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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.

M

MAnneJ

I have the same exact problem - has QBO solved this issue? I've seen multiple posts on this subject with no actual resolution. It seems like an option to split the credit card payment across the two (or more) cards would be an easy solve, but QBO still doesn't appear to have that capability.

Any luck from anyone on this?

I am well aware of how beneficial it is in your business, @joefake1. Let me lay down the steps so we can create parent and subaccounts.

If you already have the Parent account in the Chart of accounts, we can directly add our subaccount.

Here's how:

On the left panel, click Chart of accounts under Transactions.
Select New.
Add and Account name.
Under Account type* select Credit Card.
Tick the box beside Make this a subaccount.
Select the Parent account and fill out the necessary field.
Hit Save.

After saving the subaccounts under the parent account, we can now see the sub-accounts that are slightly indented and the sum of the sub-accounts is represented by the main account.

Furthermore, you'll want to check this article and learn how to make accounts inactive from your chart of accounts: Make an account inactive on your chart of accounts in QuickBooks Online.

Please let me know if you need anything else in managing your chart of accounts and any QuickBooks-related queries. I'm always here to help. Keep safe.

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?