Something both Xero and QBO doesn’t do well. When a business has a credit card account and multiple credit card users. They don’t have an easy way to consolidate and/or bring in ALL transactions from the account into either a single bank account or a simple way to reconcile.
Example 1: Company A has 2 credit card holders for the company. In QBO, we can only sync 1 credit card holders account and have to manually bring in the other transactions in order to reconcile easily.
Example 2: Company B has 4 credit card holders for the company. In Xero, we can sync all 4 credit card accounts, but then reconciling the accounts become a pain and many of the credit card balances show an increasing negative balance every month. To mitigate the increasing negative balance, we do a manual transfer each month to zero out those accounts to the primary account where they receive payments to it.
Thanks!
Lily
Ideally it would look like 1 of 2 scenarios: Scenario 1 would be to have separate credit card accounts that behave like child accounts to 1 parent account that you reconcile to. Scenario 2 would be to have a single account with a tag/memo of some sort to show the user of the credit card.
There are times when it would be good to break them out again. Particularly by user.
Honestly, I am not certain, but that would be my guess.
There are a few pain point to handling it in Xero. (1) We have an extra step to clear out the balances of the child accounts. (2) In order to reconcile the accounts, all the transactions are across 4 different accounts and you are looking at a single bank statement, there is just a lot of un-necessary clicking or open windows/tabs in the browser.