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so I got this question that says how do I work with a credit card download that downloads all the different accounts each one representing each card or user and then how do i reconcile it this happens with Bank of America and Chase credit cards a lot some answered a question by connecting my quickbooks online into a Chase credit card then I'm gonna show you kinda what happens when you connect to the bank and then it gives you a whole bunch of options in terms of what accounts you can connect and I'm gonna show you how they need to be configured in the chart of accounts in order for all these sub accounts or credit card user accounts cannot be part of one unified account but then you can reconcile at the end of the period so I'm gonna go into banking and then click on connect account then I'm going to choose my company that I connect to so I'm gonna click on Chase and then I'm gonna go ahead and enter my credentials to login into my Chase account so once I connect to my bank it's gonna give me all the accounts or all the sub accounts that are going to be associated with this one account that has multiple users that we're going to download into QuickBooks so you as you see on the screen these are all individual credit cards inside of my overall credit card account that each represents a different physical card and/or a different user using the cards so I actually have to connect all of them into QuickBooks and then I can have to put them together as one unified account so I'm gonna go ahead and select all of them and I'm gonna go and create an account for each one of them so I'm gonna click on the drop-down menu where it says and enter our count type and then I'm gonna click on add new so first I want to create a credit card account and then I'm gonna call this one chase card this is gonna be like the parent account so I created an account called Chase card and then click on save and close I have to go one step further and create a sub account under chase card so in this case I'm gonna go to add new and then I'm gonna call this one hectare four six six zero typically gonna use the name of the user of the credit card so I know as an accountant who's the individual user of the account and that might be give me some context in terms of the category or the type of expenditures I put the name of the user and then I put the last four digits then I'm gonna click on click it sub-account off and then I want to make sure I select chase card now under account type this needs to be a credit card type just a credit card type call this one hectare four six six zero and then it's a sub-account of Chase card perfect so now when I click on save and close and now notice that this Hector four six six zero is a sub-account of Chase card so I'm gonna go to the next one go to add new select account type credit card put the name of the user and the last four digits of the card then click on sub-account off and then select the chase card as the parent account thank gonna save on clothes then I might go to the next one go to add new change this to credit card the name of the user the last four digits of the account is sub-account off and select J's card save and close go to the next one new make it a credit card name of the user that last for the use of the account a sub-account off select the parent account save and close and the last one here a new credit card account type the name of the user a sub-account off and then make it a sub-account of the chase card then click Save and close so now that all the sub accounts now have their own specific sub accounts and now and they're connected into QuickBooks and they're connected to a chart of accounts then I can pick how far back I want to go in terms of the download now depending depending what you're trying to do this might get a little bit tricky so if you only try to go back the last working month the ideas that you physically take the credit card statement the last credit card statement you have in your hand that will have a beginning balance and you're gonna pick that to be the start date now if you want to go back far like a year or two years that's all gonna be based on what the bank allows you to download so in some cases you have a limitation of 90 days in some cases you can go up to two years depending on the bank so just for the sake of exercise I'm actually gonna pull up my most recent statement from the bank and then I'm just gonna bring the last working month so I went ahead and pulled the last known statement for this card cuz that's really as far back as I'm gonna go as I mentioned earlier it depends on the situation in terms of how far apart you're gonna go and then I'm gonna pick the beginning balance the previous balance asked the one that I'm gonna enter as the beginning balance on this account go back to that in a second but it's really really important that we have the statement in front of us so we can use it as a reference and then we're gonna and then we're gonna take a look at the opening balance date which is going to be the beginning balance or as far back as we're gonna go with this so we're gonna tell QuickBooks that we're gonna go back all the way to December 27 2009 teen and bring everything from there up to today number put here 12 27 20 19 perfect now one little important thing we're not little bits a really big important thing is you can actually click on the back button and see how far back your credit card goes and you will actually indicate the minute you get to the point where you can go back any further it would get to the point where it will start feeding out or telling not letting you click on those states this one can actually go back all the way to February 5th 2018 so you want to kind of test the waters how far back you want to go that's one way to do it so you want to be very intentional about the date that you pick here I'm gonna leave this December 27 date because again it is the same beginning date opening date for the specific statement that is sort of all the statement that I want to bring related to this download so now I'm gonna go ahead and click on connect so once my connection is set I can actually browse through all the sub accounts that are connected through the banks directly so as long as I click on any of these you're gonna see the transactions in the bottom that were downloaded so I can go or cycle through any of these cards and then see the actual expense expenses related to these transactions now one really important thing I want to go in there and figure out which of these accounts have the payments associated with it because one of these is gonna take bringing all the payments and one of them should carry that big proverbial beginning balance so I'm going to click on received here so I can kind of sort these through receive and see which of these I'm actually gonna cycle through them see which one has payments associated with it so as long as I cycle through them I should find the one does so ok perfect this is a good example here so this particular one this one called Herbert 4 458 is the one that's gonna house all the payments and you can tell that by seeing where where the payments are being downloaded to so this is the one that we're gonna enter the beginning balance for now if you notice if you actually add up these three numbers these are the three payments including that refund for $2.99 these three are up to about $24,000 I'm gonna go back into my statement real quick and just verify that this makes sense and notice that right here these are all the payments or credits that entered in this account I'm not gonna scroll down and see the specific individual ones somewhere okay there they are right here see so right here at the end at the end you see the three payments here $2.99 5,000 a 19-6 or four if I go back I'll actually see the exact amounts there so I'm confirming that these payments did come into the credit card and this one right here called Herbert 4 458 is the one that's gonna bring in the payments which is the same one I'm gonna use to enter beginning balances I'm gonna click on the gear menu and then I'm gonna go into chart of accounts and I'm gonna go look for the Herbert 4 4 5 8 account and then I'm gonna click here where says view register I noticed that when I created the download QuickBooks created this bogus beginning balance transaction trying to figure out how to plug a beginning balance in order to try to get the running balance to work correctly obviously this is way wrong so typically we're just gonna delete that or we're gonna change that with that beginning balance amount from this which is right here 24,000 980 8.88 so I'm gonna go ahead and copy and paste that into here and I'm gonna replace the original bogus amount that QuickBooks created via the connection and I'm gonna make that the beginning balance I was going to date this back to December 27 which is actually the real beginning balance of that statement and then click on save and then yes so now I'm gonna go back to my chart of accounts and I had to say the same thing for each of these sub account so I'm gonna go to the View register of the sub account and take this beginning balance transaction delete it get rid of it go back let's take a look at the second card go to view register look at this beginning balance delete it gone back to credit card let's look at the next account that has a weird beginning balance there grab it and delete it and let's go back to the chart of account so there should be no more that's it perfect so I should only have one account that has a beginning balance which is the one where the payments are being registered into which this is sort of the default account and I went back in it and I changed it and I made it the one true beginning balance so now I'm starting at the right point I got a beginning balance I know the exact starting point for this credit card now I can start categorizing all the transactions and then reconcile at the end so let's go back into banking and then I'm gonna go ahead and go in and categorize each of these transactions now check in the description below an entirely different video where I explain how to categorize transactions I'm going to do this really really quick just so we can get to the point that we can actually reconcile the bank so I went ahead and categorized all my expenses and you're gonna notice you can cycle through all these cards and notice they all have a check point that says all done and that means I don't have any more pending transaction so I've taken every single category and I put it in every single transaction and I put it in the right category and I can check the description below for the video where I explain that process which is another you know 30 minute video that explains account classification or that sort of thing so once I'm done I should be able to now reconcile the credit card to make sure that everything from that December 27th date to that statement ending date that we want to reconcile reconciles down to zero so I'm gonna go and click on the gear menu on the top and then click on where it says reconcile then I'm gonna go ahead on the drop-down menu for accounts I'm not gonna pick any other sub accounts cuz I'm not gonna individually reconcile each sub account I'm just gonna reconcile the overall parent account that I created before I assigned all the sub accounts to it so I'm gonna reconcile this parent account here called chaise-cart and you will notice at the beginning balance the one that I modified when I went into the register and I put it to match the exact a credit card statement it's gonna show up here and that's exactly where I wanna be at the beginning starting point so then I'm gonna go pull up my actual credit card statement and then I'm gonna go to new balance and this is the number that I want to reconcile it's fifteen thousand zero zero five point 37 it's now I want to reconcile that in QuickBooks there's specifically that acid running balance of this credit card up to the point that I'm gonna reconcile which in this case is January 26 so I'm gonna copy that number and I'm gonna paste it here with this ending balance and then on the ending date here's gonna pick January 26 let's just double check that's correct yes January 26 is the ending date for that statement and then I'm gonna click on start reconciling now you will notice something sort of semi magical here which is all my charges and all my payments because I haven't entered anything else into QuickBooks are automatically checked because they were downloaded through the bank and I'll actually effectively have a serial difference so the reason why that happened is because I didn't enter any transactions manually into the credit card I worked a hundred percent from the bank feed and when I connected other trans their accounts I made them all into this unified account and I gave everything in category and nothing is left pending for us to do so at this point I just click on finish now and that completes the process of connecting credit cards making them all sub accounts categorizing them and then finally reconciling them so you can be sure that everything that came in the bank digitally it's now matching and it's in QuickBooks hope that was useful I'll see you in the next one