Do you have a credit card account where the primary ...
card houses all the payments separate from the individual ...
employee cards? Are you struggling to ...
reconcile these accounts in QuickBooks Online? Keep watching.
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Welcome to my channel. I am Ufuoma Ogaga,
an Elite QuickBooks ProAdvisor and Financial ...
Controller. Today,
I will show you how to reconcile your credit card ...
accounts when you have a parent card and multiple ...
employee cards.
The steps I am about to show you are strictly meant for ...
business owners and organizations that do not use ...
the QuickBooks Online location tracking feature.
Those who use the location tracking feature in ...
QuickBooks Online, primarily nonprofit ...
organizations, watch the next video showing ...
you how to reconcile multiple credit card accounts using a ...
different method.
I am assuming that you have already created your credit ...
card accounts and recorded all the transactions listed in ...
your statement inside of QuickBooks Online.
To get started, download your credit card ...
statement. For my example,
I am using this sample credit card statement and assuming ...
all our transactions occurred between December 28,
2020 and January 27, 2021.
As you can see, employee cards are listed ...
separately with balances. You will also notice the ...
primary card (aka the parent) is listed above with just the ...
payment balance.
Keep your credit card statement open on one ...
screen and log into QuickBooks Online on ...
another screen.
The first step is to transfer the balance for each ...
employee's credit card to the parent credit card account ...
using the QuickBooks Online transfer feature.
To do this, click the +New icon and ...
select Transfer under the other column.
In this transfer window, choose the parent credit card ...
account in the transfer funds from field.
Choose the employee credit card account in the transfer ...
funds to field.
Enter the transfer amount, which is the same as the ...
employee card ending balance listed on your ...
statement. Enter the date as the ...
statement closing date.
Enter a memo so you know the purpose of this transfer.
I like to use something says employee credit#
balance transfer to parent credit card account.
Add a copy of the statement as an attachment if needed.
Review everything and click save and new to repeat the ...
process to transfer the balances for all other ...
employee credit card accounts.
Once you have transfered all the other credit card balances ...
to the parent account, click save and close to exit ...
out of the transfer window.
Next, you will reconcile the ...
individual employee credit card accounts using an ...
ending balance of zero and the statement closing date.
To do this, click on accounting and ...
select reconcile. You can also click on the ...
gear icon and select reconcile.
In this reconciliation window, select the employee credit ...
card account, add zero as the ending ...
balance and enter the statement closing date as the ...
ending date. Then click start reconciling.
Compare the transactions in the reconciliation window to ...
the ones listed in your credit card statement and mark the ...
ones that cleared, including the closing ...
statement balance amount we recorded.
Review the account for duplicate transactions and ...
resolve them if needed.
Once your difference is zero, click Finish to close the ...
reconciliation window. Print your reconciliation ...
report to PDF and store it in your cloud storage system.
Repeat the reconciliation process for other employee ...
credit card accounts that you have.
The next step is to reconcile the parent credit card ...
account using the same reconciliation process.
Open the reconciliation screen again,
and select the parent credit card account.
Enter the statement closing balance for the parent credit ...
card account in the ending balance field.
Enter the statement closing date in the ending date field ...
and click start reconciling.
Once again, compare the transactions in ...
the reconciliation window to those listed in your credit ...
card statement and mark the ones that cleared.
Review the account for duplicate transactions and ...
resolve them if needed.
Once your difference is zero, click Finish to close the ...
reconciliation window. Click done in this popup ...
screen and go to the history by account to view your ...
reconciliation report. Print your reconciliation ...
report to PDF and store it in your cloud storage system.
Once all credit card accounts are reconciled,
run a balance sheet report for the statement period.
You will notice the employee accounts have zero balances,
and the parent credit card account has the statement ...
balance that you pay when your credit card payment is due.
That is how to reconcile a parent credit card account ...
and employee credit card accounts in QuickBooks ...
Online for organizations that do not use the location ...
tracking feature.
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