When it comes to make payments by using a credit card, we may need a single credit card or multi-credit card for the payment. It totally depends on the situation. In this article, we will know the procedure to reconcile or set up multiple credit cards in QuickBooks. So let’s know, how can we set up multiple cards for the easy payment process.
It is one of the great features that, we can link the bank account or credit cards with QuickBooks, and can download bank and credit card transactions automatically into QuickBooks. Here, we need to add the ending statement balance with multiple credit card account in QuickBooks to co-ordinate the specific exchanges with your own QuickBooks account.
The QuickBooks cleared balance will be similar to your statement balance when every exchange looks as clear on the specific statement.
Points to Know Before Reconciling Credit Card in QuickBooks
You have to notice some points when reconciling credit cards;
- Get the Transaction that is missing
- Find the Duplicate Transaction
- Verify Wrong Amounts
- Search for Deceitful charges
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Procedure to Set Up/Reconcile Multiple Credit Cards in QuickBooks:
There are methods that can help you to reconcile multiple credit cards in QuickBooks.
Step1: Create a Bank Account as a Parent While the Other Account as a Particular Sub-Account
These are some easy steps that can help you to reconcile multiple credit cards in QuickBooks.
- Firstly, you have to choose the ‘Transaction’ or the ‘Banking’ option shown on the screen.
- You need to select the ‘Connect’ button or choose the ‘Add Account’ option if you haven’t created an account.
- You should move to the ‘Bank’ option.
- Then, you have to press on the ‘Continue’ option.
- After that, you need to ‘Add the particular username’ with the password which used for the bank website.
- Then, you should choose the ‘Type of Account’ button that you are trying to add.
- You have to click on the ‘Data Range’ button with the ‘Download the Transaction’ option. Some banks permit you to download transactions of the previous 90 days and some banks permit you to download transactions of the previous 24 months.
- Then, you have to select the ‘Connect’ option.
When your opening balance is wrong, then you have to delete the opening balance with the help of these steps:
- On the left side of the panel, you have to choose the ‘Accounting’ menu.
- After that, you need to press the ‘Chart of Accounts’ button.
- Then, you should choose the ‘Account’ button.
- After that, you have to choose the ‘View Register’ option.
- You need to choose the ‘Edit button then you should‘ Erase the opening balance’.
- In the end, you have to click on the ‘Save’ option.
If all the above steps are finished, it is important to reconcile the parent account. After that, all the specific exchanges will increment in the sub-accounts.
Step 2: Reconcile the Account and Add the Required Adjustment for the Difference
There are some steps that can be helpful for you to reconcile multiple credit cards in QuickBooks.
- Firstly, you have to choose the ‘Gear’ icon.
- In the tool section, you need to select the ‘Reconcile’ button.
- Then, you should click on the ‘Account’ option.
- You have to provide the ‘Ending Date’ and ‘Balance’.
- After that, you need to choose the ‘Start Reconciling’ option then press on the ‘Save for later‘ option.
- In the end, you should choose the ‘Finish Now’ button and select the ‘Add to Adjustment’ option then select the ‘Finish’ button.
We have tried a lot to provide detailed information regarding this topic. Hope you like it, and now you are able to set up or reconcile multiple credit card in QuickBooks. If in case, you are facing any kind of issue regarding this tool then you can drop a call to EnterpriseThought, through the toll-free number +1-844-405-0904, and can ask for the solution to our QuickBooks Experts. They will definitely help you to fix your problem. and You may face problems during the setting up of multiple cards in QuickBooks.