How do you reconcile bank linked credit cards in QuickBooks Online that have multiple individual credit cards that are all under a single parent corporate credit account?

Hi there, @dnmh.

I'm here to share some insights on how you can reconcile bank-linked credit cards in QuickBooks Online (QBO).

Reconciling individual accounts is the best way to clear each credit card in QBO. If you have your monthly credit card statement, you can start reconciling. If you're doing it for multiple months, do them one statement at a time, starting with your oldest statement.

Here's how

1.  If your accounts are connected to online banking, make sure you match and categorize all of your downloaded transactions.
2. Go to Settings ⚙ and then Reconcile (Take me there). If you're reconciling for the very first time, select Get started.
3. From the Account ▼ dropdown, select the account you want to reconcile. Make sure it's the same one on your statement.
4. Review the Beginning balance. Make sure the beginning balance in QuickBooks matches the one on your statement. Here's what to do if they don't match.
5. Enter the Ending balance and Ending date on your statement. Some banks call the ending balance a "new balance" or a "closing balance."
6. If you see it, review the Last statement ending date. This is the end date of your last reconciliation. Your current bank statement should start the day after.
7. When you're ready to start, select Start reconciling.

Important: If you see a message about a previous reconciliation, select We can help you fix it. You need to fix this before you start. 

Please see this article for more details: Reconcile an account in QuickBooks Online.

Otherwise, you can generate a journal entry for another option to clear out the outstanding transactions.

Additionally, you can check out this article to view various guidelines to assist you in your online transactions' reconciliation process: Learn the reconciliation workflow in QuickBooks.

If you have additional questions about reconciliation, feel free to click the Reply button below. I'm always here to help. Stay safe!

Hi there, thank you for the quick response. We already know how to reconcile a standard bank account, but the trouble that we are having is that each of the credit cards that are linked under the parent account, and are linked to individually to our bank feed in QuickBooks online. So the steps that you outlined above don't work for us since all of the individual credit cards are part of a single parent account (which doesn't list the individual transactions on its own bank feed), and then each individual credit card has its own bank feed that does not have a beginning and ending number that can be reconciled via our bank statement. Does that make sense? So any advice on reconciling a linked credit card account that has multiple children also linked underneath it would be very helpful!

I appreciate you for getting back on this thread, @dnmh. I've got additional insights to clarify your reconciliation concern.

You can reconcile the parent account in QuickBooks Online if the transactions on the bank statement flow on it. You'll want to follow the steps provided by my colleague above.

If you still need guidance throughout the process, you can reach out to your accountant to ensure the accuracy of your books. If you're not affiliated with one, you can utilize our Find an Accountant tool to look for one in your area.

Also, here are some helpful resources to learn more about correcting issues when reconciling QuickBooks accounts, viewing details for missing reconciled transactions or reports in QuickBooks Online.

• Fix issues at the end of a reconciliation in QuickBooks Online
• How to view details for missing reconciliation reports or reconciled transactions

If you have any other concerns with reconciling transactions in QBO, please let me know, and I'll do everything I can to help here in the Community.

I am having trouble with this same issue. The only way I have worked around it in the past was to NOT connect the cards to the bank feed and manually enter transactions, then reconcile only the parent account. However, in this case, my client has already linked 4 CC's to QB's bank feed with one of the cards being the parent account. All of the transactions have been synced but now need to reconcile the past three months, and having difficulty doing so. Has anyone found a good resolution for this yet?

Hi, @CrystalViking.

I can imagine how challenging it is to face transactions from different months. I'm here to assist you in reconciling them in QuickBooks Online (QBO).

To display the transactions from 3 months you can filter them on the bank register. This way, it'll be easier to match them to your statements. 
 

Here's how:

1. On the left pane, go to the Accounting menu and select Chart of Accounts.
2. Locate the bank account you'd like to reconcile and click View Register.
3. Press the funnel icon to filter the Reconcile Status, Transaction Type, Payee, and Date.
4. Tap Apply.

If you meant removing invalid transactions from the bank register, we can manually delete them. They will no longer appear as they'll be eliminated permanently. To do so, follow the steps below:

1. Go to the Accounting menu and select Chart of Accounts.
2. Find the account you want to review, then click View register.
3. Press the Filter option to select all the necessary details, then tap Apply.
4. Pick a transaction to open its details, then select the Delete button.
5. Press Yes to confirm. Repeat the process as needed.

Once done, I've got you this article to help you categorize and match your bank transactions in QBO: Categorize and match online bank transactions in QuickBooks Online.

After reviewing the transactions, you can continue reconciling by following these guides: 

• Reconcile an account in QuickBooks Online.
• Reconcile transactions that are older than your opening balance in QuickBooks Online

Once done, check out this reference to close out the previous year and prepare for the new one: Year-end guide for QuickBooks Online.

If there's anything else that you'd like me to assist you with, feel free to get back to me here in the Community space anytime. I'll be more than happy to help you again. Take care!

I have the exact same problem! Have you figured it out anything?

Hey,

It seems like the questions asked haven't been answered on this feed. I just ran into the same problem where we have a parent credit card with 3 other cards including my own. I purchased items on my credit card, but when I made a payment on the account. The payment posted on the parent account and now I don't know how to allocate that payment to the card I use. Similar to the other problems above. Is there a good answer/fix to this? Seems like all the answers above are by a bot and unhelpful like the support assistant.

Hi, @cfaulkner.

Thank you for reaching out to the QuickBooks Community. I am glad to assist you in reconciling linked credit cards in QuickBooks Online (QBO).

Before changing the bank account in which the payment was made, ensure to check where the payment goes. If the transactions are received in one consolidated account, you should connect only the parent account. However, if the transactions are received separately for each account, then connect the subaccounts and refrain from connecting the parent account to avoid errors.

Here's how:

1. Go to Settings ⚙ and select Chart of accounts (Take me there).
2. Find the account you want to connect to.
3. In the Action column, select the View register ▼ dropdown. Then select Connect bank.
4. Follow the on-screen instructions to connect your bank to QuickBooks.
5. Select the accounts you want to connect, then select the account type ▼dropdown. Choose the account type that matches your chart of accounts in QuickBooks.

During the reconciliation process, you only need to reconcile the parent account, as all transactions within the subaccounts automatically consolidate into it. You can check this article for more details: About bank or credit card subaccount setup

Additionally, when you have your bank statement, you can start reconciling your account in QBO: Reconcile an account in QuickBooks Online.

Feel welcome to tag me in your comments and posts if you need a hand in reconciling linked accounts in QuickBooks QuickBooks. I'll always have your back!

Hey,

I'm still confused on how this helps the issue. When I make a payment on the card on the chase portal it always goes to the "master" card. How do I disperse that onto the other cards. Each card on the account has a different last 4 digits, so it seems like they are treated as different accounts instead of one master account. 

Thanks for getting back to us, @cfaulkner. Let me help get the support you need.  

We understand the confusion of your concern. I'd recommend contacting our Technical support team to securely check your account setup and guide you further through the resolution process.

Here's how:

1. From your company file, go to Help and click Contact Us.
2. Enter your concern, then select Let's Talk
3. Choose a way to connect with us:

• Start a chat with a support expert.
• Get a callback from the next available expert.

Check this article for our technical support schedules, so you'll know when they're available: QuickBooks Online Support.

Also, I've attached some links you can use as additional guidance in reconciling an account. These articles contain information about the workflow, as well as how to resolve balance and transaction issues:

• Learn the reconcile workflow in QuickBooks
• Fix issues at the end of a reconciliation in QuickBooks Online

Fill me in if the refund still won't show up or if you need more help with the reconciliation. I'm always here to help. Take care.

I've been using QB Online for 7 years and this is the only solution I've found for this parent / child / sub account issue with credit cards.  The QB folks don't seem to understand that what happens is the expenses come in on the subaccounts AND the parent account, but the payments only show on the parent account. (I'm talking about for reconciliation purposes, not that the transactions are double counted in QB.)

So, as someone else mentioned above, the solution I am going with is to only reconcile the parent account.  This does not fix your child / subaccounts looking correct in the reconcile section, however, if you go to your Balance Sheet after you reconcile your Parent Account, you will see that the balance is correct for each card if you click the "down arrow" next to the account to hide the subaccounts.

Hopefully this helps someone because this has been a huge hassle for me over the years.  I've tried many other things - tried to reconcile the subaccounts to "zero" and then do the parents, tried to actually reconcile them, etc.  This is what works for our businesses.  QB should have an option to have the feed from credit card company be "just the parent" so we don't have this problem, but I have not found them to be responsive to small business real issues.

I am similarly stumped however, my parent account is NOT pulling transactions from the subaccounts, so my payments are only applied to the parent card account and no charges are being accumulated to the parent account.  And my sub accounts just keep increasing...

Let me share information to resolve the issue with your transactions flowing through your subaccounts while the payments are showing in the parent account, @Marissa Lethin.

I understand you're having issues with the transactions in your parent and subaccounts in QuickBooks Online.

Since the payments are recorded in the parent account while the charges are on the subaccounts, you can edit the payment transactions and split them to the subaccounts to balance your bank accounts.

Here's how:

Here are the steps:

1. On the For Review tab, select a transaction to open it.
2. Click the Split button to open the Split Transaction window.
3. Choose a Category and enter an Amount for each category to assign to the transaction until the total amount matches the downloaded amount.
4. Click Save and Add.

You can also check this article about entering a split transaction into the register: Enter a split transaction into the register in QuickBooks Online.

Also, I've added our Reconcile workflow for reference. It will guide you in ensuring the QuickBooks amounts match your real-life bank and credit card statements.

Feel free to comment below if you have questions about managing bank transactions in QuickBooks Online. I'm always here to help. Have a great day.