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mlr
Level 1

We have multiple debit cards attached to one of our business checking accounts. How do I reconcile each card?

We have 2 business checking accounts. (1) Operations Account (2) Payroll Account.

 

Our supervisors have debit cards attached to the Payroll account which carries a low balance and we can set a daily limit for each card. What is the best way to set up each card and track the activity for each individual. There are 6 cards in total.  The transactions all show up on the Payroll Account statement.

 

 

10 Comments 10
Charies_M
Moderator

We have multiple debit cards attached to one of our business checking accounts. How do I reconcile each card?

Hello there, mlr.

 

I'd be glad to help and guide you on how to handle and reconcile multiple accounts attached to one business account in QuickBooks Online (QBO).

 

You can have those multiple debit cards to be set up as a sub account of your main bank account (parent account). In terms of reconciling, you'll need to do it to the parent account since transactions from the sub accounts roll up into it. 

 

Here's how to create a sub account:

  1. Go to the Gear icon at the top.
  2. Select Chart of Accounts.
  3. Choose New at the top.
  4. In the Account Type drop-down, select the account type.
  5. In the Detail Type drop-down, choose the type of account you want to create.
  6. Enter a name for the account In the Name field.
  7. Check the box for Is sub-account, and chose the parent (reconcile) account.
  8. Click Save and Close.

Allow me to share this article about setting up credit card subaccounts in QuickBooks Online: About bank or credit card subaccount setup.

 

Now that you're done setting up the sub accounts, you use the parent account to reconcile. Whenever you're ready, feel free to check out this article for a step-by-step guide on how to do reconcile: How to reconcile accounts.

 

This will keep you on track . Should you have additional question about reconciliation or  anything else about QuickBooks, I'm just a comment away. 

mlr
Level 1

We have multiple debit cards attached to one of our business checking accounts. How do I reconcile each card?

Thanks so much! I have created the sub-accounts. I think I am missing  step somewhere. I have entered the transactions into each of the appropriate sub-accounts. After I do the bank reconciliation the individual sub-accounts are showing a negative number on the balance sheet. When I do my bank reconciliation, I use the main account and click off each transaction. Thank you again!

JanyRoseB
QuickBooks Team

We have multiple debit cards attached to one of our business checking accounts. How do I reconcile each card?

Thanks for getting back to the QuickBooks Community, mlr.

 

I appreciate you for following the recommend steps provided by my colleague @Charies_M and the detailed information on how you resolve this issue.  It will surely help other users who encounter the same problem. 

 

For future reference, you may want to visit these articles:

Please know that you're always welcome to post if you have any other questions about the reconciliation. The Community team will always here to help. Wishing you and your business continued success. 

kim640
Level 1

We have multiple debit cards attached to one of our business checking accounts. How do I reconcile each card?

I have done the steps provided and my main credit card account balances but each individual sub account has an ongoing balance that is cumulative of all their transactions from the beginning of using the credit card.  Is this correct?  If not, how do you handle the balances in the sub accounts?  Thank you

Ryan_M
QuickBooks Team

We have multiple debit cards attached to one of our business checking accounts. How do I reconcile each card?

Hi @kim640,

 

It's good to know that what my colleagues provided above has assisted with your credit card account.

 

What you mentioned is right. Since all the transactions of your subaccounts roll up into the parent account, it's the only account you need to reconcile. 

 

In case you have additional queries about the reconciliation process, check out this article: Learn the reconcile workflow in QuickBooks.

 

Need further help? Hit Reply and post a comment below. I'll be sure to get back to you.

kim640
Level 1

We have multiple debit cards attached to one of our business checking accounts. How do I reconcile each card?

@Ryan_M
 
Thank you so much.  I have completed that but now my sub accounts still have balances even though the parent account is balanced.  I am trying to figure out how to adjust those sub account balances now or what to do next.  Thank you @kim640 
katherinejoyceO
QuickBooks Team

We have multiple debit cards attached to one of our business checking accounts. How do I reconcile each card?

Hi kim640, 

 

Thanks for coming back for additional support. You're already on the right track. 

 

As you initially connect your account, the same opening balance transaction will download to all subaccounts. Since you have successfully reconciled and balanced the parent account, you can delete the balances of those sub-accounts. Here's how: 

 

  1. Go to the Accounting tab on the left menu, then select Chart of Accounts.
  2. Locate the sub-account, then go to the Action column and select View register.
  3. Find the opening balance entry, then click to open it. 
  4. Select the Delete button. 
  5. Click Save

 

For more information, you can read this article: About bank or credit card subaccount setup. It helps you learn about what you'll need to do about opening balances of your connected subaccounts in QuickBooks. 

 

Should you have follow-up questions, let me know by dropping us a message again. We're always right here to help. 

kim640
Level 1

We have multiple debit cards attached to one of our business checking accounts. How do I reconcile each card?

Hi @katherinejoyceO

 

Thank you so much.  This helps so much.  

 

@kim640 

kim640
Level 1

We have multiple debit cards attached to one of our business checking accounts. How do I reconcile each card?

@katherinejoyceO ,

 

After reviewing this further, my problem is that when I update the Accounts from my bank connection, it downloads all the credit card transactions into each subaccount and that fees up to the parent account and then I reconcile the parent account and it balances but then each subaccount still has the balance before I reconciled the parent account because the payments all post only to the parent account.  My question/issue is that when the reconcile is done what do I do with the full balances still in the subaccounts?  There are no opening balance transactions to delete as you mention only individual transactions.  I hope this is making sense.  Thank you so much for any help.  (I can do journal entries to move the parts of the payments from the parent account to the subaccounts but this is difficult to know what payment amount goes to each subaccount as they are continually having charges added to them.  Also, it is very time consuming to do all the journal entries each month and seems that it should be easier and automated as part of reconciling.  Thanks again.  @kim640 

Kristine Mae
QuickBooks Team

We have multiple debit cards attached to one of our business checking accounts. How do I reconcile each card?

I'll help you with the credit card payment, Kim640.

 

You'll have to transfer the payment from the parent account to the credit card account. Then, match the transaction there. I'll help you with the steps:

  1. Click Banking, then go to the Banking tab.
  2. Select the bank account.
  3. Click the credit card payment, then select Record transfer.
  4. Click the Select transfer account drop-down arrow, then select the credit card account.
  5. Click Record transfer.

For better guidance, you can check this article about recording credit card payments

 

If there's something else that we can do for you, please let us know. 

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