I have one bank account connected to my quick books account - but it is somehow split into two (chequing and chequing 1234). How can I combine these two without losing all the data entered?
I’ll help you with combining the two bank accounts in QuickBooks Online (QBO), @MHines2022.
In QuickBooks, if you have multiple cards associated with your account, we can set up the other account as a sub-account. We have the option to create a parent account and the others underneath it as sub-accounts. On the other hand, before connecting it to online banking, you’ll need to know how your bank sends the transactions you've downloaded.
Connect only the parent account if the transactions are downloaded to one account. Connect the subaccounts rather than the parent account if the transactions are downloaded to separate accounts. You’re unable to connect both accounts, otherwise you’ll get a message that the account is already connected.
Here’s how you can set-up an existing account in chart of accounts:
Here are a few of the articles that you can read about bank or credit card subaccount setup and detailed steps on how to create subaccounts in your chart of accounts in QuickBooks Online.
Moreover, utilize this article to reconcile your account. I suggest doing it monthly to keep your books accurate.
Feel free to reply in this post if you have further concerns with banking accounts. The Community always has your back. Stay safe!
In this situation, I don't have multiple cards connected, just the one (its just my single bank account (chequing account) connected - not a credit card. It however is split as two different accounts in quickbooks. Should I still set it up as a parent/sub account to keep all the information in one place?
Yes, you can set it up as a parent and sub-account to keep all information in one place, Michelle.
You can refer to the instructions provided by my colleague above to get started and resolve.
Once everything is good, you can now categorize and match your online bank transactions in the program. Then, use this reference to ensure your account are balanced and accurate: Reconcile an account in QuickBooks Online.
I’ll be here to help if you have any other questions or concerns besides managing your account. Just press the Reply button below to add your comments. Take care!
Ok, when I follow the instructions this is the error message I get:
I'm chiming in to share some information about your Online banking concern, @MHines2022.
Before connecting to Online Banking, you need to know how your bank sends the downloaded transactions. If the transactions download to one account, connect only the parent account. If the transactions download to the individual accounts, connect the subaccounts and not the parent account.
A parent account and its subaccounts cannot be linked. You'll get a notification saying the account is already connected if you try to connect both.
Feel free to visit this article for more information about: Bank or credit card subaccount setup.
Here are some articles that you can visit for future reference:
I'll be here in the Community if you need further assistance with this. Let me know by leaving a comment down below. Rest assured, I'll keep an eye on your response. Take care!
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