Managing Multiple Credit Cards on one Billing Statement

Each month when the PDF statement comes in from BANK you’ll reconcile all three accounts. Here is a breakdown on how to do this:

  • Person A card:

    1. Download and classify the expenses for this card, these should appear in the banking tab under the name “PERSON A card”
    2. Reconcile the account, the ending balance will be found on the last page of the BANK statement and will be the balance for “PERSON A card”
    3. Add an entry to the register in QuickBooks Online to transfer the ending balance of the card to the corporate account.

  • Person B card:

    1. Download and classify the expenses for this card, these should appear in the banking tab under the name “PERSON B card”
    2. Reconcile the account, the ending balance will be found on the last page of the BANK statement and will be the balance for “PERSON B card”
    3. Add an entry to the register in QuickBooks Online to transfer the ending balance of the card to the corporate account.

  • Corporate Account:

    1. Reconcile the account, the ending balance will appear on the first page of the BANK statement.
    2. The transactions to reconcile should be only the balance transfer from “PERSON A card” and “PERSON B Card”.
    3. The difference should be zero.

 

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