Import transactions quickbooks online credit card

#Import transactions quickbooks online credit card how to
#Import transactions quickbooks online credit card download

#Import transactions quickbooks online credit card download

This method works great to download credit card and bank account CHASE. In this episode, we cover the steps to download your CHASE Activity and import into Quickbooks Online.

#Import transactions quickbooks online credit card how to

Not sure how to set this up in your books? We can help you get your accounting systems up and running, teach you how to handle your own bookkeeping, or take it off your plate completely.How to Download CHASE Bank Statements to Quickbooks Online. Why did QBO and AMEX decide to set their feeds up this way if this is not the way that the AMEX statement shows the balance? No idea, but after trying several methods that made my life much more difficult for little payoff, this is the method IвЂ™ve settled on to keep things clean and reconciled when dealing with multiple AMEX cards on a single account.

When you reconcile, you should still reconcile the parent AMEX Payable account, which will show all of the transactions, and you can then clear your journal entry (which should have a net zero effect) since the debits and credits were posted to sub-accounts that are all being reconciled together under the parent AMEX Payable account.

Since this would mean that all of the charges have been moved over to the main account, and the payments are also posted to the main account, your balance in the main account should now match the total AMEX Payable (parent) balance and look a bit cleaner on your balance sheet

Each month, make a journal entry to zero out the balances in the sub-accounts and move the balance over to the main cardвЂ™s account.

If you really donвЂ™t want to see these crazy balances, you can go a step further to address this:

If this is something you can live with, then youвЂ™re all set! This is okay, as long as you and the other users of the financials understand that the AMEX Payable account should be condensed on the balance sheet to show only вЂњAMEX PayableвЂќ and not вЂњAMEX Payable вЂ“ AlexвЂ™s CardвЂќ, вЂњAMEX Payable вЂ“ PatвЂ™s CardвЂќ, etc. The disadvantage is that it does not address the fact that the balances in the sub-accounts will look a little crazy, with the main card showing a low or negative balance and the other cards showing big balances that will grow forever. The main advantage of this method is that it is relatively easy to set up, manage, and reconcile.

When you do your monthly reconciliation of the credit card account, reconcile the parent AMEX Payable account, not the individual sub-accounts, to the balance on the credit card statement.

Set each individual credit cardвЂ™s payable account up as a sub-account of the main AMEX Payable account.

Set up an account on your chart of accounts called AMEX Payable.

This method has its advantages and disadvantages, but unfortunately there isnвЂ™t really a better option that doesnвЂ™t require a lot of non-QBO tracking (e.g. This makes reconciling these credit card accounts a pain! The Solution This means that you end up with a balance that is too low for the main account (with all of the payments posted there), while on the other accounts you end up with balances that are not only too high, but that will continue to grow forever (with no payments ever posted to them). Why is this a problem? Because despite the charges being spread out over multiple feeds, all of the payments come through the feed on the main card. Instead of showing one feed for the AMEX account, it keeps separate credit card feeds and separate credit card payable accounts for each card. Unlike with many other credit cards, Quickbooks OnlineвЂ™s integration with American Express does something strange that can make bookkeeping a bit of a hassle.