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Level 2

Sub Accounts reconciling issues

I have a business account at Chase. Each of our workers has a card. I set up our account as suggested on this thread

 

https://quickbooks.intuit.com/learn-support/en-us/banking/multiple-credit-card-accounts/00/161362

 

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.

4 Comments
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QuickBooks Team

Sub Accounts reconciling issues

Hi there, @jakobox.

 

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.

 

Balances may not match for several reasons:

  • Outstanding transactions
  • New transactions for a connected account
  • Duplicate transactions
  • Edited or deleted transactions
  • Credit card (liability) account
  • Payments from parent to sub-accounts.

 

Please check this article to find out the recommended fix for the mentioned reasons: How to Fix Differences Between QuickBooks Balance and Bank Balance.

 

Also, you may read these articles for further help when having mismatched problems in QuickBooks:

 

I’m always here to assist you if you have other concerns. I’m just a post away.

Highlighted
Level 2

Sub Accounts reconciling issues

Hi MaryAnn, appreciate your response, but it seems you were cutting and pasting from a general response form.

 

Please see the screenshot I provided.

 

There are no outstanding transactions. There are no new transactions for a connected account. There are no duplicate transactions. There are no Edited or deleted transactions.

 

 

Highlighted
QuickBooks Team

Sub Accounts reconciling issues

Thank you for reaching us again, @jakobox.

 

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.

 

Here are the steps to create a journal entry:

 

  1. Select the +New button.
  2. Select Journal entry.
  3. Fill out the fields to create your journal entry.
  4. Click Save and new or Save and close.

To keep your chart of accounts organized and make more detailed reports, you can visit this article: Organize your accounts into parent accounts and subaccounts.

 

Fill me in if you have further concerns. Thank you! 

 

 

Highlighted
Level 2

Sub Accounts reconciling issues

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!

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