Seeing as how there are a litany of topics/issues in regards to Chase credit card downloads, I'd like to know how others have structured their cards in their Chart of Accounts and if the banking feed is downloading their transactions properly.
Is the master card for your chase account structured as the parent account in QBO? And would that mean that all of your other employee cards are structured as sub-accounts to that parent card?
Or are you setting up a parent account for all cards (including master) that is not actually connected to Chase Online? Meaning that only the sub-accounts are connected to a bank feed.
Any feedback on the correct way to do this is greatly appreciated.
Setup the Master Account as the Parent account on your Balance Sheet and do not connect it. Setup the individual cardholder accounts as sub-accounts to this Master Account and connect them.
But how would the master accounts transactions be downloaded then? Or are you saying set up a dummy master account and then connect the actual master as a sub account?
Thanks for getting back to us, NathanTB.
In QuickBooks Online, you can't connect both parent and sub-accounts. If the master account has transactions that come into, then, you can add them as an additional sub-account.
Here's an article article that you can check for more information: About Bank or Credit Card Sub-account Setup.
Feel free to leave a comment for any additional questions or concerns about QuickBooks.
No. There are typically only annual fees, interest and account payment transactions posted under a master account. I would not connect the master account as a sub-account personally.
I would transfer payments from checking to the master account when payments are made, and I would manually enter annual fees and interest charges during the reconciliation process.
The sub accounts are the ones that have the transactions, and because they are sub-accounts to the master account you can reconcile the master account and all of the sub-account transactions will be included in the register for the master account that you are reconciling. The master account typically only has interest or annual fees posted to it, and of course payments. You add the interest and/or annual fees manually, as there are few, the payments are transferred to the master account. There is no need to setup the master account as a sub-account.
Do you just end up doing JE at year end to reconcile the "bank balance" to "in quickbooks" balance? The way my CC setup automatically was my card (primary user) shows payments on balances, while the others just have their transactions- which means the quickbooks balance never goes to 0 b/c no payment is ever posted on it.
Hi there, @EQW22.
There are possible reasons why there are no payments posted from your credit card account to QuickBooks Online (QBO). Let me share them with you.
Here are the possible reasons:
Since you've mentioned that there are transactions on your credit card, I suggest checking or contacting your financial institution. This way, they can verify if there's an issue on their end.
If your credit card account isn't connected, you can follow the steps below to connect your credit card account:
You can read this article for the detailed steps and information: Connect Bank and Credit Card Accounts to QuickBooks Online.
You might also want to check out these articles to know more how to reconcile and match credit card transactions:
If you have any other questions, feel free to comment below. We're always here to help you.
I'm confused tho, I have the same issue as EQW22
How would we post payments to the parent account in quickbooks if the payments are importing into one of the Child accounts? (which is the primary card holder account in chase). Since we need to match the payments with the bank debit that also imports
If I understand @EQW22 correctly, thats not what he's asking about.
In the Chase Online Portal, payments show up under the master account (primary card holder) and DO NOT show up under any 'employee card' accounts. So if we are setup correctly in QBO, with master/parent account not connected to chase bank feed but with the child accounts accounts connected to chase bank (as individual card holders), then there is no way to balance the employee accounts that never have payment transactions posted to them, they ballon very quickly. They also do not have a balance (see attached photo of employee CC connected in QBO), since the balance is controlled by the primary account holder.
How can you ever reconcile this?
I can help add some details, @yodankful.
When connecting your accounts to online banking, you'll need to check with your bank how they send the transactions. If the transactions download to one account, connect only the parent account. If the transactions download to the individual accounts, connect the subaccounts and not the parent account.
Once it's time to reconcile, you only need to reconcile the parent account since all the transactions in the subaccounts roll up into it. Let me refer you to this article for more information: About bank or credit card subaccount setup.
I'd like to include this related post from one of our Community backers: https://quickbooks.intuit.com/learn-support/en-us/reports-and-accounting/how-can-i-fix-my-credit-car....
For other related articles, you may visit our site for tips and helpful guide: Reports and accounting for QuickBooks Online.
Let me know if you have additional questions about setting up your accounts. I'll be around to help.
I did actually just reconcile the parent account and all worked great, no errors were found and its balanced. However, like @EQW22 and I are trying to point out, as well as my screenshot I had attached, Chase Bank employee cards DO NOT have payments posted to them, therefore they will never go to 0 and continue to rise forever. How can you solve this problem?
There are two options to clear the sub-account balance from the In QuickBooks tab when using Bank Feeds. You can either write a check or use the Transfer funds feature to move the amount from your bank account.
By doing so, the amount will decrease depending on how much you enter when paying the credit card. In case you need the detailed instructions, I'm attaching the article I recommend on this:
Feel free to get back to me if you need further help clearing the balance, and I'll be sure to get back to you. I'm here to ensure your success.
I dont see how that would work. Since I'd be moving money out of the bank account in QB, that isn't actually being moved out of the bank account.
The payments are being made, and they are posting to main account holder's card, but the employee card's balance in QB won't ever go down. Have you read through the earlier messages to understand the issue happening?
Thanks for getting back to us, yodankful,
Allow me to step in and share some information with you about the employee's card balance in QuickBooks.
Making payments on the main account won't impact the sub-accounts. Thus, the balance of the sub-accounts remains in QuickBooks. The recommended solution is create a journal entry to transfer the balance to the parent account.
I've received a similar post about fixing the sub-account balances. Please refer to this link for your guidance: https://quickbooks.intuit.com/learn-support/en-us/reports-and-accounting/how-can-i-fix-my-credit-car....
I've also added this article: About bank or credit card subaccount setup to help organize your Chart of Accounts in QuickBooks Online.
Should you need anything else, don't hesitate to leave a comment below. I'm always around to help you out.
Okay seems like journal entry is the only way. So then is it safe to say. ‘By default, Quickbooks does not support Chase Bank employee credits cards and its advised not to use them with quickbooks’. Since it would require a journal entry for account balances to ever normalize. And the QB setup mentioned is almost like a temporary fix to an inherent problem.
Thanks for your explanation,
Hello there, @yodankful,
Yes, that's correct. Currently, the program doesn't support Chase bank employee credits cards when setting them up as subaccounts in QuickBooks. The recommended method is to create a journal entry to normalize your account balances and help fix the issue.
You can also check out this article: Banking Hub. In this article, you can browse helpful topics on how to effectively manage your bank transactions and reconciling your account in QBO.
Please know that I'm here anytime you have other concerns. See you around and take care always, @yodankful.
I gave up trying to use automatic downloads with Chase in banking and credit cards. I download the monthly credit card statements from chase in a CSV file and then upload to Quickbooks. I was having issues for years with duplicate transactions across my many employee accounts and huge frustrations when trying to reconcile. Now, I cannot tell in Quickbooks which employee made what charge anymore, but it was never accurate anyway. Uploading manually has saved me a huge amount of time and frustration as the statements are always 100 percent accurate!