After attempting to reconcile our main credit card account, it was found that there is suddenly a discrepancy of the beginning balance. I found that there are 4 system generated journal entries on this card due to sub-accounts that were deactivated.
Here's the new issue:
My predecessors set up sub accounts for our main credit card account, one sub account for each individual credit card per employee. While this isn't necessarily the way I would have gone since the reconciliations will only reflect on the main account, the sub accounts do not affect the balance sheets in anyway so we've made it work.
For the sake of simplifying things and maintaining accuracy, a handful of the older credit cards (either expired or employee no longer employed) were deactivated.
- If I re-activate these subaccounts, will this resolve this discrepancy?
- What alternatives to I have as opposed to deleting these credit card subaccounts as they're no longer active?
Please let me know as soon as possible. I need to clear out this balance from this Opening Balance Equity. Moreover I need to restore the beginning balance to our credit card so I can complete the previous month's reconciliation. I reached out to INTUIT on Tuesday and was told that this would be escalated on Tuesday the 21st. To date, I still have not heard back.
