Chart of Accounts populating 6 bank accounts instead of 3

Brianna Burm · ‎March 02, 2022

I have a client that just now moved to QBO. We did a manual entry for all of 2021 into the 3 bank registers that we set up in the chart of accounts.

Now moving forward with 2022 months, she attached her bank accounts to the banking center, using the banking tab - not the chart of accounts section where the existing accounts are.

The chart of accounts is now showing the original bank accounts I set up manually and the transactions stop at 12/31/21, and now a 3 more bank accounts from the feed that's coming through start with 1/1/22 - but don't have the previous information.

Is there anyway, to connect the bank feed to the original manual entry bank accounts so that it can show a continuation from 2021 entries as one solid account? I would need to do this for all 3 accounts to get it down from 6 accounts.

How do I fix this? Is there a way to merge them? Or do I need to somehow disconnect the feed set up and do it a different way?

Did we set up the banking feed incorrectly? I had her choose a date of 1/1/22 since we already had all manual transactions for all of 2021 months, and books are closed for that timeframe and taxes being filed. I didn't want it to populate duplicate transactions. Is this correct?

Any help you can give will be greatly appreciated, I'm fairly new and still learning all these unique things!

MarsStephanieL · ‎March 03, 2022

Thank you for circling back to us and sharing further details about your concern, @Brianna Burm. I'd be happy to guide you on how to get the bank transactions to the right account in QuickBooks Online (QBO).

You are right about disconnecting the banks that were affected by the issue. However, before doing that, make sure that you haven't reconciled or linked any transactions among the three banks that are currently connected. This is to ensure that you'll not get any further issues with transactions when matching it with the uploaded bank transactions.

Once done, take note of the correct names and the latest transaction date of the correct accounts that you need for the reconnecting process. After that, you can proceed with disconnecting the banks on the Banking page.

Here's how:

Go to the Banking page and click on the bank and select Edit the account info.
Tick the box beside Disconnect this account on save.
Select Save and close.

This is what it looks like:

Now, you can reconnect the bank to the correct account. You can follow the steps below:

Go to Banking, select the Link account button at the upper-right part of the page.
Enter the bank name (Wells Fargo) on the search box.
Fill in the details needed to sign in and click Continue.
Select the start date of the transactions you need to download.
Click on the drop-down button and locate the correct account.
Select the start date of the transactions you want to download.
Click Connect once everything is correct.

I've added some screenshots for your additional reference:

Repeat the process with the other two bank accounts that you want to reconnect. To know more details about the process, you can check out this article: Disconnect accounts connected to online banking in QuickBooks Online.

Moreover, this can be handy when you're ready to assess your transactions in the future: Reconcile an account in QuickBooks Online. It also contains steps on how to fix any reconciliation issues.

I'll be one comment away if you have further questions about bank transactions or any concerns. I'm here to back you up. Welcome to the QuickBooks family!

View solution in original post

RCV · ‎March 03, 2022

Let me share some information on how Online banking works, Brianna Burm.

In QuickBooks Online (QBO), you'll need to know how your bank sends the downloaded transactions. If the transactions download to one account, we'll need to connect only the parent account. If the transactions are downloaded to the individual accounts, we can connect the sub-accounts and not the parent account.

Please know that you can’t connect both a parent account and its sub-accounts. If you try to connect both parent and sub-accounts, you’ll get a message that the account is already connected. Here's an article you can refer to for more details about bank or credit card subaccount setup.

If you need to download older transactions, we'll need to manually upload transactions into QBO. About duplicate transactions, you can exclude them from the Banking page to get rid of them. Also, merging accounts is permanent. You can't undo this later on. When merging an account, all the data moves into the one you want to keep and removes the duplicate. You can see more details in this article: Merge accounts, customers, and vendors in QuickBooks Online.

On the other hand, once you disconnect a bank account, QuickBooks deletes transactions that still need to be categorized in the For review tab. If the transactions are older than 90 days, you won't be able to download them into QuickBooks again. Here's an article you can refer to for detailed information about Disconnecting or deleting an account connected to online banking.

Once done, you can now start categorizing your transactions, so it'd be easier for you to reconcile them. Here are some resources that you can visit for reference.

Keep in touch if you need any more assistance with this, or there's something else I can do for you. I've got your back. Have a good day.

Brianna Burm · ‎March 03, 2022

Hi, Thank you for the information you provided. I'm still a bit lost as what exactly to do. I've decided to upload a screen shot of what is populating in the chart of accounts. I need ONLY the accounts that have an account number - because this is where all of our manual work went. None of the new bank feed information is populating in those accounts.

When the client connected her bank accounts through the banking tab, it created 3 new accounts that ONLY have 2022 information and just pulled a starting balance from the chart I already had set up...

Can I disconnect the bank link and start over with connecting it? I'm wondering if we just didn't input things correctly.

I noticed in the Chart of accounts for example, if I click on the drop down arrows for account 1020, there's an action that says "Connect Bank Account". So what if I "disconnect" the bank accounts that are currently in there, if that's possible. THEN, go back to this action and connect the bank to that particular chart of account? will this fix the issue? But then I'm worried about this, if I do it this way because when the client initially set up her bank, we did it through the banking tab and it's done through Wells Fargo. She had 3 business accounts all through the same bank and they all connected at the same time. If that info helps at all. Do we need to connect them one at a time if we do it this way through the drop down in the chart of accounts?

At this point, I don't know which one is a "parent" account or which is a subaccount or if merging them will even fix it for all future feeds as well?

Thanks

MarsStephanieL · ‎March 03, 2022