PNC Cash Rewards Visa Signature Business, RECONCILIATION ISSUE

daisydays22 · ‎January 13, 2020

I have question about account we have with PNC Bank, it's a Business Card (PNC Cash Rewards Visa Signature Business). This is only one account, but for some reason they have it as two accounts (e.g. xx1111 and xx2222), on their website it's split into two account numbers. Some of the statements for BOTH accounts have the same transactions. Others only appear on one account. For example, Account xx1111 has payments made on card on statements and xx2222 does not have payments recorded on their statements. Needless to say I'm confused as to how I will reconcile account, I tried to associate both accounts under the same Bank account under the Chart of Accounts but it did not let me. Does anybody have account with PNC Bank that could guide me?

MaryLandT · ‎January 13, 2020

I'm happy to help you with this daisydays22.

Thank you for providing complete details of your concern for today.

Let's start over by connecting the account xxx1111 as the parent account and making the xx222 as the sub-account. Then, reconcile the parent one, not the sub-account, because all transactions are rolled up into it.

Here's how to change an existing account into a sub-account:

Go to the Gear ⚙ icon at the right top, then select Chart of Accounts.
Locate the account, then select the small arrow ▼ under Action, select Edit.
Mark Is sub-account and then enter the parent account.
Click Save and Close.

In QuickBooks, you're unable to connect both the parent and its sub-accounts. That's why you need to know how your bank sends the downloaded transactions.

For more details, feel free to read through this article: About bank or credit card subaccount setup. It will guide you through setting up split accounts in QuickBooks Online.

Let me know if there's anything else you need by hitting the Reply button. I'm happy to help ensure your success.

daisydays22 · ‎January 23, 2020

@MaryLandT

Thank you for reply!

Since the parent account has all the information that the sub-account has, is it necessary to connect the sub-account to Quickbooks as well? Since you mentioned I will only be reconciling the parent account, it makes me think the sub-account is not really necessary but maybe I'm missing something.

ReymondO · ‎January 23, 2020

Thanks for getting back to this thread, @daisydays22.

It's not necessary to connect the sub-account if your parent account is already connected with QuickBooks. Once you did this, the system will automatically prompt you that the account is already connected.

Please also take note that before connecting the accounts to Online Banking, you need to know how your bank sends the downloaded 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.

As you review your downloaded transactions, you can assign a payee, category, class, or location to each transaction in QuickBooks. This will help you to easily review the each download transactions from the bank.

If there's anything else I can do for you, please let me know in the comment section below.

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PNC Cash Rewards Visa Signature Business, RECONCILIATION ISSUE