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Level 1

Credit Card bank balance and Quickbooks balance are off

Hi, I'm trying to get the numbers to match up, but the QBs balance and the Bank balance don't seem to match. I'm stumped at what the issue is. We have the main credit card and the two business cards in the same account that have their own account numbers, but there's the main credit card. When we make payments to the credit card account it goes to the main account rather than splitting between the two credit cards. Can someone please advice me how to fix this? I feel like I keep searching, but not able to find the answer.

9 Comments
QuickBooks Team

Re: Credit Card bank balance and Quickbooks balance are off

Hi there, stefpati.

 

Thanks for taking the time to reach out to us. I'm here to hep provide some insights about the differences between QuickBooks balance and bank balance. 

 

There are several factors may cause on why the bank register balance in QuickBooks Online doesn’t match your actual bank balance. The balances may not match for a number of reasons: 

  • Outstanding transactions
  • New transactions for a connected account
  • Duplicate transactions
  • Edited or deleted transactions
  • Credit card (liability) account

You'll need to verify why they don't match and make some adjustment or fix them accordingly. To do this, you can visit this article for recommended fix or action to resolve this issue: How to fix differences between QuickBooks balance and bank balance.

 

If you need further assistance with the steps, I encourage you to contact our QuickBooks Online Chat Support. They have additional tools to pull up your account and do a screen share. 

 

Here's how you can contact our chat support: 

  1. Sign in to your QuickBooks Online company.
  2. Select Help (question mark icon) at the top right.
  3. Click Contact us to connect with a live support agent.

That should do it! Please know that I'm just a post away if you have any other questions about the bank balances. Wishing you and your business continued success. 

Level 1

Re: Credit Card bank balance and Quickbooks balance are off

Thank you for the reply. I've looked at all the recommended items you suggested, none of which seem to be the issue. I don't have anything pending to be added and the reconcile matches perfectly with my bank statement. It seems like the main account is taking the credit for the payments, but it's not applying it to the sub accounts under the main credit card account. Do you have any suggestions about this?

QuickBooks Team

Re: Credit Card bank balance and Quickbooks balance are off

 

I can help you with balancing your accounts, Stefpati.

 

You'll have to transfer the payments from the main account to the sub-accounts. This way, you can record the payments correctly.

 

Here's how:

  1. Click Banking, then choose Banking.
  2. Choose the main account.
  3. Look for the payment, then click to open the transaction.
  4. Choose the Record transfer radio button.
  5. Click the Select transfer account drop-down arrow, then choose the sub-account.
  6. Click Record transfer.

I've got a helpful article that you can check: How to record credit card payments.

 

Let us know if you have further questions. We're just a comment away. 

Level 1

Re: Credit Card bank balance and Quickbooks balance are off

Kristine,

 

That doesn't work because one payment applies to both sub accounts. 

I actually just sent this in as feedback, hope it makes sense:

I spent around three hours with support to figure out how to fix a problem which I eventually found out I couldn't fix. My Quickbooks balance and my Bank balance for my central (parent) credit card account is extremely inflated. When I make a payment to my parent credit card, the amount is applied to both sub account A and sub account B. The QB balance is showing the total amount I've ever charged to sub account A and sub account B; so over the lifetime of this card, the QB balance is actually showing me the dollar amount I've spent on the card, rather than the actual balance. I've been told by your support there is no functionality for one payment to the parent account to be distributed to the sub accounts properly. This seems like a huge flaw for such a large accounting system. I can't be the only person who banks with US Bank who has this problem and I feel like it should be addressed so Quickbooks can be properly used.

Moderator

Re: Credit Card bank balance and Quickbooks balance are off

Hello there, @stefpati.

 

Thank you for getting back to the Community and sharing more details about your concern today. Allow me to help you get your QuickBooks and bank balance to match.

 

All transactions in the sub-accounts are posted into the parent account. As mentioned by our Product Support, the option to automatically distribute payment to the sub-accounts isn't available. 

 

As a workaround, you can move the payment from the parent account to the correct sub-account, or add the transactions to the bank register manually. Let me show you how to change the account in the register:

  1. On the left pane, select Accounting.
  2. At the top left, select Chart of Accounts.
  3. Find the parent account then click View register in the ACTION column.
  4. Click the payment you need to move then select Edit.
  5. Change the Deposit to or Bank/Credit account to the desired sub-account. 
  6. Click Save and close.
  7. Click Yes to confirm.

 

I've attached this article for additional reference: About bank or credit card sub-account setup.

 

That should point you in the right track. Drop me a comment below if you have any other questions about parent and sub-accounts. I'll be happy to help you out. Have a great day ahead. 

ProAdvisor

Re: Credit Card bank balance and Quickbooks balance are off

@MaryGraceS

" 4. Click the payment you need to move then select Edit

 5. Change the Deposit to or Bank/Credit account to the desired sub-account. "

 

Just so know, OP question is related to credit card payment posting to the main account when you've transactions posted to subaccounts for the credit card charges. Your answer (and screenshots 4 & 5) refers to customer payment and deposit to the bank account. Not related.

 

In order to make this to work, the transaction has to be "Expense" form type, not "Transfer" type. In Transfer type (transfer from checking account to credit card account for payment), it can go to one account only, not multiple accounts or subaccounts.

 

Hope this is helpful.

 

 

ProAdvisor

Re: Credit Card bank balance and Quickbooks balance are off

@Kristine Mae 

 

"You'll have to transfer the payments from the main account to the sub-accounts. This way, you can record the payments correctly."

 

Yes.

 

"

4. Choose the Record transfer radio button.

5. Click the Select transfer account drop-down arrow, then choose the sub-account.

6. Click Record transfer. "

 

Just so know, You will need to split one credit payment to subaccounts. With "Record Transfer" tab, you can't do it, it goes one account (or one subaccount) only, It will not go to more than one account as needed here. In order to make this to work, you will need to move the radio button from "Transfer" to "Add" radio button. And then, SPLIT link button. You will see Split transaction screen open, this is where you will need to record split to subaccounts.

 

Hope this is helpful.

 

 

Level 1

Re: Credit Card bank balance and Quickbooks balance are off

Kristine,

 

This will actually NOT work because the payment applies to both credit cards. Both cards have a COMBINED credit limit of $5,000. So when a payment it made, it goes towards both cards.

QuickBooks Team

Re: Credit Card bank balance and Quickbooks balance are off

Hi @stefpati,

The total of the parent account always includes the transaction of the sub-account.

So paying the parent account’s credits using the sub-account will not reduce the balance. It’s just appearing there to offset the balance.

You can create a transfer or write a check to record a credit card payment. Please refer to this article for more information: How to Record Credit Card Payments.

If you have other concerns, please post again.

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