I have a business credit card with multiple cards for different employees. I have them set up as subaccounts of the main credit card account. Each month I apply the payment I make to the main account, but it leaves the quickbooks balance in all of the sub accounts. How can I fix this? I have at least 10 old subaccounts that I can not make inactive because they "have a balance", but really they don't.
Good day, @laura73,
Posting transactions to the parent account will not impact the sub-accounts. The parent account's balance will decrease once you record money-out under entries under it, while the balance of the sub-accounts remains the same.
You can check the parent account if there are transactions that weren't assigned to the sub-account. This cause the difference between their balances.
If you want to inactive the sub-accounts, QuickBooks will create a journal entry to zero out the balance. Thus, you need to transfer all the transactions to the parent account first.
To make an account inactive:
You also check out to this page for your guidance with the steps above: How to delete an account or restore a deleted account.
Keep me posted if there's anything I can help with your accounts in QuickBooks. I'm always around whenever you need help.
Good day, @laura73,
Thus, you need to transfer all the transactions to the parent account first.
No, not all the transactions. Just the balances. With a journal entry: debit all the subs, credit parent with total of the subs, so the balances in the subs will then be zero. Then you can make them inactive. Reconcile the parent
Is it possible for Quickbooks to automatically create the journal entry to zero out the sub-accounts? I do this manually each month, but it would easily be automated and I wonder if I'm missing something.
Does Quickbooks have a way to automate the journal entry to debit the subs and credit the parent? I do this manually each month and it is repetitive and easily automated.
Hi there, @Q_B_desktop_Fan.
Thanks for providing a suggestion on how to make QBO easier for our user. There isn't an option to create an automated Journal Entry for now. Manually entering them is advisable as each business is unique and has a distinct accounting preference.
I'll take note of this feature request and pass it on to our engineers. Customer suggestions and feedback will be collected and reviewed for future updates.
For now, I encourage you visiting our blogs to stay current on all the QuickBooks new and announcements.
Let me know if there's anything else I can do or you have other proposals. I'd be here to provide more help and share them on your behalf.
Thank you for sharing this information. I'm am new in quickbooks and I been following different topics in Community center. I have the same problem every month I do journal entry to zero out the balances of sub-accounts, and to reflect the total amounts into parent account to match the total as per end of billing cycle and credit card statement. I'm only paying the parent account.
My question is, in doing bank reconciliation do I need to mark Reconcile in the journal entry that I did? because journal entry are not in bank statement, its only in quickbooks.
Thank you so much and looking forward to hear all your inputs and knowledge using QB Online.
Welcome to the Community. It would be my pleasure to lend a hand with reconciling bank account in QuickBooks Online.
When doing account reconciliation, you only match transactions entered into the QuickBooks system and your bank statements. If not necessary, you don't need to mark it as Reconcile from your account register.
I recommend the following link as it's a hub of articles to assist a user with the reconciliation process, such as fixing discrepancies:
Please don't hesitate to come here with all of your reconciliation needs. The Community is here to ensure your success.