quickbooks Credit Cards/sub accounts reconcile

Hi Ravi . Allow me to share some details about credit card reconciliation in QuickBooks Online (QBO). 

If the transactions flow in a single account, we have the option to designate that particular account as the parent account. Then, for the accounts with no transactions, you can create them as sub-accounts.

Here’s how you can add the parent account:

1. From the left navigation pane, select the Accounting menu.
2. Select the Chart of Accounts tab.
3. Click the New button.
4. Fill in the necessary fields, then click Save and close.

 
Next is to set up the credit card sub-account. I’ll show you how:

1. From the Chart of Accounts page, look for the credit card.
2. Click the View register drop-down arrow, then select Edit.
3. Tick the Is sub-account box, then select the parent account.
4. Click Save and Close.

When it's time to reconcile, you'll just have to reconcile the parent account since all transactions in the subaccounts roll up into it.

I've added these articles so you can check in setting up credit card sub-accounts and how to reconcile them:

• About bank or credit card subaccount setup
• Reconcile an account in QuickBooks Online

You'll also want to run a reconciliation report after the process is complete. Here's an article on how you can do it: How do I view, print, or export a reconciliation report?

If you ever have other questions we can help you with reconciling your account, feel free to post it here and I'll get back to you as soon as I can. Have a great rest of the day!

I also want to receive automatic transactions from bank to the sub- accounts. Is it possible with this setup ?

Thanks 

Hi, @rkoorapati!

Yes, it's possible to receive automatic transactions from the bank to the sub-accounts. However, it depends on the bank that you're using. 

Here are two ways by which your bank sends the downloaded transactions:

• Transactions download to one account.
• Transactions download to the individual accounts.

You'll need to connect the parent only if the transactions download to one account. Otherwise, link the sub-accounts if they download to individual ones.

Keep in mind that the parent account and its sub-account/s can't be connected at the same time. If it's time to reconcile, you only need to reconcile the parent account since the transactions that were made in the sub-account will be included. Visit this article to know more: About bank or credit card subaccount setup.

Additionally, you can set up bank rules to streamline your categorization process.

If you have other banking concerns, please don't hesitate to reach out. Wishing your business a huge success!