Users can easily merge two bank accounts in QuickBooks, making sure that both accounts are the same type of accounts. In addition, both accounts should be on the same sublevel or parent level.
For instance, if there is a parent account and another one is a sub-account or sublevel then you won’t be able to merge them together as the details will not be matched. If you are seeking help to learn how to merge bank accounts in QuickBooks, we will assist you. By merging the two accounts, you can move all the financial reports, accounting information, credits, and transactions automatically to one single account.
How Do I Merge Accounts in QuickBooks Versions?
By merging two accounts, you can keep your finances in one place. This becomes really helpful for you to hold a better avenue of personal or business finances, preparing taxes, and tracking income.
If two accounts are similar in your QuickBooks Desktop, you can merge them to make it one account. By using a single account, you will not have any problems adding the entry.
Important Note: The process of merging the bank accounts is irreversible. Thus, it is important to be very sure before you go to merge the bank accounts.
To merge two bank accounts in QuickBooks Desktop, you are supposed to copy the account name from the Chart of Account and paste it to the sub-account. Make sure you add every detail carefully. To understand better, you can pursue the following steps:
- Launch “QuickBooks Desktop”.
- Then, go to the “Gear” icon in QuickBooks. This icon should be located on the top.
- Now, move to the “Chart of Accounts” option.
- Here, select the “Actions” column.
- Click on the “Edit” button. Make sure you click on the account that you want to keep.
- After that, copy the “Name” and add a note for the “Detail Type”.
- At this stage, you are supposed to locate the “Sub-account”.
- Here, you have to check if the “Sub-account” option is selected or not. If it is marked then mark the type of account it is linked with.
- Once done, click the “Cancel” button and go back to the “Chart of Accounts” menu.
- Here, you can return to the account and choose the name that you don’t want to use.
- Once selected, go to the “Actions” section.
- Then, click on the “Edit” button.
- Now, you are required to paste the name you copied earlier in the “Name” section.
- Also, make sure that the information is matching available in the “Detail Type” section.
- Once you match everything, you can move ahead to merge accounts.
- In case, you have the sub-account associated with the account then you should select the parent account whether the same or not.
- But, if you only have one sub-account, you should make it a parent account by removing the checkmark.
- After doing so, you can hit the “Save” button.
- To confirm your action, you can press the “Yes” button.
After saving all the details, you can easily merge the two accounts in QuickBooks Desktop. All you have to ensure that both the accounts are on the same level or same account type.
How to Merge Two Bank Accounts in QuickBooks Online?
In case you have duplicate two accounts, you can merge them into one account to avoid confusion. However, you need to remember that you cannot undo your action. So, merge the account when you are sure about the idea.
To merge two bank accounts in QuickBooks Online, you will have to keep the important information for the account you wish to keep. Later, you can merge the duplicate account. For that, you can continue following these steps:
Note: In case you are merging the accounts containing reconciliation reports then you need to save the report first. The transactions will stay reconciled and remain on account when it is merged.
- Navigate to the “Settings” menu.
- Then, click on the “Chart of Accounts” option.
- Select the account that you need to keep.
- After this, you can click on the drop-down menu from the “Action” column.
- Press the “Edit” button.
- Here, you can note the detailed type and name of the account.
- Now, check if the “Is sub-account” box is selected. If it is marked then you should note the parent account it is associated with.
- Return to the “Chart of Accounts” menu.
- Locate the duplicate account that you don’t want to keep.
- After that, click on the drop-down menu from the “Action” column.
- Press the “Edit” button.
- Here, you can modify the “Detail Type” and “Name”. This will help you to match the details with the account you want to keep. If you want to select the “Is sub-account” option, you need to keep the following things into consideration:
- If you merge two parent accounts then ensure they do not have the sub-accounts.
- But, if you want to merge two sub-accounts, then both of them should have the same parent account.
- If there is only one sub-account then you should remove the check for the “Is sub-account” option so that it can become a parent account.
- After making sure of everything, you can press the “Save” button.
- Once done saving details, click the “Yes” button to confirm changes.
This is how you can merge two accounts and make them one account. Once you do so, QuickBooks will move all the data such as transactions from a duplicate account to the one that you wish to keep.
Important Consideration about Merging Accounts in QuickBooks
There are a few Account Types that cannot be changed or you cannot merge them with other accounts. This happens because certain accounts are required by the system and you cannot remove or merge them. Yet if you go to merge such an account, you may find an error for that particular account because it may be reserved by online banking features.
- Retained Earnings
- Opening Balance Equity
- Uncategorized Income
- Default Service Tax accounts
- Uncategorized Expense
- GST/VAT accounts
- CST accounts
- Default Service Income account
- TDS Payable
- Default tax accounts were created at the time of the opening of the Custom Tax Agency.
- Default PAYG/PAYE accounts
- Undeposited Funds
- TDS Receivable
These are the accounts that are required by your system or online banking features. You cannot delete or merge them with other accounts in QuickBooks Desktop.
QuickBooks allows you to merge accounts so that it becomes easy for you to see the details in one account. If you ever have any duplicate accounts in QuickBooks, you can merge them. By doing so, QuickBooks will move all the financial reports, accounting information, credits, and transactions automatically merge and move to only one single account. By reading this guide, we hope you understood how you can merge two bank accounts in QuickBooks. Along with this, you can merge customers, vendors(Merge Vendors in QuickBooks), suppliers, and others in QuickBooks.
I unfortunately inherited a very messy and unorganized chart of accounts- QB Desktop. I began the arduous task of cleaning and merging and unfortunately we use CLASSES and when I merged accounts that had more than one CLASS, QB unclassified all those and threw those amounts into UNCLASSIFIED. There are 1000’s of transactions. Do you know how to merge accounts and keep the CLASS historical data? I haven’t had any luck in getting help.