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gjsinop
Jan 3, 2022 11:48 PM UTC
Question

Closed bank account

I am switching banks and need to close an account and open another.  I was able to open the other account however I now need to merge the two together.  How would I go about doing this?

3 replies

Catherine_B
Level 9
Jan 4, 2022 2:32 AM UTC

I walk you through how to merge your closed account and the new one, gjsinop.

 

Instead of inactivating the closed account, you have the option to merge it to the new account. Just a heads up that merging your accounts can't be undone. You can't undo this later on.

 

Also, QuickBooks uses some accounts as the default for certain features. Accounts that are connected to online banking, can't be merged or deleted. Accounts that have the same account and detail type are those that can only be merged.

 

To start, you can follow these steps:

 

  1. Go back to the Chart of Accounts.
  2. Find the account you won't keep. Then, select the dropdown in the Action column and then Edit.
  3. Change the Name and Detail Type so the duplicate account's info matches the account you want to keep exactly.
  4. When you're ready, select Save and then Yes to confirm.

This merges the two accounts so you end up with one. QuickBooks moves past transactions from the duplicate to the account you want to keep.

 

To learn more about your accounts, I got you these links that provide complete details in understanding your Chart of Accounts:

 

Let me know if you have other concerns or questions. I'll be around to help you anytime. Take care!

gjsinopAuthor
Jan 5, 2022 1:13 PM UTC

Thanks for the help and that worked however now my online balance is different from what I have in QB because of the merge.  Is there any way to sync those or will they always be different because of the two different accounts?

mv32
Level 8
Jan 5, 2022 3:07 PM UTC

Thanks for getting back to us and sharing your experience with merging two accounts, @gjsinop.

 

We're happy that it worked out for you. Yes, you're correct that they will always come different because of the two distinct accounts.

 

When merging two accounts in QuickBooks, the data inside the two banks won't sync but transfer the entries from one account to another under one active account name. The account merged in the active bank can be found in the inactive accounts list.

 

To fix this and get the correct balance, you can download the bank statement from one or both accounts. This will help you track which entries to remove or delete in the account register.

 

Here's how to delete a transaction from the account register:

  1. Go to the Accounting menu and then select Chart of accounts.
  2. Click View register from the Action column.
  3. Select the transaction in question.
  4. Choose Delete.


     
  5. Hit Yes.

 

I've added an article about this to review and keep track of your books' transactions: Find, review, and edit transactions in account registers.

 

Additionally, you can read these articles for more information about reconciled transactions and reconciling an account:

 

 

If you have other concerns or additional questions with merging accounts, let us know. We'll get back to you as fast as we can. Have a great day, and keep safe!

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