Virtual accounts let you track money in its own financial account while it reconciles with a main account. The virtual account keeps your transactions separate in the register, and those transactions clear on the main account’s bank statement.
What Is a Virtual Account?
A virtual account is a financial account that rolls up to a main account. It does not have its own bank statement. Any transaction you post to a virtual account is reconciled as part of the main account it belongs to.
This is useful when you want to separate tracking inside one real bank account.
How Do I Get Virtual Accounts?
Virtual Accounts is a tool you add to your account.
- Go to Tools and open Add/Remove Apps.
- Search for Virtual Accounts.
- Click to install it.
How Do I Add a Virtual Account?
- Go to Lists > Financial Accounts.
- Click Add Financial Account.
- Enter the Name.
- Set Type to Virtual.
- Select the Main Account the virtual account belongs to. This is required.
- Set the Filer and Purpose if you use them.
- Click Add Financial Account.
Account Number, Routing Number, Bank’s Record, Date Opened, and Date Closed do not appear for a virtual account because the account does not have its own bank record.
How Do Virtual Accounts Reconcile?
Virtual accounts are not listed on Accounting > Reconcile Bank Statements. Their transactions appear with the main account, so you reconcile everything together against the one bank statement.
Can I Change an Existing Account to Virtual?
Changing an account that already has reconciliation history will break that history. Choose Virtual when you create the account.
