Credit cards incorrectly linked through banking feed

I'll help you deal in connecting your bank accounts so you'll get the transactions you need, @M1Jones1.

To set up an account with multiple cards associated with it, you can add it as a parent account in QuickBooks Online (QBO). Once done, assign each card as a subaccount. For instance, set up the Credit Card account X as the parent account and Credit Card account A and B as its subaccounts. I'll show you how:

Create a parent account.

1. Go to the Gear icon and choose Chart of Accounts.
2. Next, select the New button.
3. Then, select the correct account type and detail type.
4. Enter the name of the parent account. Example: Credit Card account X.
5. Once done, click Save and Close.

After that, add the subaccounts. 

1. Navigate to the Gear icon and choose Chart of Accounts.
2. Then, click the New option.
3. Next, pick the appropriate account type and detail type.
4. Once done, click the Is sub-account field and select parent account (Credit Card account X). Ensure that the parent account has the same account type as the subaccount you’re creating.
5. Then, type Card A as the subaccount name (follow the same steps for Card B).
6. When finished, click Save and Close. 

Once everything is set up, you can now link the accounts in QBO. Before we begin, I just want to share information on how the transactions are downloaded once you set up parent and subaccounts. You can only connect the parent account if the transactions download to one account. If it is downloaded to the individual accounts, you'll have to link the subaccounts. For your reference about the process, check out this article: About bank or credit card subaccount setup.

Also, once transactions are in, you'll have to make sure that they are correctly allocated to the correct accounts by categorizing and matching them on the For Review page. 

I'm still ready to lend a hand in case you have any other queries about linking your accounts. I'll keep an eye out for your reply. Have a great week ahead.

There?

Thank you Divina, this looks to be on the right track.  My issue is, I already have card X established (with long standing entries) and now the subaccounts, A and B, are already set up with some entries.  In other words, I don't need to set up new accounts; they already exist.  Is there some way to integrate all three since they all have entries I want to keep?

Thanks!

Hello M1Jones1,

We are still here! Thank you for that clarification. However, in QuickBooks Online, there isn't an option to merge connected bank and credit card accounts, only specific accounts, customers, and vendors. For more information that goes into detail about this, this link is very resourceful! 

Get back to me if you still have other concerns or follow-up questions! I am here to help. Take care always!

I want to make sure I proceed with caution here, so thank you for the link.  To be clear, Account X is the credit card account from which cards A and B draw.  Does that change the calculus as to whether they can be merged?

I’m here to address your calculation concern if you whether merge the parent and subaccounts, @M1Jones1.

To clarify, the calculation won’t change since your parent account (Account X) is connected to online banking. The transactions posted in this account won't affect the subaccounts. To avoid discrepancies, you'll want to check if there are transactions that weren't assigned to the subaccount.

Basically, you’ll only need to reconcile the parent account since all transactions in the sub-accounts are packed into it. Thus, when you record money-out entries under the parent account, its balance decreases. However, the balance of the sub-accounts remains the same.

In case you want to ensure you setup your bank or credit card subaccount correctly, you can open this link. You can then categorize and match the downloaded transactions in QuickBooks Online.

I've got you this helpful article for the detailed steps in reconciling your account.

Let me know if you have more questions about handling your accounts. I’ll help you out.

I have the two cards set up as sub accounts under the card.  But now I'm concerned I'm creating bigger problems for myself, namely that the two cards have banking info auto-populating, but the card itself also has entries.  Those are entries I've already made, but when I go to reconcile the accounts, are there any pitfalls I should watch out for?

Hi @M1Jones1, I'll share details about your online transactions.

The credit card account set up in QuickBooks Online is based on the transactions are downloaded. If the transactions are downloaded to each card, you'll have to connect every subaccount of your credit card account and not the parent account.

While the online banking setup is different, you'll only need to reconcile the parent account of your credit card since all transactions in every subaccount will sum up the total balance of the parent account.

Use this article to learn more about the parent and subaccount setup of your bank and credit card accounts: About Bank or Credit Card Subaccount Setup.

In the process of reconciliation, it's best to prepare and compare the actual statement to the list of the transaction to reconcile. This way, it'll prevent any discrepancy and you're confident which transactions have been reconciled, cleared, or not yet posted.

However, if you're still unsure of how to proceed with the reconciliation, I recommend contacting your accountant for guidance. They can also provide the best practices to follow to ensure the accuracy of your accounting books.

You can use whit link if you haven't found someone to work with: QuickBooks Certified ProAdvisor.

I'm adding this reference that'll guide you anytime you need help while doing or fixing a reconciliation: The Reconcile Workflow in QuickBooks.

If you've got questions other than how to fix the information of your credit card account reconciliation, please let me know in the comments. Use the Reply button below so that I can continue assisting you. Take care always!