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tetinguyen
Level 1

CC payments only show up on parent account. Purchases and refunds only show up on subaccounts. How do I reconcile since sub accounts do not show beg and end balance?

I have a credit card. Payments only post to the parent account which has a different last 4 digits. The subaccounts only show purchases and credits and there is not beginning or ending balance. The parent account has this information. The bank feed for the parent account only shows payments. The subaccounts only show purchases and credits back to CC. How do I reconcile?
7 Comments 7
MJoy_D
Moderator

CC payments only show up on parent account. Purchases and refunds only show up on subaccounts. How do I reconcile since sub accounts do not show beg and end balance?

I can help you reconcile your credit card account, @tetinguyen.

 

You'll just have to reconcile the parent account because all transactions in the subaccounts roll up into it. If you have several subaccounts under your credit card account, you'll have to create a parent account and then have each individual card set up underneath as a subaccount.

 

More details about this function are shared here: About bank or credit card sub account setup.

 

Here's more information on how to reconcile your accounts after organizing them: Reconcile an account in QuickBooks Online

 

You'll also want to run a reconciliation report after the process is complete. Here's an article on how you can do it: How do I view, print, or export a reconciliation report?.

 

If you ever have other questions we can help you with reconciling your account, feel free to post it here and I'll get back to you as soon as I can. Have a great rest of the day!

tetinguyen
Level 1

CC payments only show up on parent account. Purchases and refunds only show up on subaccounts. How do I reconcile since sub accounts do not show beg and end balance?

Thank you for your replay.  The transactions from the subaccounts DO NOT rollup into my parent account through the bank feeds.  The parent account only shows credit card payments  and no transactions.  The sub accounts only show transactions and no credit card payments.  I think it's the way the credit card company has it set up.  There are three accounts that link to each other.  I will call them A, B and C.  A is not an actual credit card.  A is an account where credit card payments are posted.  B and C are actual credit cards that are used to make purchases for the business.  I'm not sure how to tie A, B and C together and how do I reconcile them.  

 

 

JessT
Moderator

CC payments only show up on parent account. Purchases and refunds only show up on subaccounts. How do I reconcile since sub accounts do not show beg and end balance?

Hi tetinguyen,

 

Allow me to jump in and help you with your scenario.

 

I'd like to ask for clarification on what you said about the transactions in the parent and sub-accounts. The parent account only shows the beginning balance and payments, and the sub-accounts show the charges. Is this only happening in QuickBooks or reality as well?

 

In a parent-sub account set up in QuickBooks, all transactions from the sub-accounts are accumulated in the parent account. Therefore, this should let you reconcile.

 

 

I'm curious though. How did you setup your sub-accounts in QBO? Are they not in a parent-subaccount setup/hierarchy? If this is the case, the transactions will not really roll up to the parent account.

 

If in reality, the transactions are posted as you described, then you may have to manually reconcile each of your transactions. This will be a good option since there are no beginning balances on the sub-accounts. This means you'll open each of them and put an R mark to indicate that they are reconciled.

 

mark as reconciled.PNG

 

I'm just right here if you have additional questions.

tetinguyen
Level 1

CC payments only show up on parent account. Purchases and refunds only show up on subaccounts. How do I reconcile since sub accounts do not show beg and end balance?

I finally figured it out.  There are three accounts.  Account A is used by the bank to just post payments made to the credit card.  Accounts B and C are credit cards used by employees.  So I made a new parent account and made account A a sub account.  Now I can see all the transactions under the parent account,

 

However, when I go to reconcile my beginning balance isn't zero.  We opened  this credit card last year and it should have an beginning balance of zero for the first CC statement.  Instead it's showing a beginning balance of $5K  In the bank register, I tried to correct this but it shows that there are 3 opening balances.

 

JAN - The first opening balance is a payment.

MAR -The second opening balance is a charge.

SEPT - The third opening balance is a payment.

 

I tried to make them all zero's but it throws the balance off by a huge amount.  I'm not sure how to correct this or even where to begin.  Any assistance would be helpful. Thanks.

BettyJaneB
QuickBooks Team

CC payments only show up on parent account. Purchases and refunds only show up on subaccounts. How do I reconcile since sub accounts do not show beg and end balance?

I appreciate the information that you've shared, @tetinguyen.

 

I'd like to shed some light regarding your beginning balance for your bank account in QuickBooks Online. 

 

There will be a beginning balance in the system if there are reconciled transactions. If you've created changes to the reconciled entries, this will affect your opening balance.

 

To fix this, you'll need to undo the reconciliation. After that, go to your bank register and remove the R status of your transactions to zero out the amount.

 

Here's how:

  1. Go to the Accounting menu.
  2. Select Chart of Accounts.
  3. Find the account holding the transaction. Then select View register
  4. Select the transaction you want to unreconcile to expand the view.
  5. Review the check column. If the transaction is reconciled, you’ll see an “R.”  User-added image
  6. Select the checkbox. This changes the letter in the box. Keep selecting it until the box is blank. This removes the transaction from the reconciliation.
  7. Select Save.
  8. Close the account register.

For more details about this process, please see this link: Learn how to unreconcile an individual transaction from a completed reconciliation.

 

On the other hand, I'd also recommend checking this great reference, which talks about fixing issues for accounts you've reconciled in the past in QuickBooks Online. This link provides complete steps about handling balance issues: Learn what to review so you can start reconciling.

 

Please don't hesitate to reach out to me here should you have any further questions, I want to make sure you're taken care of. Thanks for coming to the Community.

ATJTomBlack4
Level 1

CC payments only show up on parent account. Purchases and refunds only show up on subaccounts. How do I reconcile since sub accounts do not show beg and end balance?

I am having the same issue.  When I was paying by check I could credit the proper sub-accounts using line details.  Since I started paying electronically, it gets recorded as paying down my credit card and I can no longer credit the proper sub accounts.

 

Any help would be appreciated.

MirriamM
Moderator

CC payments only show up on parent account. Purchases and refunds only show up on subaccounts. How do I reconcile since sub accounts do not show beg and end balance?

Hello there, @ATJTomBlack4. Allow me to join the thread and provide information about crediting your transaction to its proper account. 

 

Before connecting your bank to online banking in QuickBooks Online (QBO), you need to check how your bank sends the downloaded transactions. If the transactions download to one account, connect only the parent account. But if the transactions download to the individual accounts, you'll have to link the subaccounts, not the parent account.

 

In addition, you can’t connect both a parent account and its subaccounts. Since all the charges will sync with your parent account, in which you're unable to make them automatically go to a subaccount. In your case, you may exclude those transactions and manually add or assign each of them to the appropriate subaccount. This way, you can avoid duplicates and keep your data updated and accurate.

 

To learn more about the parent and subaccounts setup, see this article: About bank or credit card subaccount setup.

 

Once everything is track, you can now reconcile your bank account. You can check this article for a guide: Learn the reconcile workflow in QuickBooks. It includes steps to fix balance issues and ways to modify completed reconciliations.

 

If you have any other questions about recording transactions in QBO, let me know, and I'll lead the way. Take care always, @ATJTomBlack4.

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