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rheritier
Level 1

Mismatch "bank balance" vs. "in quickbooks" for Corporate Account/Credit Cards

Hello,


I have a mismatch in my Quickbooks as you can see below.
I have the following setup:

 

- My Corporate Account (BOA Corp 1) is the statement I receive every months with the details of my 3 credit cards (1.1, 1.2 and 1.3 below). It is linked to quickbooks. I only have the CC payment that appears here every month.

- The 3 Credit Card are linked to QB as you can see below and are the one which get all the charges which I categorize every day

 

I also have a BoA Main CC, which was originally the 1st CC I had (CC 1.1 below), before adding 2 CC to the Corporate Account for employess.


If I recall correctly, the accountant who setup my QB told me to put the Corp Account and all 3 CC under the "BoA Main CC"...

But I also have charges on this one while I really shouldn't... not sure if I can change that and put these charges under the correct Credit Card (CC 1.1).

 

Any idea how to solve this mess?

 

Thanks!


Ron

 

 

Quickbooks.JPG.png

Detail CC.png

5 Comments 5
Candice C
QuickBooks Team

Mismatch "bank balance" vs. "in quickbooks" for Corporate Account/Credit Cards

Good afternoon, @rheritier

 

It's great to see a new face here in the Community. Allow me to point you in the right direction to get this problem fixed. 

 

The best route for your business, would be to get in touch with our Customer Support Team for further assistance. They'll be able to use a screen share tool to help walk you through some steps to resolve this issue. Here's how: 

 

  1. Go to the Help icon in the top right-hand corner. 
  2. Click the Contact Us button. 
  3. Give a brief description of the problem and tap Let's talk
  4. Scroll down and pick to Get a callback

 

That's all there is to it! 

 

Keep me updated on how the call goes. It's my priority that you're taken care of today and you get back to running your business. Have a great day! 

rheritier
Level 1

Mismatch "bank balance" vs. "in quickbooks" for Corporate Account/Credit Cards

Hi Candice,


Thanks for your quick response.
I did what you recommended and a very nice lady helped me for 1hour 46 minute, but unfortunately, we haven't solve my problem.
Thanks to her help, I am clearer on my issue and I can summarize it here to seek more help.

 

My issue is that I have 1 corporate credit card account which is in Quickbooks and register automatic payments of my 3 credit cards from my checking every months.


I then have 3 credit cards (under my Corporate CC account) and each are linked to Quickbooks as well. Each cards have various transaction every months which I categorize accurately.

 

The concern is that QB add all transaction of each CC and sum up months after months, increasing the amount in "In Quickbooks". I checked and the amount showing is the sum of every single transaction of the CC that have been done since it opened.

 

The 1st way I'm thinking to have the "Bank Balance" to match the "In Quickbooks" would be to create manually an entry in the CC ledger which would be negative and equal to the sum of the transaction of the month. This way, it'd indeed show the same amount in both "Bank Balance" and "In Quickbooks".
My concern is that in term of accounting, this is incorrect.

 

The 2nd option would be to not track the "Corporate CC account" and only the Credit Cards. My concern is that the monthly payment from my Checking to my Corporate CC account is the sum of the expenses of the 3 CCs...how to match in quickbooks??

 

I'd be surprised that I'm the only one with this issue so wonder if anyone has found the correct way to solve this issue.

Thanks in advance,

Ron

ChristineJoieR
QuickBooks Team

Mismatch "bank balance" vs. "in quickbooks" for Corporate Account/Credit Cards

Thank you for your prompt, @rheritier. Let give you some insight about setting up multiple accounts in QuickBooks Online.


The best option to avoid this error is to set up parent account with the subaccounts that linked with it. This is the most usual technique to set up a bank account or credit card account with numerous cards is to create a parent account and then create subaccounts for each individual card.


You must first understand how your bank sends the downloaded transactions before connecting to Online Banking. Connect only the parent account if the transactions are downloaded to one account. Connect the subaccounts rather than the parent account if the transactions are downloaded to separate accounts.
 
Here’s a way you can change exiting account into subaccount:

 

  1. Go to Settings ⚙ and select Chart of accounts.
  2. Find the account you want to edit. Then, in the Action column, select Edit from the dropdown ▼. 
  3. The following step is determined by how your account is set up. The Account window or the Edit category window may appear. If the Account window appears, proceed to step 4. Unless you switch to accountant view, you won't be able to transform an account to a subaccount if you see the Edit category window.
  4. In the Account window, select Is sub-account checkbox. Then select the Enter the parent account dropdown ▼ and choose the parent account you want to move the account under.
  5. Select Save and Close.

 
If you need to set up new subaccount, you can utilize this article for further instruction.
 
Additionally, I’ll leave an article here on how to set up a parent account to be associate with subaccount.


Just let me know if you still have concern with your banking accounts in QBO. I am always willing to assist. Stay safe!

rheritier
Level 1

Mismatch "bank balance" vs. "in quickbooks" for Corporate Account/Credit Cards

Hello ChristineJoie,

 

Thanks for your response. This is indeed what we tried to do with Nova, the QB representative for 1 hour 46min but it didn't work.
We setup (linked) first all CC accounts in QB, which shows all and each expenses.
Once all 3 CC were linked, we linked the Corporate CC Account, which is the one "gathering and summing" all expenses of the Credit Card and "requesting" automatic payments from the Checking account.

Then, we setup all CC to be sub-accounts of the Corporate CC account.

 

Again, this works perfectly for the Bank data which is always accurate. The issue remains for the "In Quickbooks" account...

 

Any other idea??


Thanks

AileneA
QuickBooks Team

Mismatch "bank balance" vs. "in quickbooks" for Corporate Account/Credit Cards

Hello, rheritier. 

 

The troubleshooting steps provided by my colleagues should work on your end. And I understand that you may have already contacted us for the same concern. However, this needs to be taken on a closer look so our engineers can thoroughly investigate the cause and soon come up with a fix.  

 

Here's how you can reach them:

 

 

  1.  Sign in to your QuickBooks Online company. Then click Help (?).  
  2. Click Talk to a human.  
  3. Choose Talk to a human.  
  4. Enter your concern.  
  5. You can either select Get a callback or Message an agent to get a representative on the line. 

 

To ensure that you'll be assisted on time, please see our support hours.  

 

Please let me know if you have any other issues or concerns. I want to make sure everything is taken care of for you. Have a great day!

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