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April 9, 2022
Question

Just converted to online. Cost of goods sold is in 2 accounts and repeated so I have double cost of goods sold!!

  • April 9, 2022
  • 5 replies
  • 24 views

So I just converted to online.

When I put my bank account online it asked me to downloads transaction.

I was up to date but did what it asked.

Now I have 2 cost of goods sold accounts with mirrored transactions.

What a mess!

Can I fix this or do I need to start over??

 

5 replies

Level 4
April 9, 2022

Hi there, TwoZulu.
 

If this a duplicate account, you have the option to merge your accounts to create a single representation of your bank in the Chart of Accounts. All of the data from the duplicate is transferred to the one you choose to keep. It’s irreversible, which means you won't be able to undo this afterwards.

 

To know more about what other information you can merge in QuickBooks Online, you can scan through this article: Merge duplicate accounts, customers, and vendors in QuickBooks Online. It provides details on how you can merge your customers as well as a link to consolidate multiple client lists for accountant's reference.

 

You can get more information about the chart of accounts in QuickBooks Online in the following write-up. Also, this link contains information on what are the default accounts that can't be deleted in QuickBooks: Manage default and special accounts in your chart of accounts.

 

I'm always here if you have further questions about managing your QuickBooks account. Keep safe and have a good one.

TwoZuluAuthor
April 9, 2022

Thanks TirzahC, I am concerned that not only were the accounts duplicated but also all the transaction in the account was duplicated. If I merge them will the duplicate transactions be deleted?

Rainflurry
Level 11
April 9, 2022

@TwoZulu 

 

Just an FYI - bank transactions should never post to COGS.  COGS is an expense account that is only posted to when you sell inventory.