Does anyone know how to properly connect a Bank of America Corp Account credit card that uses the credit card as a sub account and the Corp Account as the parent account?

Hello there, @Anonymous. 

Welcome to the Community. I can share some information about how to properly connect a Bank of America Corp Account credit card that uses the credit card as a sub-account and the Corp Account as the parent account in QuickBooks Online. 

You'll need to create a parent account that will be used for reconciliation then have every individual card set up underneath as a sub-account. The only account that should be connected to Bank Download Transactions would be the specific cards (sub-accounts).

This allows you to reconcile your bank's statement to the parent account since everything in your sub-accounts will roll up to the parent in order to be reviewed at the same time.

To know more about this process, please refer to these articles: 

• About bank or credit card sub-account setup.
• How to create a new parent account or sub-account.

That should guide you in connecting a bank account credit card that uses a credit card as a sub-account and the Corp Account as the parent account in QuickBooks.

Don't hesitate to let me know if you have further questions. I'll be around to help you out. Have a great day!

I appreciate your detailed and prompt response, @Anonymous. 

Allow me to provide additional information about this concern to get this sorted out. 

In this case, you'll need to reach out to your financial institution to know how your bank sends the downloaded transactions. If the transactions download to a single account, you'll just need to connect the parent account. However, if the transactions were downloaded to the individual accounts, connect the sub-accounts and not the parent account.

This should keep you moving today @@john21. 

Keep me posted if I can be of additional assistance. I'm always here to help. Wishing you and your business continued success.

John, just wondering if you ever found the solution? I am tearing my hair out with this same exact issue.

Thanks for looping in, skmx.

I appreciate you joining in this thread. Let me provide additional information regarding connecting a sub-account in QuickBooks Online.

As referenced by my peer above, before connecting to Online Banking, you need to know how your bank sends the downloaded transactions. If the transactions download to one account, connect only the parent account. If the transactions download to the individual accounts, connect the sub-accounts and not the parent account.

Some banks may show the overall bank balance at each sub-account level. This is because the bank provides us with a static balance of the entire account, not the balance of each sub-account.

You can get more details in the following articles:

• About bank or credit card subaccount setup.
• Organize your accounts into parent accounts and subaccounts.

• Add transactions to bank register.

For now, as a workaround, you can download transactions from your bank's website and upload them to QuickBooks Online using the WebConnect feature.

In case you want to discuss sensitive information, feel free to reach out to our QuickBooks Online Support. To reach us, please follow these steps:

1. Sign in to your QuickBooks Online Company.
2. Click (?) Help at the upper right corner.
3. Select Contact US on the pop-up.
4. Enter a brief description of your concern then hit Continue.
5. Click Get a callback.
6. Enter your contact information.
7. Select Call me.

Don't hesitate to drop a reply below if you need more help in connecting your account in QuickBooks Online. I'm always here to help.

I am struggling to help me client as well.  There are other threads out there with the same issue and as of 7/14 there still seems to be no fix made.  Wondering if anything has been fixed since then.

Hi there, christineann.

Thanks for reaching out to the Community and doing a follow up.

If you're referring to connecting a Bank of America Corp Account credit card that uses the credit card as a sub-account and the Corp Account as the parent account.

As mentioned by my colleagues BettyJaneB and RoseMarjorieA, if the transactions download to a single account, you'll just need to connect the parent account. However, if the transactions were downloaded to the individual accounts, connect the sub-accounts and not the parent account.

However, if you mean something else about connecting Bank of America account, please let me know and provide additional information. This is for me to provide the best resolution for you. Have a great day!

Hi,

I was just experiencing the same problem, but the solution you suggest about linking only the sub account does not bring in the payments made to parent account.  So the only workaround with the least amount of work that i found is doing what you suggest and then when assigning the CC payments in the checking account, those get added manually for the purposes of reconciling!  But you would still need the statements from parent account as the sub accounts in BofA do not have a Statements tab.  

Regards,

David

Hi,

I was just experiencing the same problem, but the solution you suggest about linking only the sub account does not bring in the payments made to parent account.  So the only workaround with the least amount of work that i found is doing what you suggest and then when assigning the CC payments in the checking account, those get added manually for the purposes of reconciling!  But you would still need the statements from parent account as the sub accounts in BofA do not have a Statements tab.  

Regards,

David

@AGI Accounting 

Explore this app as a workaround.

https://www.moneythumb.com/?ref=110

I hope that this makes more clear the issue at hand.  With Bank of America, there is a parent account and in that account is recorded any payments and bank fees.  So, when this account is connected to QB, only payments and bank fees are recorded.  Because I am making more payments than having bank fees, the balance continually grows into the negative.

Then I have two sub accounts to the corp parent account - one for myself and one for my partner.  The only thing recorded in this sub accounts are the charges.  So when this account is connected to QB, only charges are recorded here.  The balance continually grows in the positive.

This makes reconciling very confusing.  To reconcile the parent account, I enter my beginning balance ($0) and then enter my ending balance.  But there is nothing to check off because the charges are located in the sub accounts and not in the parent account.

It is as if all of the debits are recorded in one account and all of the credits are recorded in the other account.

Additionally, there is only ONE statement each month and that is from the parent account.  The sub account information is on the statement but there are no "ending balances" or "beginning balances" for the sub accounts.

It seems to me that if there is a way to merge these three accounts into one, that would be the best option. Maybe I should somehow transfer the line items from the sub accounts into the parent account.  This would keep the sub account balances at zero and then allow me to reconcile the parent account.  What do you think?

I hope that this makes more clear the issue at hand.  With Bank of America, there is a parent account and in that account is recorded any payments and bank fees.  So, when this account is connected to QB, only payments and bank fees are recorded.  Because I am making more payments than having bank fees, the balance continually grows into the negative.

Then I have two sub accounts to the corp parent account - one for myself and one for my partner.  The only thing recorded in this sub accounts are the charges.  So when this account is connected to QB, only charges are recorded here.  The balance continually grows in the positive.

This makes reconciling very confusing.  To reconcile the parent account, I enter my beginning balance ($0) and then enter my ending balance.  But there is nothing to check off because the charges are located in the sub accounts and not in the parent account.

It is as if all of the debits are recorded in one account and all of the credits are recorded in the other account.

Additionally, there is only ONE statement each month and that is from the parent account.  The sub account information is on the statement but there are no "ending balances" or "beginning balances" for the sub accounts.

It seems to me that if there is a way to merge these three accounts into one, that would be the best option. Maybe I should somehow transfer the line items from the sub accounts into the parent account.  This would keep the sub account balances at zero and then allow me to reconcile the parent account.  What do you think?

Hi, Just wanted to see if I could help.  These are confusing I just figured what I would do myself for a BOA client with sub accounts.  Since all three yours, partners and the account the bank uses only adds payments and interest charges, I am going to keep all connected and create a parent account to attach them all to.  Everything will empty up into the parent account and you only reconcile that account, not the subs.  When you get to the end of the month make a journal entry crediting each sub accounts different into the parent account.  I know it seems weird but it works. I'll put a link to a video that walks you through it.  Even most CPA's don't know how to do this.  https://youtu.be/eFBre6--8jk

I've been using this and it works wonderfully.

Thank you, and sorry for the typo's I guess the A.I. thinks it knows better than I do how to spell certain words, and then didn't inform me when I left one out.  Glad you understood though.  That video really deserves all the credit and artisanis bookkeeping.