QB Issue Resolution:

Answer 1:

Hi lainscough,

 

You’ll want to set up the first bank account as a parent account and the other as a sub-account.

 

Here’s how:

  1. Go to the Banking menu or Transactions menu.
  2. Select Connect from the landing page, or select Add account if you’ve already created an account.
  3. Search for your bank.
  4. Click Continue, then enter the username and password you use for your bank’s website in the pop-up window.
  5. Select the type of account you want to add.
  6. Select the date range for the download. Some banks download the last 90 days of transactions, others go back as far as 24 months.
  7. Click Connect.

Once you connect to Online Banking, you’ll have to make sure 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 subaccounts and not the parent account.

 

If you’re opening balance is incorrect, you’ll want to delete the balance, please see the steps below.

  1. Click the Accounting menu on the left panel.
  2. Select Chart of Accounts.
  3. Select the account. then click View register.
  4. Click Edit to delete the opening balance.
  5. Click Save.

Once done, you’ll want to reconcile the parent account because all transactions will also roll up in the sub-accounts.

 

For more information, please check Banking and bank feed.

 

Reach out to us always if you have other questions. I’m always right here to help.

 

Answer 2:

Let me ease your confusion, Lainscough.

 

When connecting accounts to Online Banking, we’ll have to know how the bank sends the downloaded transactions. In your case, they’re downloaded to the individual accounts. That’s why it was correct to connect the credit card accounts to bank feeds.

 

Although, we still have to add the bank account (parent), then set up the credit card accounts as sub-accounts for reconciliation purposes. You will only have to reconcile the parent account because all transactions in the sub-accounts are rolled up into it.

 

I know you’re worried about the transactions in your bank feeds. It will remain intact since we’re only adding the parent account. We’re not disconnecting any accounts. I’m here to help you.

 

First, here’s how to add the parent account:

  1. Click Accounting, then go to the Chart of Accounts tab.
  2. Click New.
  3. Fill in the necessary fields, then click Save and close.

Next, let’s set up the credit card accounts as sub-accounts. Here’s how:

  1. On the Chart of Accounts page, look for the credit card account.
  2. Click the View register drop-down arrow, then select Edit.
  3. Tick the Is sub-account box, then select the parent account.
  4. Click Save and Close.

Then, you can reconcile the parent account.

 

You can also check this reference about bank or credit card subaccount setup for more details.

 

If you have additional questions, feel free to drop a comment below.

Resolution for Issue 'My client has two Chase Visa credit cards that are on a combined bank statement. In QBO, the two credit cards were set up as individual COA accounts and individual bank feeds. Credit Card #1 is where all the payments and interest come through on the bank feed and has a lot of historical transactions. Credit Card #2 only has actual CC transactions … no payments nor interest. Credit Card #1 is reconciled though 5/14/2019. Credit Card #2 had its first charge on the next statement. Credit Card #2 also has a large opening balance which I think is incorrect since nothing had been charged on the card. When I look at the Audit History of the opening balance transaction for Credit Card #2, it is a Credit Card Credit and added by Online Banking Administration on July 8, 2019. Is this something that happened when someone connected the bank feed? My main question is how do I reconcile these accounts from the combined statements from 5/14 onwards without messing up all the historical transactions? Thanks!' available: Yes (Solved).
Source: Intuit Community forum.

My client has two Chase Visa credit cards that are on a combined bank statement. In QBO, the two credit cards were set up as individual COA accounts and individual bank feeds. Credit Card #1 is where all the payments and interest come through on the bank feed and has a lot of historical transactions. Credit Card #2 only has actual CC transactions … no payments nor interest. Credit Card #1 is reconciled though 5/14/2019. Credit Card #2 had its first charge on the next statement. Credit Card #2 also has a large opening balance which I think is incorrect since nothing had been charged on the card. When I look at the Audit History of the opening balance transaction for Credit Card #2, it is a Credit Card Credit and added by Online Banking Administration on July 8, 2019. Is this something that happened when someone connected the bank feed? My main question is how do I reconcile these accounts from the combined statements from 5/14 onwards without messing up all the historical transactions? Thanks!: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

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