This is just one of those things that you don’t have to do often, so when you do, you want a quick answer.
Below are the steps from QuickBooks Online Help in the USA on how to merge two accounts in QuickBooks Online. I used these same steps in the Australian QuickBooks Online version and it works a treat.
Merging QuickBooks accounts is an irreversible process, so be certain that this is the process that works best for your needs. You can merge only two accounts at a time, and both accounts have to be the same type of account.
If you’re using two similar accounts and want to combine them into a single account, you can follow the steps below. Please keep in mind that the merging process is not reversible and cannot be undone.
- Click the “Gear” icon located in the upper-right hand corner, and click “Chart of Accounts.”
- In the “Action” column, select “Edit” for the account you are keeping.
- Copy the “Name”, make note of the “Detail Type” and if the sub-account is marked, make note of the parent account it is associated with.
- Click “Cancel” to return to the “Chart of Accounts.”
- Go to the account whose name you don’t want to use and click “Edit” in the “Action” column.
- Paste in the “Name” and make sure the “Detail Type” matches the account with which you’re merging.
- If these are sub-accounts, make sure they are associated with the same parent. If only one is a sub-account, make it a parent account by deselecting the “Is Sub-account” option.
- Click “Save.”
- Click “Yes” to confirm that you want to merge the two accounts.
Any transactions in the account being merged will be moved to the remaining account at the time the merge is processed. In most cases, you can change the account type to match the new account.
The accounts you are moving also have to be on the same parent or sublevel. For instance, if one account is a parent and the other account is a subaccount, you won’t be able to merge these accounts until you change their positions to match.
Great little feature from QuickBooks Online. If you want to learn more about QuickBooks Online, download our latest QBO vs Xero ebook here.