Reconciling Credit Cards with Sub Accounts

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multiple credit cards

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:
    • Download and classify the expenses for this card, these should appear in the banking tab under the name “PERSON A card”
    • 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”
    • Add an entry to the register in QuickBooks Online to transfer the ending balance of the card to the corporate account.  
  • PERSON B card:
    • Download and classify the expenses for this card, these should appear in the banking tab under the name “PERSON B card”
    • 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”
    • Add an entry to the register in QuickBooks Online to transfer the ending balance of the card to the corporate account.  
  • Corporate card:
    • Reconcile the account, the ending balance will appear on the first page of the BANK statement.
    • The transactions to reconcile should be only the balance transfer from “PERSON A card” and “PERSON B Card”.
    • The difference should be zero.
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