Steps to Re-enable your Amex bank feed at the parent card level
You may have noticed in the last couple of weeks that AMex’s bank connection in Quickbooks Online switched to a multi-card setup, where each employee card gets its only account in the chart of accounts. This is great if you have two or three cards, but if you have half a dozen or more… well, it’s a real pain in the ass, especially if you have Expensify’s Domain Control setup. Well, luckily, some very annoying bookkeeper’s whined about it to Intuit and, they listened (mostly because I make a high pitched whine. If you’ve gone and reconnected your account to multi-card, you will need to disconnect your existing AMEX connection, re-enable a new connection we setup that pulls transactions from the parent account, and perform some cleanup tasks for the interim.
Terms to know
Parent Account: The main credit card
Child Account: The employee cards (the ones you can get rid of.
Bank Feed: The stream of transactions that come into your banking screen in QBO. Also known as a bank connection
Chart of Accounts: The accounts on the P&L and Balance Sheet. In this chase, the child accounts will likely be a sub card of the parent card
Here’s how to fix it.
1. For each Chart of Account click the pencil to Disconnect
If you have multiple cards attached to one login, you will have to disconnect all of the feeds. In order to prevent duplication, if you are opting for the parent connection, there can only be one feed, otherwise there will be duplication.
2. Next, we reconnect the new American Express bank feed connection (summarizes at the parent level)
3. Click Add account
4. When you click “add” search for “American Express Credit Card(US)- Parent Accounts”
This is a new type of connection that Intuit just added. It’s likely that going forward this is how they will handle business cards, rather than making you choose whichever way they chose to set it up with the bank. Yipee!
5. Map to the Parent Chart of Account
The parent COA won’t have all the child card transactions for the interim period from September on through when you disconnect that connection. Select the date that you would like to pull historical transactions back to
6. Then select the date range
You’ll want to go ahead and pull from the date of the last reconciliation. Then you’re going to want to do one of the two following options
Delete the added transactions for the child accounts back to the date of reconciliation.
Journal out the balance from the child accounts to the parent accounts
Which option should you choose? Well, 2 is faster, and 1 and much cleaner. So, which one you choose is up to you, but I will judge you deeply if you chose the wrong one.
7. Delete the Child Accounts
This will not delete the transactions, instead it will just make them inactive. No need to worry about losing your data.
