If you are working with multiple credit cards that have one parent account, here is a setup option to make things much easier and cleaner for reconciliations.
Steps:
- Open chart of accounts
- Create a parent credit card account
- Create a sub credit card account called main or parent sub account (this is used to enter or download transactions that post to the parent account)
- Create additional sub credit card accounts for each one you have
This is how it will look in Chart of Accounts:
This set up will allow you to reconcile your bank’s statement to the parent account since everything in your subaccounts roll up to the parent.
Notes: DO NOT CONNECT the parent account to the bank feed in order to download transactions; if you do, you’ll get an error. Only connect your bank feed to your subaccounts.
