Hi, I recently closed this client and need to review the transactions from the beginning of this year. My question is: What happens if both the parent account and the sub-account are linked in QBO? I've noticed that there are duplicate transactions in both the parent and sub-account.
Great video! But a quick questions. I am cleaning up an account that is about a year and a half old. Should I go back to day one and redo each month for the credit card? I would assume that when I move my individual accounts to sub accounts, it will automatically do it for all dates. Any advice?
the problem im having is when i go to reconcile in the parent account, its not showing any of the sub accounts transactions , so i cant reconcile. Help!
What should I do if all the payments are going through the account holder's credit card/sub account? At least it seems that way from the statements and what's in the sub-account bank feed for that card. Should I just ignore this and create a payment account in the cardholder's name and move only the payments there?
Thank you for this lone video on this subject! In your video you created a COA for payments and the payments are check deposits. What if the payments are from transfers?
Sorry, I'm new! To confirm when I set up the transfer in QBO for a credit card payment, in the QBO transfer screen, I select transfer from checking to Bulk Payments. Correct? If so, I think I got it! (This is for a brand new client so I want to be sure I'm doing correctly. 😊
When I connect to BOA the subaccounts don't show up as options to connect to or enable, just the corp parent account and some other bank accounts. How exactly are you connecting to BOA? Thanks!
The problem am facing is that I am not privy to the screen am seeing. I am in the Caribbean keep paying increase cost for the programme and not having the same access. Unacceptable
Will it be okay to do one big batch journal entry? I haven't cleared the credit card sub accounts for 7months. And what's the difference between Journal Entries and Adjusting Journal Entries?
Yes, you can just do one big batch entry to get it caught back up. A journal entry that is marked as adjusting will show up on the adjusted trial balance report in QuickBooks. That's really the only difference.
The most clear and concise video tutorial regarding this topic. Thank you.
THANKS SOOOO MUCH!!! OMG this was perfect for what I need to do... I was going bald pulling my hair out! Awesome job!
Hi, I recently closed this client and need to review the transactions from the beginning of this year. My question is: What happens if both the parent account and the sub-account are linked in QBO? I've noticed that there are duplicate transactions in both the parent and sub-account.
Great video! But a quick questions. I am cleaning up an account that is about a year and a half old. Should I go back to day one and redo each month for the credit card? I would assume that when I move my individual accounts to sub accounts, it will automatically do it for all dates. Any advice?
Why is it important to have the payment account as a sub-account? Does it not work to have the payment account and the main account the same?
the problem im having is when i go to reconcile in the parent account, its not showing any of the sub accounts transactions , so i cant reconcile. Help!
What should I do if all the payments are going through the account holder's credit card/sub account? At least it seems that way from the statements and what's in the sub-account bank feed for that card. Should I just ignore this and create a payment account in the cardholder's name and move only the payments there?
Is this the same account that the expenses are flowing through? If so I would not setup a separate payment account.
That sounds like how mine is setup as well
Thank you for this lone video on this subject! In your video you created a COA for payments and the payments are check deposits. What if the payments are from transfers?
You can still use the transfer form or expense form in QBO to the payments account.
Sorry, I'm new! To confirm when I set up the transfer in QBO for a credit card payment, in the QBO transfer screen, I select transfer from checking to Bulk Payments. Correct? If so, I think I got it! (This is for a brand new client so I want to be sure I'm doing correctly. 😊
When I connect to BOA the subaccounts don't show up as options to connect to or enable, just the corp parent account and some other bank accounts. How exactly are you connecting to BOA? Thanks!
If you only connect the parent, will it import all transactions for you?
The problem am facing is that I am not privy to the screen am seeing. I am in the Caribbean keep paying increase cost for the programme and not having the same access. Unacceptable
Perfection on explaining!
Hello. Is bofA CC 1234 payment - Corporate account in Bank Of America?
yes bofa cc 123 payment is the parent account
Will it be okay to do one big batch journal entry? I haven't cleared the credit card sub accounts for 7months. And what's the difference between Journal Entries and Adjusting Journal Entries?
Yes, you can just do one big batch entry to get it caught back up. A journal entry that is marked as adjusting will show up on the adjusted trial balance report in QuickBooks. That's really the only difference.
So when the journal entry shows up in the credit card register, do you manually "clear" it?
Yes, you can actually do this during the reconciliation.
Super helpful, thank you!
Great, I’ll try this tomorrow
Thank you!