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Bank feed for Capital One Credit Cards - Parent Child Issues
I've run into an issue several times now that I'm hoping someone can either confirm or correct my understanding of. It has to do with Capital One credit cards that have multiple children on the account. It's my understanding that Capital One cards will only allow / facilitate one connection for the entire credit card account, so if you are hoping to utilize the child cards to capture transactions by say Class/Location, you will be unable to do that until you have the statement itself each month and will then need to manually code the transactions. This is in contrast to my understanding of AMEX and Chase Cards, both which allow you to connect the sub-cards, or children cards. I understand that when you have multiple "children" connected, you still reconcile at the Parent level. This post has to do with the way transactions actually download from the bank, not the reconciliation process. I have a number of customers that love the Capital One card(s) due to the cash back rewards and I want to be sure that I have my facts correct when I approach them about either switching credit cards or possibly incurring additional accounting fees to perform this work manually instead of utilizing bank feeds. Thanks in advance. Brandon Culp