Merging two bank accounts in QuickBooks has always been tricky, especially the account that is reconciled. If accidentally, you enter a bank account twice, then you need to carefully merge both the accounts because the account you merge might be deleted. If you want to merge two bank accounts in QuickBooks then it is an unchangeable process. So be sure that you follow the guidelines carefully.
To know how to merge bank accounts in QuickBooks, the blog explains how you can merge two bank accounts or combine them into a single bank account.
Things to Consider to Merge Two Bank Accounts in QuickBooks
In Quickbooks, you can only merge two accounts at a time and also make sure that both the accounts have the same type of account. Although, in most cases, you can change the account type to make with the new account.
While merging the two accounts in QuickBooks, you also need to make sure that the accounts you are moving to should be on the same parent or sublevel. For instance, if an account is a parent and another one is in a sub-account or sublevel then you will not be able to merge two bank accounts in QuickBooks until you change the account positions to match. So before you proceed, make sure that you make the account type the same–either parent or sublevel account.
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Hence, in this article, you will find simple ways to merge bank accounts in QuickBooks. If you find a duplicate account, the first thing you need to do is to locate the duplicate account. After you delete or merge the bank account, the transactions present in that bank account will be moved to the remaining account. If you find duplicates then you also need to delete them.
However, while merging the bank accounts, you need to keep a few things into consideration such as the account type should be the same. Let us know more in detail below.
How to Merge Two Bank Accounts in QuickBooks?
After you are done adding the additional or multiple bank accounts in the same QuickBooks file, you can easily merge two bank accounts in QuickBooks (if both the accounts are from the same bank). However, all the transactions in each account should be matched and cleared which is accepted by the user. Also, there should not be any pending transactions.
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To merge bank accounts in QuickBooks, you need to deactivate online services for each bank account. Then, you can create a new account for online banking through the Account (Edit Account) option by the following prompts that appear on your screen.
- To merge two bank accounts in QuickBooks, you need to go to the Lists menu. Then, you can click on the Chart of Accountants option.
- If one of the accounts that you want to merge is at a different hierarchical level then you can simply drag the Diamond symbol located on the top left or right of the account names. By doing so, you can match the account level.
- Next to this, you can click on the account that you are supposed to merge or remove. After that, you can click on Account and then click on the Edit Account option.
- Once you are done, you can change the account type (only If the account type is different from the account you are merging). Account types such as A/R accounts create accounts automatically or they have sub-accounts attached that cannot be changed. If the account types you are merging with do not match, it would be impossible to merge bank accounts in QuickBooks.
- At this point, you can type the account name in the name field. Make sure you enter the account into which you are merging this account.
- Once done, you can click on the Save & Close button and hit the Yes option to confirm your applied actions for merging accounts.
If you are thinking about how do I merge two bank accounts in QuickBooks, the above-mentioned steps are easy to follow.
How to Merge Bank Accounts in QuickBooks Online (Into Single Bank)?
If you have two bank accounts that are similar and want to combine them into a single bank account then you can go through the steps mentioned below. The following steps to merge bank accounts in QuickBooks Online.
As mentioned earlier, one thing you need to keep into consideration that the bank account merging process cannot be reversible or undone.
- First of all, click on the Gear icon located on the top right. Then, you can select the Chart of Accounts option.
- In the next step, you can go to the Action column and click on the Edit option (for the account you are keeping).
- Now you can copy the Name and make a note of the Detail Type. Also, if the sub-account is marked then make a note of the parent account it is linked with.
- Thereafter, you can click on the Cancel button and return to the Chart of Accounts option.
- At this point, you can go to the account that you do not want to use. Then, you can click on the Edit option under the Action column.
- Here, you need to paste in the Name and ensure the Detail Type is matched with the account you are merging.
- If these two bank accounts are sub-accounts then you need to make sure that they are associated with the same parent. If one of them is a sub-account then make it a parent account. For this, you can deselect the Sub-account option.
- When you are done, click on the Save option.
- In the end, you can hit the Yes button to confirm your applied actions for merging two accounts.
This is how you can merge bank accounts in QuickBooks. The transactions in the account that is being merged will move to the remaining account at the time of the merging procedure. In case you find any duplicates, you can remove or delete them.
How to Delete Unwanted Transactions?
If you want to quickly delete unwanted transactions then you can go to the Register screen, select the transactions and click on the Delete button. This is the easiest way to delete a transaction that is no longer useful. As the final step, you can delete the bank account once the transaction has been removed.
To delete the bank account, click on the account from the Register option. Then, you can click on the ‘use register’ and hit the delete button.
To Sum Up
Although merging accounts in QuickBooks is not easy. However, it is not difficult either. All you have to do is apply actions carefully. By following the aforementioned steps, you can easily merge two bank accounts in QuickBooks Online.
However, you have to take care of the account type you are merging. While proceeding with the merge account steps, it would be helpful if you back up your data as the process of merging the account cannot be reversed.
Do you want more such guides about QuickBooks? If yes, check out the following guide linked below: