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tsmith74
Level 1

How can I use a HSBC Corporate Credit Card in Quickbooks

Im new to small business accounts and Quickbooks so please bear with me. My wife's company has a HSBC Corporate card (UK-based). Although there is only one employee (herself), HSBC provides two account number. The first is an umbrella and they refer to it as the "relationship" account and the second is the "cardholder account" which relates to the physical card she has. Now, each month there are two statements and its taken me hours to even figure how they present the data - let alone understand why. The cardholder statement itemises each transaction, each manual payment paid into the card, and any refunds. The opening balance each month is always £0 and the closing balance effectively just shows whether you've spent more than we've paid into the card, or vice versa for that specific month. There is no running balance for this statement is effectively just a month list of transactions. The statement for the relationship is more comprehensive. It has rolling balance, adds or subtracts the final balance from the cardholder account and also adds in any direct debit payments (which seem to go to the relationship account instead of the cardholder account) and any interest. Currently, I have both linked to QB online, and I have asked an accountant for help but Id like to understand myself. The realtime feed from the cardholder account just shows transactions made (both debit and credit) and the feed from the relationship account only shows the direct debit payments made to it. Nowhere can I see the interest being applied in the feed. So all in all, with the fact that the cardholder account statement is really a bank statement with a running total, and the fact that I cant see interest applied anywhere, I totally stumped as to how this would be dealt with in Quickbooks. Any help welcome. Thanks Tim
1 Comment 1
AileneA
Moderator

How can I use a HSBC Corporate Credit Card in Quickbooks

Thank you for the brief explanation, tsmith74. 

 

Base on the information you've mentioned that there are two accounts connected in QuickBooks. QuickBooks will depend on the information that was transmitted from your bank. Also, it maybe varies on how you've mapped and categorized your transactions.  

 

To give you an insight into categorizing your transactions, I have an article that helps you handle your future banking tasks: Categorise and match online bank transactions in QuickBooks Online. Though, I still recommend reaching out to your accountant to properly categorise the transaction to prevent any discrepancy in your book.  

  

However, If you don't see the missing interest applied let's try to update  your account manually to refresh its connection. Here's how to do it:  

 

  1. Go to Banking on the left panel.
  2. Select the account you’re working on.
  3. Hit on the Update button. 

 

For future reference, read through this help article: How to manually update an account to fix banking errors. It helps you learn about how to update your bank account and help you fix some of the most common issue in case you encounter any.   

 

If you still have clarification about this, you can reach out to our QuickBooks Online Care Team. They can pull up your account in a secure session and sort it out.   

 

Here's how to contact them:

  1. Sign in to your QuickBooks Online company.
  2. Select Help (?) at the top right.
  3. Click Contact Us to connect with a live support agent. 

 

Feel free to message again if you need more help. We're always delighted to provide further assistance. Have a great day!

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