Xero | How to Handle Credit Card Subaccounts - Bank Feeds Method

[@AcuityEcommerce]

Thanks for watching! Which method do you like better? The manual method or the automatic bank feed method?

[@theresaweiss2684]

Very helpful thank you !!! Some the easiest to follow videos for Xero I have found!

[@AcuityEcommerce]

Glad it was helpful!

[@bennettellis2678]

Thanks for the video. Very thorough explanation. For me at least the last part of this works better (at least in the current version of Xero) if I go to the main CC and execute a "Transfer Money" action and then actually transfer the correct amount TO the sub account. That way the main account (which gets all the payments/credits) gets a debit, and the sub account (which records all the debits) gets a credit. This way they seem to zero out well. I could not find a way to create a "negative" (debit) dransfer to the main account. The only way I could see doing it was with "Spend Money" option but that doesn't automatically transfer the value to the main account. To me, making a "Transer Money" activity TO the sub-account is the right way, and it mimics the real activity as well.

[@AcuityEcommerce]

Glad it works for you!

[@HectorGarciaCPA]

Does Xero do more than 90 days on the Bank Feed?

[@AcuityEcommerce]

It depends on the bank. They're the ones that control that. But when they don't, I just go in & download what I need and start the bank feed on the first day of the first full month that *is* available.

[@jessicakrueger4340]

I don't think Xero works this way anymore. Once you get to the screen at 3:06, it no longer matches what I have on my side. Do you think you could make an updated video for this please? I can't find anyone else talking about this online!!

[@AcuityEcommerce]

I'll add this to our list. We went through a company merger about a year ago and will be giving more attention to this channel soon!

[@jessicakrueger4340]

@@AcuityEcommerce Great news! Thank you for the reply and I'll keep an eye out for your videos!

[@AmicusPlanners]

@@AcuityEcommerce Any chance you could update this video?

[@marklicc]

What did I do wrong? I have a BofA Business card with a Corp feed & My Card as a separate account. The feeds are working but seem to be backwards?? Purchase info feeds into the Corp accnt & PMTs, fees are going to the card account. I can't just simply change the name because they automatically have the accnt number attached.

[@AcuityEcommerce]

Sounds like you may need to reverse the signs before importing. At this point, you should probably reach out to Xero support and explain what you're trying to do. They are very nice and helpful!

[@christinet2365]

I understand the concept, but am not clear how exactly to "move the balance to the main account." I know how to do "transfers" from within the reconciling screen, but I think you must have done that a different way and didn't explain it, except to say it's like a clearing account.

[@AcuityEcommerce]

See if this helps you. www.accountexnetwork.com/blog/2015/10/xero-tips-tricks-dealing-with-credit-cards/

[@marklicc]

@@AcuityEcommerce That link does not work

[@marklicc]

In moving balances from the CC to the Main Account - This is my initial setup - Do I need to do each entry individually? Or is it ok to do the total for 1.5 yrs I'm going back? And move forward from there.

[@AcuityEcommerce]

I guess it depends how much you care about the cleanliness of your historical recordkeeping. If you just want to get to a clean starting point and ignore all the prior stuff, I'd probably do a lump entry on 12/31/19 and call it a day. But that's entirely your call.

[@marklicc]

I now have the same question as Christine T ; "I understand the concept, but I am not clear how exactly to "move the balance to the main account." I know how to do "transfers" from within the reconciling screen, but I think you must have done that a different way and didn't explain it (or show it), ....."

[@AcuityEcommerce]

If you know how to do transfers, you should be all set. If the balance is $1,000 in the subaccount, you will create a bank transfer from the main account for $1,000 to the subaccount so that the subaccount's new balance becomes zero. You're essentially transferring the balance from the subaccount to the main card. Go to main account Manage Account / Transfer Money From = Main Account To = Subaccount Date = closing date of statement Amount = balance of subaccount Click Transfer

[@marklicc]

@@AcuityEcommerce Thank you again for the great help. Easy enough once you know where to go. So glad that I asked, as I would have done it backward:-$ Thank you for all your great helpful content.

[@eclecticasia3018]

Patti, @ minute 3:15 above, when "selecting the matching bank feed", it will not allow me to choose the correct card# because "already connected". What do I do?

[@eclecticasia3018]

Oops. I may have misinterpreted what I saw. Trying again.

[@AcuityEcommerce]

Sounds good!

[@zoejames1896]

I have a bank feed to my master account but it includes all the individual sub card transactions as well as the fees etc. I don't know how to account for the fact that the transactions are appearing twice...once on the master bank feed, and again on the sub account feeds. I can't figure out how the previous accounts person reconciled without duplicating the expenses. Can you help?

[@AcuityEcommerce]

To troubleshoot, I would take a peek at the bank transactions tab. If they're being imported twice, you'll see them there and can delete entire statements (if they're being duplicated as separate batches) or delete individual duplicate transactions. Good luck!

[@zoejames1896]

@@AcuityEcommerce Thanks...they were being imported twice so I have cancelled the feed for the master account and deleted all the duplicates. My only problem now is that previous 'reconciliations' had errors so I need to hunt them down and fix them...the joys of bookkeeping :) (I actually love it)