cancel
Showing results for 
Search instead for 
Did you mean: 
GolfNut72
Level 4

Credit Card Parent Account does not have Finance option in Reconciliation

I am trying to reconcile a company credit card account with 2 sub-account cards.

 

currently, I am downloading transactions to each of the sub-accounts (American Express) but it is not downloading the finance charges for those accounts.

 

When I reconcile using the Parent Account, there is no option on the Reconciliation Screen to add the finance charges, which means I have to go to one of the sub-accounts and enter them manually before I start the reconciliation.  This is very clumsy and time-consuming.

 

I am working on CC statements from 2016, moving forward. 

 

Should I change the download options and download everything to the Parent account or am I missing something?  If I change now, what does that do to the data that has been downloaded to the sub-accounts?

 

Thanks for any suggestions.

 

EJ

 

 

Solved
Best answer January 03, 2021

Best Answers
JonpriL
Moderator

Credit Card Parent Account does not have Finance option in Reconciliation

Hello @GolfNut72,

 

Thank you for sharing the screenshot to discuss what is help you need based on your initial post. With the parent and sub-account set up of your credit card accounts, the ability to enter a finance or service charge can only be done in any of your sub-accounts.

 

This is because the total transaction in each sub-account will build up as the total balance of the parent account. If you wish to enter it on the parent account, you can do so by manually writing a check and making sure to select the correct expense account.

 

Additionally, I've also included this helpful article in case you'll bump into issues with your credit card account reconciliation: What to do QuickBooks Online doesn't match your bank statement at the end of a reconciliation?

 

If you have any other questions, please let me know by leaving any comments below. I'll be here to lend a helping hand.

View solution in original post

3 Comments
Maybelle_S
QuickBooks Team

Credit Card Parent Account does not have Finance option in Reconciliation

Hello there, @GolfNut72.

 

I'd be delighted to show you how to add credit card finance charges while reconciling.

 

We can enter finance charges on the same screen that the ending balance and ending date are entered when beginning a reconcile. I've included a screenshot to serve as a visual reference:

 

If you're already in the middle of a reconcile, you can include the cc finance charges with the following steps:

 

Here's how:

  1. Navigate to the Reconcile screen.
  2. Click Edit info in the upper left of the screen.
  3. Enter the information in the Date and Finance charges and choose a selection for the Expense account.
  4. Click Save.

I often recommend the following resource for reconciling to people: Reconcile Hub. This resource contains multiple articles to assist with every step of the process, such as correcting a balance and finance charges. 

 

Don't hesitate to drop a comment below if you have other questions. I'm more than happy to help.

GolfNut72
Level 4

Credit Card Parent Account does not have Finance option in Reconciliation

Maybelle_S

 

Thank you for your reply but I am aware of where the finance charges are normally entered during a reconciliation.  What I was asking (and I apologize for not making myself clearer) why is it NOT appear in the parent account, but it does appear in the two sub-accounts?  The parent account is attached to the bank for downloading data, though, at one time, I do believe I had the sub-accounts each attached.  I have included images to show what I am asking

 

Thank you

 

EJ

 

JonpriL
Moderator

Credit Card Parent Account does not have Finance option in Reconciliation

Hello @GolfNut72,

 

Thank you for sharing the screenshot to discuss what is help you need based on your initial post. With the parent and sub-account set up of your credit card accounts, the ability to enter a finance or service charge can only be done in any of your sub-accounts.

 

This is because the total transaction in each sub-account will build up as the total balance of the parent account. If you wish to enter it on the parent account, you can do so by manually writing a check and making sure to select the correct expense account.

 

Additionally, I've also included this helpful article in case you'll bump into issues with your credit card account reconciliation: What to do QuickBooks Online doesn't match your bank statement at the end of a reconciliation?

 

If you have any other questions, please let me know by leaving any comments below. I'll be here to lend a helping hand.

View solution in original post

Sign in for the best experience
Ask questions, get answers, and join our large community of QuickBooks users.
Sign In / Sign Up

Need to get in touch?

Contact us