So I have the accounts set up. I can reconcile via the statement from the master account and all goes smoothly. However, the Quickbooks Balances on the accounts are WAY off from the actual bank balances.
It seems like Payments are being applied to the "master" account and not to the individual accounts? See screenshot showing how it's set up.
I spent about an hour trying to resolve with QB support. When the person told me it was probably a "firewall" issue I gave up. Hopefully the community here can provide a bit more insight.
There are several factors may cause your Sub account Credit Card's balance in QuickBooks Online doesn’t match your actual balance. You would need to verify why they don’t match and fix them accordingly.
When you connect the individual accounts for online banking, the parent card will not receive the transaction in the Bank Feed. They drop to the subsidiary registers.
When the parent account (the one without transactions) is selected on a credit card payment, this causes the balances to be a bit strange. A quick way to check this is to look at the Balance Sheet report.
The best way to correct the balance is to create a journal entry. Offset the parent account payments with the sub-account totals. If a sub-account has a positive balance, which is typical, then you will debit that amount in the journal entry. The offset will be the parent account to make the journal entry balance out. Both the debits and credits have to equal.
Thanks for the reply Maybelle. Glad to finally get to the bottom of this. Your response led me in exactly the right direction.
Journal entries would indeed be the ideal solution. But since Chase only reports amount due and paid for ALL the cards, this would also end up being very tedious. (you would have to calculate amounts paid and due on each card to go with corresponding journal entries manually)
My solve: I realized that the balance in the "parent" account on Quickbooks should be equal to the balance of the "main" card on Chase. So if your reconciliation goes as planned, and these two numbers match, you should be good to go. (see attached) The numbers on your dashboard will of course still be a mess.
It's a bit shocking how unintuitive and difficult QB has made this process, something they might want to consider from a user experience perspective down the line. But in the meantime, I hope this thread helps anyone struggling with the same issue!