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Bank Of America Business Creates Two Accounts. How to Track in Quicken ?

My business has a checking account with Bank Of America. I have a credit card with them and BOA sets it up where there is an individual card account and a second " Corp " account. This system is so a business can have an overall Corp account that is the umbrella for employees individual business credit cards. The Credit Card is paid off through the Corp account and any late payment fees and finance charges are listed here.

I'm a little confused on how best to track this setup in Quicken 2019. 

In quicken, I can download all of my individual credit card account transactions. However any finance charges and Late Payment fees, only get associated with the 2nd umbrella Corp account. 

Should I manually drag over the expenses from the Corp account so that I can reconcile my individual Credit Card account ?

Otherwise I just have a running list of fees in the corporate account and the credit card account never balances out, as over time, my payments are greater than my expenses.
(expenses + late payment fee + finance charges)

Thanks for any insight !

Comments

  • thecreatorthecreator SuperUser ✭✭✭✭✭
    edited January 2019
    Hi @ chris villepigue ,

    You need to explain a little better. Compare each Register to the information found on the Bank of America Website, for each Account Register.

    Compare what is shown on the BOA Website for each Register in Quicken.


  • Unknown Member
    edited January 2019
    Hi Thanks for response. I'm not really sure how to explain better that's why I was hoping someone else who used Bank Of America Business accounts could share how they track in Quicken.

    Essentially, I am the only one on this account, but Bank Of America makes you have to track your card in two separate accounts in Quicken.

    (1) Account is the card itself and it tracks your charges and payments

    (2) The second account is the "umbrella" account. This is where I make payments from and Finance + Late Payment Fees get listed here.

    Having the two separate accounts in Quicken leads to them seemingly not being able to be reconciled without some manual intervention.

    I have been trying to compare the accounts to my bank statements but it's confusing for me. There's several years of info and some odd behavior with Opening Balance Adjustment, Reconciled registers etc. I'm not sure if there's a bug or if I'm doing something wrong.

    Since there is no clear and concise manual for Quicken Mac we're just left to figure out all of this stuff on our own!

    Thank you
  • thecreatorthecreator SuperUser ✭✭✭✭✭
    edited January 2019

    Hi Thanks for response. I'm not really sure how to explain better that's why I was hoping someone else who used Bank Of America Business accounts could share how they track in Quicken.

    Essentially, I am the only one on this account, but Bank Of America makes you have to track your card in two separate accounts in Quicken.

    (1) Account is the card itself and it tracks your charges and payments

    (2) The second account is the "umbrella" account. This is where I make payments from and Finance + Late Payment Fees get listed here.

    Having the two separate accounts in Quicken leads to them seemingly not being able to be reconciled without some manual intervention.

    I have been trying to compare the accounts to my bank statements but it's confusing for me. There's several years of info and some odd behavior with Opening Balance Adjustment, Reconciled registers etc. I'm not sure if there's a bug or if I'm doing something wrong.

    Since there is no clear and concise manual for Quicken Mac we're just left to figure out all of this stuff on our own!

    Thank you

    Hi @ chris villepigue ,

    Did you manually add the Registers in Quicken, yourself, or did Quicken do it for you?

    When you log into BOA Website and view your Accounts on the Website, how many Registers / Accounts are showing?

    Does the BOA show your Credit Card in two Accounts, or one Account on the Website, not in Quicken?


  • AlinAlin Member ✭✭✭
    I have a setup like that where i track BOFA business card. i setup both (the actual credit card account and the CORP account) as "Credit Card" type. i will tell you straight off: i have no clue what's the right setup for tracking those accounts, they are driving me crazy.

    i can never reconcile these accounts...i'm trying to understand how they work but i can't figure out the pattern.i even asked a BOFA small business consultant how they work and she couldn't explain it to me. what she said is that lots of people have the same problem and she setup her own accounts so whe can see the problem. she told me the credit card account should reset to 0 every month which doesn't happen to me...so i don't know what's going on.

    here's a concrete example:
    * CORP Account: online balance 2137.44 -> quicken balance 289.68...why???
          * Credit Card: -online balance 349.15 -> quicken balance 3,284.34...again why???

    what's even crazier is if i download the transactions for the credit card account (in CSV format) for the entire time period in the downloaded CSV the balance matches what quicken is saying (3,284.34)...what the heck?

    AND...how much do i need to pay considering those numbers? the credit card account has one balance, the CORP has a different one.

    I believe understanding how these accounts work and their purpose is the first step towards understanding what the best way to track them in quicken.

    maybe somebody smarter than I can explain how these accounts work
  • karen mkaren m Member ✭✭
    I have been searching for this answer for some time. Seems to be a bank of america exclusive as my other corporate bank cards that have multiple cards seem to be able to work by using a work around. I create a "master" account in quicken which is the main account and all the cards will download into there. I used to just download everything separately and move transactions to the main account but that doesn't even work for Bank of America which seems to randomly download transactions. I haven't been able to get my transactions to download correctly in bank of america ever. Sometimes I just go to the website to get it to work. Sometimes it just works if I go to the individual account in Quicken and update there. I think this issue is above Quicken's ability to handle it maybe? Even my regular personal bank of america will not download regularly. no errors or anything, just says no new transactions even though I know there are. 
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