QuickBooks is an accounting software suitable for small and medium-sized businesses. It has plenty of the accounting features that can make business accounting more efficient. In this accounting software, users can set the chart of accounts that contains a comprehensive list of all the accounts and balances of the company. With the help of a legit QuickBooks support, the chart of accounts can be set in a fail-safe manner.
The chart of accounts can be classified mainly on the basis of the company’s assets, liabilities, income, and expenses. With the help of this feature, it can be explained how much money does the company has, how much it owes and the amount of money that is about to come.
Things To Keep In Mind Before Merging Accounts-
In QuickBooks, users can merge two accounts, but before merging accounts it is important to ensure that the merging will help the company as it is an irreversible process. Only two accounts can be merged at once, provided they have to be the same type of account. Although, an account type can be changed to match the new account in order to complete the merging. It is also important that the two accounts that are going to be merged together should be at the main level be it a parent or a subcategory level. The main account can’t be merged with the one at the subcategory level. To merge, their positions need to get changed.
How To Merge?
With the below-given steps, the job can be done easily-
- Go to the Char of Accounts to start the process
- Right click on the account that you want to keep and click Edit Account
- Now copy the account name that you want to keep
- Get back to the chart of accounts and right-click the account you want to merge
- Paste the account name you have copied over the account name that you want to eliminate
- Click Save & Close
- After this, you will receive a message with the text- “This name is already being used. Would you like to merge them?”
- Click Yes to get the task done
With the help of the above-given steps, the accounts of the same type and same level can be merged in the QuickBooks Desktop. This practice can save your time and make your chart of accounts more clean, organized and comprehensive. For any technical hurdle, while performing the steps, a relevant QuickBooks support number can be contacted to acquire an immediate assistance.