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kimeducation
Level 1

Checkings and Credit Card Setup

Hello, I'd like to see if I can get any insight/suggestions on properly setting up my Quickbooks Online Account.

 

In "Transactions" I synced my Bank Account (Bank of America) to QBO. 

I have 3 accounts setup: Checkings, Credit Card Transaction Report, and a Credit Card Payable.

 

Checkings is the "Money In".

Credit Card Transaction Report was imported to identify and categorize each transactions. 

Credit Card Payable is the monthly amount total accumulated from the Credit Card Transaction Report.

example: if I ate at 3 restaurants, mcdonalds, chic fil a, and burger king and had $1 transaction at each location, they would be under "Credit Card Transaction Report". At the end of the month the sum, which is $3, is the "Credit Card Payable" is paid off from "Checkings".

 

With this setup, it looks like my expense is doubled up from Credit Card Transaction and Credit Card Payable, even though it is kind of the same? How should I properly setup my accounts in QBO?  Would appreciate all suggestions!

5 Comments 5
Giovann_G
Moderator

Checkings and Credit Card Setup

Thanks for the additional details, kimeducation.

 

I'm here to guide you in setting up your account.

 

You have the option to create a subaccount to break down your expenses, income, and more in QuickBooks Online. Let's make the Credit Card Payable as your parent account. Then, the Credit Card Transaction Report as your subaccount. This way, you can keep track of your expenses in greater detail.

 

Here's how:

 

  1. Go to Settings ⚙ and select Chart of Accounts.
  2. Find the Credit Card Transaction Report, then click the dropdown in the action column.
  3. Choose Edit.
  4. Checkmark Is Sub-account, then select Credit Card Payable from the dropdown as the parent account.
  5. Hit Save and Close.

 

For your reference, you can check this guide for more details: Create subaccounts in your chart of accounts in QuickBooks Online.

 

In addition, feel free to review this resource for more insights: Categorize and match online bank transactions in QuickBooks Online. This contains helpful information in handling downloaded bank transactions.

 

Let us know if you have further questions about managing your account. The Community and I will always here to help you.

kimeducation
Level 1

Checkings and Credit Card Setup

Hi Giovann_G,

 

Thank you so much for the helpful insight. I'll also be sure to review the helpful links you mentioned. When I try to create a Sub Account for Credit Card Transaction Report for Credit Card Payable, I receive the following notice:

"You can't change the parent of this account to Credit Card Payable because it or its parent is already set up for Online Banking or Web Connect."

Do you know how I can solve this? They have both the same account "Credit Card"

 

 

Ryan_M
Moderator

Checkings and Credit Card Setup

Once you connect a bank or credit card account to online banking, the option to make it a sub-account to another bank or credit card is no longer available @kimeducation.

 

As you stated in your first post, the expenses appear to be doubled since you recorded them on the Credit Card Transaction Report and Credit Card Payable accounts. With that said, I suggest you keep one account and mark the other as inactive. 

 

Follow these steps to mark an account as inactive:

  1. Click the Accounting tab.
  2. Locate the account in question.
  3. Tap the drop-down menu under the Action column.
  4. Select Make inactive.
  5. Press Yes.

If you have other questions about creating sub-accounts, see this article: About bank or credit card subaccount setup.  

 

When you're ready to record your credit card payments, open this article for the steps: Record your payments to credit cards.

 

Have other questions in mind? Leave them in the comments below, and I'll answer them for you. 

Jeremy Jerome Gillom
Level 1

Checkings and Credit Card Setup

Are you getting my deposits?

DivinaMercy_N
Moderator

Checkings and Credit Card Setup

Hi there, @Jeremy Jerome Gillom.

 

May I know additional details about your deposits? Any information is a great help so I can find you a timely solution. 

 

If you're referring to the QuickBooks Payments deposits in QuickBooks Online (QBO), check out this link for more detailed info: Common questions about payments deposits in QuickBooks Online. 

 

However, if you need to know more details about the processing time your customer payments will be deposited into your bank account, check out this article: Find out when QuickBooks Payments deposits customer payments.

 

Also, it's best to consult our Customer Care team to further check your deposit transactions. They use specific tools to pull up your account in a secure place and check your status. To do so, please follow these steps:

 

  1. Go to the Help icon.
  2. From the Assistant tab, type your concern. Example: Need to know the status of the deposit transaction.
  3. Then, type Talk to a Human and click the Get help from a human option.
  4. Choose either Chat or Callback.

 

Our live support operating hours are from Monday to Friday 6 AM to 6 PM and on Saturday 6 AM to 3 PM Pacific Time. To know more, check out our support hours page.

 

Should you need any resources that you can bookmark or save for future use? You can always found it here on our QuickBooks Help articles page. Simply type a keyword or phrase of your concern on the search field or select any of the categories displayed to start browsing. 

 

Feel free to post here anytime you have concerns about deposit transactions in QBO. I will be happy to assist you. Have a good one.

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