Chase Credit Card Employee Replacement Card

Hello, komatthew. 

Thank you for reaching out to the Community. When you connect to online banking, the same opening balance transaction may download to all subaccounts. You must delete all but one of these balances when you reconcile.  

In line with this, all your transactions in the subaccounts roll up into the parent credit card account. That being said, there isn't a need to write off the incorrect balances. To know more about this, I'd recommend checking out this article: About bank or credit card subaccount setup. 

Once your transactions are downloaded, you'll have to review and/or match them to the existing entries in QuickBooks. This way, you can keep your account updated. You can refer to this article to know more about this: Categorize and match online bank transactions in QuickBooks Online. 

After that, you're now set to reconcile your Chase credit card account in QBO. I'd recommend performing this process every month to effectively monitor your business expenses. For the step-by-step guide, you refer to this article: Reconcile an account in QuickBooks Online. 

Don't hesitate to comment down below if you need further assistance in QuickBooks. I'll be more than happy to help. Stay safe!

Thanks for the reply.

I'm not sure what I'm supposed to do with all the transactions that are in the new card. Do I exclude, delete, or categorize? If I categorize then that will add to my expenses which will also be incorrect.

Thanks for the help.

Matthew

I'll help you in handling that, Matthew.

Once you connect your credit card, QuickBooks automatically downloads your historical transactions and totals them up for you. Since some of these transactions are from the old credit card, you'll want to exclude them to ensure that your starting balance is accurate and up-to-date. Here's how:

1. Go to the Banking or Transactions menu.
2. Select the Banking tab, then choose the appropriate bank account.
3. Head to the For Review tab.
4. Tick the checkbox of the transactions to exclude.
5. Click Exclude.

In addition, here are some articles that you can browse to help review your downloaded transactions and reconcile your accounts:

• Categorize and match online bank transactions
• Reconcile an account

Feel welcome to reach out to me again with any concerns or questions you may have. Have a good one.

Thanks for the reply.

I excluded the extra transactions, but the balance sheet is still out of wack. It still shows -61,000, when there should be a positive outstanding balance.

Not sure how to solve this.

Thanks

Matthew

Let's work together and solve this, @komatthew. How did you connect these accounts to online banking?

Ideally, each credit card subaccounts balance will result in the total balance of the parent account. Learn more about credit card account connected to online banking using this article:  The Bank and Credit Card Subaccount Setup.

I also suggest contacting your accountant for guidance in understanding each account balance along with working on your reports. Use the link to find someone you want to work with: The QuickBooks Certified ProAdvisor.

You may also read all related references in this article to make sure your account register matches your bank and credit card statements: Use this Guide Anytime you need Help Doing or Fixing a Reconciliation.

If you have any other clarifications or follow-up questions about bank transactions, please let me know by adding a comment below. I'll be here to lend a hand. Stay safe!