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Split Transfer for Chase Credit Card

Forum|Forum|8 years ago
August 17, 2017
3 replies
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I have a Chase Ink Preferred Credit Card with two authorized users. In QuickBooks the two cards are treated like separate accounts. Is there a way I can merge the two accounts in QuickBooks? If not can I split the transfer transaction as right now it shows the full credit going to one of the cards so that card has a negative (credit) balance but the other card still has a positive (debit) balance when they should both be zero.

Thanks.

Best answer by

Hi KS-Man,

Would it work to use them as subaccounts of one? In QuickBooks Online, you can create a single credit card account for the Chase Ink Preferred Credit Card and then list the two accounts that were previously created under it.

In the example above, note that the sub-accounts are slightly indented and the sum of the sub-accounts is represented by the main account. The desktop version would work the same way.

To create a parent account and change existing accounts to sub-accounts in QuickBooks Online:

1. Access the Chart of Accounts

a. Click the Gear

b. Under Lists choose All Lists

c. Choose Chart of Accounts

2. Create the Parent account

a. Click New at the top of the Chart of accounts

b. Change the category type to Credit Card

c. Change the Name field to something descriptive of the account. (my example has the name of the credit card)

d. Click Save and Close

3. Change the old accounts into Sub-accounts

a. Locate one of the original accounts

b. Click the arrow next to View Register for that account.

c. Choose Edit

d. Click the is sub-account checkbox

e. In the drop-down box, choose the parent account created in step 2.

f. Click Save and Close

g. Repeat the process for the other credit card account.

I hope this helps, let me know if you get stuck at any point.

-John

A

Anonymous

Answer

Hi KS-Man,

Would it work to use them as subaccounts of one? In QuickBooks Online, you can create a single credit card account for the Chase Ink Preferred Credit Card and then list the two accounts that were previously created under it.

In the example above, note that the sub-accounts are slightly indented and the sum of the sub-accounts is represented by the main account. The desktop version would work the same way.

To create a parent account and change existing accounts to sub-accounts in QuickBooks Online:

1. Access the Chart of Accounts

a. Click the Gear

b. Under Lists choose All Lists

c. Choose Chart of Accounts

2. Create the Parent account

a. Click New at the top of the Chart of accounts

b. Change the category type to Credit Card

c. Change the Name field to something descriptive of the account. (my example has the name of the credit card)

d. Click Save and Close

3. Change the old accounts into Sub-accounts

a. Locate one of the original accounts

b. Click the arrow next to View Register for that account.

c. Choose Edit

d. Click the is sub-account checkbox

e. In the drop-down box, choose the parent account created in step 2.

f. Click Save and Close

g. Repeat the process for the other credit card account.

I hope this helps, let me know if you get stuck at any point.

-John

K

ks-manAuthor

That worked great! Thanks very much for the detailed instructions.

K

ks-manAuthor

@ks-man

@19

"If not can I split the transfer transaction as right now it shows the full credit going to one of the cards"

Currently, you can't split the transfer transaction. However, you can always switch "Transfer" radio button to "Add" radio button and then split it from the "For Review" section of the bank feed. Normally, you want to do this from the main account like checking account (if you're transferring from checking to credit card accounts). Another option is to create manual "Expense" transaction (create "+'sign > vendor > expense) and select bank account and under account section, split payment to those credit card accounts. And then, just select green MATCH at the at the bank feed.

Hope this helps!

The more I work with this, the more frustrated I get. I'm not sure if the issue is with QuickBooks or Chase. From the Chase website it looks like everything gets merged to the top level for the account (balance of 9,875.78). However in QuickBooks it is keeping everything separate (two individual accounts with balances of 8,502.79 and 1,372.99). I'd like to see everything merged together in QuickBooks however when I set them up as subaccounts of a different Master Account it still kept them separate as you can see in my earlier graphic. I'm guessing I'm not the first person with the Chase Business Ink card with more than one authorized user. How do other people get around this?

Thanks for all of the help.

lynda11_2

Level 5

I do what @19 does as described in this post. Then when you pay it, split the payment so that all of the separate parts (sub accts) of the whole zero out. You reconcile the parent acct.

C

cocoburgllc

Which @19 post are you referring to? He has a lot!

L

litypark

I'm going through this exact issue and I've scoured the internet all day looking for a better solution than creating sub accounts for all the users. It's a lot of work to make 1+1=2. Is there really no way to have one account that shows all transactions?