through the usage of the credit cards, bank charges, and fees.


Connecting both your Corporate account and individual credit card account under the same bank to track different activities in QuickBooks would be a great add-on to our features. I'd recommend sending feedback to our Product Developers for the future update. You can send your suggestion directly to this link: https://community.intuit.com/articles/1145770.

 

Hope this answers your question. If you have other questions about bank transactions, please don't hesitate to ask. I'm here to help.

Community Contributor **

Re: Bank of America Credit Cards

You're welcome @Anonymous

 

It definitely would add value to my QBO experience if that feature was added.

 

I'll share my feedback with your Product Developers as you suggested.

 

Thank you for your communication. 

QuickBooks Team

Re: Bank of America Credit Cards

Good day, YOUNGARMY.

 

I can see how this feature would be helpful for your and we appreciate for sending feedback to our Product Developers. Please know that you're always welcome to post here in QuickBooks Community if you have any other concerns. 

 

Wishing you and your business continued success. 

Not applicable

Re: Bank of America Credit Cards

Yes - I am having the SAME issue and neither BofA can help me and QBO cannot help me. Neither party seems to know how to fix this. All I can see is the MASTER account. I cannot see the actual business credit cards that we are using (we have 3 cards linked to that master), which means we cannot link them and therefore do not get any of the transactions coming into QB's.

QuickBooks Team

Re: Bank of America Credit Cards

Hi there, @brothersgutters-jacksonville

 

I'm here to help and share some information to get this issue sorted out.

 

Have you tried trying the steps recommended by my peers above? If not, the best way to set up a bank account or credit card account with multiple cards associated with it is to create a parent account and then have each individual card set up underneath as a sub-account.

 

To learn more about this process, please check out this article: About bank or credit card sub-account setup.

 

However, if you've already tried performing the steps above and the issue persists, I'd suggest giving our Customer Care Team a call. They have the proper tools to check on your bank set up to verify what's causing the issue.

 

To reach them:

  1. Sign in to your QuickBooks Online company.
  2. Select Help (question mark icon) at the top right.
  3. Select Contact us to connect with a live support agent.
  4. Enter the concern.
  5. Click on the Green Phone button to get the number.

That should do it. 

 

You've got me here if you have any other questions about this concern. I'll be around to help you out. Have a nice day!

Not applicable

Re: Bank of America Credit Cards

I'll be providing this in feedback but just wanted to add to the conversation regarding this issue.

 

It's not just the fact that the master account recording payments and interest can't be synced at the same time as the sub-account/s (charge cards).  It also carries the balance of all charges at the end of the month.  What happens behind the scenes with BoA is at the end of the billing period they transfer the balances to the master account and the charge cards zero out.

I assume the reasoning behind this is so business owners can see how much is being charged to employee cards each month to keep a handle on it.  Which makes sense, but is a hassle to deal with in QBO.  Since those transfers occur silently, they will never get synced.  If anything BoA should show the transfers taking place and allow them to be synced.

After much much messing around, destroying my chart of accounts, and a lot of expletives I've come up with this process.

 

It's what Intuit recommends which is creating the Corp account unsynced, adding the charge cards as sub-accounts and syncing them with BoA.   I transfer my payments to the Corp account so there is no reason to sync those since they sync from checking.  The only manual entries I then have to make are the interest fees and then a monthly balance transfer from the subaccount to the corp account so the synced balance for the charge card and the subaccount follow in QBO.  It's also nice because the balance of all the cards will also match the bank and the master account in QBO.

Intuit and BoA are both huge institutions with millions of customers.  It would be great if they could figure out a solution to this that would make all of our lives easier. 

Not applicable

Re: Bank of America Credit Cards

I have tried ALL OF THE ABOVE "fixes" for this problem and NONE have worked.  The only thing I can do is keep a spread sheet of charges on the individual cards issued in my business (2) and then put them in manually or identify them when the statement for the parent account closes.  The reason I went with QBO is so that I didn't have to keep a bunch of individual spreadsheets.  


Someone has to step up and fix this issue between BOA and QBO or they are both going to start losing customers.  I'm sure that neither care because this issue, according to my accountant, is a known issue that has been going on for years without resolution.  It's like an unstoppable force meeting an immovable object.

 

I chose this software to manage my business finances because I am not a EXPLETIVE accountant and don't want to be.  They advertise it is "simple" to run, yet there seems to be no "easy" way to fix this problem.  The real funny thing is that BOA advertises and suggests using QB so clearly there is a relationship there.  

 

I have no reason to believe that because I complained about this issue it will get fixed.  I have spent countless hours (more than I have actually managing my business) on the phone with QB and BOA with no resolution.  I have also gone so far as to hire 2 different QB "coaches" to fix the problem with no resolution.  I even went so far as to call the local vocational high school and spoke to the adult education instructor who teaches a class on QB Online who gave me his "fix" that I don't even want to get into because it was so convoluted.  I HAVE HAD IT.  Either QBO is going or BOA for my accounts.  I am paying good, hard earned money for this product and it is not being addressed or fixed.  All everyone has gotten was some ridiculous article that has been written in a way that the lay person cannot understand it and in no way addresses the problem.

 

My issue was even "escalated" to a higher level problem solver at Intuit.  I called several times, got the run around and never got an answer or a response or solution.  Someone above the level of a line level call taker or "problem solver" needs to take notice of this issue and FIX IT or (hold your breath) start refunding money to paying customers who are expecting a product that works properly.  If I provided the BS that I have received to my customers I would not be in business very long.

Frequent Explorer **

Re: Bank of America Credit Cards

We bank with BOA and use QB Desktop Premier.

 

Our company has 4 credit cards under our main corporate CC account. I have them all under a parents account in QB and reconcile only the parent account each month. This works, and the total matches the bank records.

 

HOWEVER, in QB, the totals of the individual card accounts (under the parent account) continue to grow, reflecting the total dollars charged to the cards to date. Because we can only make a payment to the Corp account through BOA and not individual cards, the balances don't change for the individual cards in QB, just the parent. These individual totals do not show up on financial statements, but it seems concerning to me that these totals will just keep growing.

 

The only way I can see around this is to basically split up on our payment in QB and apply it to the individual cards, but because I don't know how BOA distributes these payments to our cards I feel like this will get messy.

 

Anyone else having this problem?

QuickBooks Team

Re: Bank of America Credit Cards

Thanks for visiting the Community, @c_roth.


I’m here to share some information on how banking works in QuickBooks Desktop.


Before connecting to Online Banking, you have to identify how your financial institution sends downloaded transactions. Connect the main one if they download to only one account.

 

The bank controls what and how QuickBooks receives information. Even if the system downloads through the parent account, if BOA wants to record the totals of the individual cards, your bank feed will show the same. The good thing is, as long as the balance matches with the financial statement, the data would still be correct.

 

For more information, refer to this article: Get started with Bank Feeds for QuickBooks Desktop.

 

That should answer your concern for today.

 

Let me know if you have any questions, I’m more than happy to help. Have a good one!
 

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