I have a client with a corporate Amex account. There is one account with two cardholders. When we set up the QuickBooks Online (QBO) bank feed, transactions from only the primary card holder appeared in the bank feed.
The business owner wanted to see the transactions from both cardholders, so they setup a second bank feed for the secondary cardholder. This works, in terms of all the transactions downloading into QBO, but not in terms of reconciling the monthly statement: the file now has two credit card registers for one bank statement, making the monthly statement impossible to reconcile.
What follows is a workaround I am using to be able to reconcile the monthly statement:
Step 1: Set up two bank feeds, one for each cardholder.
Step 2: Post all transactions from each bank feed, per normal procedures.
Step 3: Once the statement has arrived, move the transactions from the credit card register of the non-primary cardholder to the primary cardholder. This is a multi-step process: a. Open the Register of the non-primary card in the Chart of Accounts b. Click on a transaction c. Unmatch the transaction, but leave it open d. At the top of the open transaction, change the credit card from the secondary card holder to the primary card holder. e. Save & close the transaction f. Repeat for each transaction in the register until there are none left.
Step 4: You will now find that all the Unmatched transactions have reappeared in the secondary card holders’ bank feed. Check each transaction and “Exclude” all.
Step 5: Verify the secondary cardholder register now shows a balance of $0.00 and there are no remaining transactions in the secondary cardholder’s bank feed.
Step 6: Reconcile the monthly statement for the primary card holder – all the transactions should now be there.
Depending upon which card has the most transactions, you may want to reverse which bank feed has its transactions moved and excluded. In our case, the primary card holder has over 50 transactions per month, while the secondary cardholder only has three or four.
This simple workaround only takes a few minutes each month, and achieves the desired goal: it allows all the credit card transactions to arrive in QBO via bank feed for posting, and after performing the steps, all transactions appear in one register and the monthly statement can be reconciled.
Jody Linick is an AIPB Certified Bookkeeper, a QuickBooks® Certified Pro Advisor, and a member of the Intuit Trainer/Writer network. Her company, FitBooks Pro (formerly called Linick Consulting), specializes in remote bookkeeping services for professional services firms using QuickBooks Online. You can find her series of Blog posts here.
Jody Linick, an AIPB Certified Bookkeeper, QuickBooks Certified Pro Advisor and member of the Intuit Trainer/Write Network, heads up FitBooksPro which specializes in helping professional services providers set business goals, and using the tools available in QuickBooks Online, to manage...