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Deadwood Al
February 25, 2024
Question

Merging accounts question

  • February 25, 2024
  • 1 reply
  • 0 views

We have an issue where an account or two have been assigned an incorrect "type" (i.e. id'd as Accounts Receivable when they should have been Other Current Assets). As part of the process of correction, I assume I can't easily change the "type", so I would create a new account with the ID as Other Current Asset. 

 

Is it possible to merge an account of one "type" into an account of a different "type"? Is there a specific process to follow when correcting a situation where an account was assigned an incorrect "type"?

 

We are on Pro+ 2023 now but likely will be moving to Enterprise Gold in the very near future. Would thank change the answer to the question?

 

Thanks in advance.

1 reply

R
Rea_M
February 25, 2024

You're unable to merge accounts of different types, regardless of which QuickBooks Desktop (QBDT) version you're using, Deadwood Al. We'll walk you through the process of making the necessary corrections to maintain the accuracy of your financial data.

 

We'll first have to update the type (from Accounts Receivable to Other Current Assets) so you can merge your accounts. To do this, here' show:

 

  1. Go to the Lists menu, then select Chart of Accounts.
  2. Right-click on the account that you want to edit.
  3. Select Edit Account.
  4. Update the account details.
  5. Select Save & Close.

 

Once you're done, combine your accounts. Please see this article for the complete guide: Merge list entries in QuickBooks Desktop.

 

Additionally, we recommend regularly reconciling your accounts (monthly) to effectively track your income and expense transactions.

 

If you have other concerns about merging accounts in QBDT, don't hesitate to ask, as we're here to assist you in any way possible.

D
Deadwood AlAuthor
February 26, 2024

If I am able to simply change the account type from Accounts Receivable to Other Current Assets, why would I need to merge that account into another? If I can change the type to Other Current Assets, then my problem is solved ... I wouldn't need to create another account or merge anything.

 

My understanding was that the Type couldn't be changed for certain types of accounts ....? Is that not correct?

 

Did I misunderstand something, or did you misunderstand my question?

    JenoP
    JenoP
    February 26, 2024

    Thanks for taking the time to reply to this thread, Deadwood Al. Let me provide some guidance on changing account types within your Chart of Accounts.

     

    You're correct that you cannot simply change an Accounts Receivable type to an Other Current Asset type.

     

    In this situation, you'll need to delete the incorrect account if it has not been used in any transactions yet. If transactions exist, you can make the account inactive instead. Then, recreate the account selecting the proper Other Current Asset type.

     

    Let me share these articles for more details: 

     

     

    Feel free to reach out if you need any other help modifying accounts in your QuickBooks company file, Deadwood Al. I'd be glad to provide further guidance on managing your Chart of Accounts and account setup.

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