Can I merge or reconcile a synced a Paypal account to an existing QBO account?

southernbulb · ‎January 30, 2022

In our chart of accounts, we have had a Paypal account ("Other Current Assets" account type) that we've manually updated with transactions & journal entries. On Nov. 1st we used the sync feature to connect Paypal directly, which automatically created a new account, Paypal Bank (as a Checking Account). Is there any way for me to either merge these together or somehow reconcile each from month to month without issue? Or do I need to "close" the original and just add the end>beginning balance to the new one?

Thank you!

katherinejoyceO · ‎January 31, 2022

Thanks for adding more details on your concern, @southernbulb. I've got you the steps to merge two bank accounts in QuickBooks Online.

Please know that merging is permanent, and you can't undo this later on. Here's how to do it:

Go to the Chart of Accounts.
Find the duplicate account (the one you won't keep). Then select the dropdown ▼ in the Action column and then Edit.
Change the Name and Detail Type so the duplicate account's info matches the account you want to keep exactly. If you need to mark Is sub-account, keep in mind:

- If you’re merging two parent accounts, make sure they don’t have any sub-accounts.
- If you’re merging two sub-accounts, make sure they both have the same parent account.
- If only one is a sub-account, uncheck the Is sub-account option so it becomes a parent account.

Once done, click Save and then Yes to confirm.

For additional insights and more detailed steps, check out this article: Merge duplicate accounts.

For future reference, I've got you an article that can guide you through reconciling your real-bank statements with your QuickBooks transactions.

Feel free to click the Reply button if you need more QuickBooks help.

View solution in original post

TirzahC · ‎January 30, 2022

Hello there, southernbulb.

When you sync your PayPal transactions in QBO, you'll want to make sure that all the sales from your PayPal account are created in QuickBooks. This is to ensure the system will match your transactions without an error and won't double the income. Also, make sure that the items used in a transaction with products/services within QuickBooks match your PayPal transactions. The match criteria are based on the item name.

I'll add this article as your resource for more details and insights on how the PayPal app integrates with QBO: Sync with PayPal.

Additionally, you can review this article for references when you decide to use the Sync PayPal app to integrate with QBO.

In case you need, I'm also adding these articles that tackle matching and reconciling bank transactions in QBO for future reference:

Visit us again here in the Community and post some more if you have additional concerns. I'm here to keep helping. Take care!

southernbulb · ‎January 31, 2022

Hi! Thanks for the response, but sorry, this doesn't really address my question. I've had no trouble syncing with Paypal since November when I enabled sync. But for years prior I had used activity statements to manually update an asset account for Paypal in our Chart of Accounts. So, that account is reconciled through 10/31/21, with an ending balance of $x, and I need to now reconcile the new synced account in the Chart of Accounts. Either I just set a beginning balance for it of $x, or I'm looking for a way to merge the two accounts so they are all one.

katherinejoyceO · ‎January 31, 2022

Thanks for adding more details on your concern, @southernbulb. I've got you the steps to merge two bank accounts in QuickBooks Online.

Please know that merging is permanent, and you can't undo this later on. Here's how to do it:

Go to the Chart of Accounts.
Find the duplicate account (the one you won't keep). Then select the dropdown ▼ in the Action column and then Edit.
Change the Name and Detail Type so the duplicate account's info matches the account you want to keep exactly. If you need to mark Is sub-account, keep in mind:

- If you’re merging two parent accounts, make sure they don’t have any sub-accounts.
- If you’re merging two sub-accounts, make sure they both have the same parent account.
- If only one is a sub-account, uncheck the Is sub-account option so it becomes a parent account.

Once done, click Save and then Yes to confirm.

For additional insights and more detailed steps, check out this article: Merge duplicate accounts.

For future reference, I've got you an article that can guide you through reconciling your real-bank statements with your QuickBooks transactions.

Feel free to click the Reply button if you need more QuickBooks help.

Friend4park · ‎March 25, 2023

southernbulb I'm dealing with the same issue. Can you share with me what was your final solution?

Topics

Training

Community

Resources

Can I merge or reconcile a synced a Paypal account to an existing QBO account?