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Level 1

Help with reconciliation after merging credit card accounts and

I have had the same credit card comprised several times since having it and up until today didn't realize I could merge the accounts together. I had been creating new accounts and leaving the old accounts in the system. 

 

I discovered today on how to merge the accounts into one, and did so, however now the beginning balance when going to reconcile the new merged account is incorrect by a wide margin. The accounts that I merged from this credit card spanned approx. 4 years worth of transactions, all of which had been reconciled thru March 2, 2020.

 

I am now looking to resume reconciliation of the new merged account however the beginning balance is now incorrect since merging the accounts. Also since merging it no longer shows a history/record of the reconciliations of the previous accounts.

 

Please advise how I may be able to fix this merging disaster.

 

Thank you.

3 Comments
QuickBooks Team

Help with reconciliation after merging credit card accounts and

Hello MikeR-WI,

 

I can imagine the challenge you have, especially there are about 4 years of transactions in the new CC account. I'll help you out.

 

Basically, you created new CC accounts separately, and I presume you forwarded the final balances as you create a new CC account. And these final balances became the opening balances of the new CC accounts.

 

When you merge accounts, you'll want to remove these opening balance transactions because the balance from the last transaction of the last period should just continue to the first transaction in the succeeding period. This step should correct the beginning balance when you reconcile.

 

Let me know how this works for you. Have a good one.

Level 1

Help with reconciliation after merging credit card accounts and

What if I have already merged the accounts?

QuickBooks Team

Help with reconciliation after merging credit card accounts and

Thanks for coming back for more support, @MikeR-WI. As mentioned by my peer @JessT, you'll have to remove the opening balance transactions to correct the beginning balance when you reconcile. 

 

Here's how: 

 

  1. Go to Accounting from the left menu, then select the Chart of Accounts tab.
  2. Locate the account, then click View Register under the Action column.
  3. Find and select the opening balance entry.
  4. Delete the amount.
  5. Click Save.

 

For future reference, read through this article and learn about how to fix beginning balance issues during your first reconciliation in QuickBooks Online.

 

Feel free to message again if you still need help with reconciliation. We're always delighted to assist. 

 

 

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