Summing Amounts from Multiple Rows

I'm currently working on a document with over 5,000 line items and would greatly appreciate any help on this project. A quick example of how it looks is at the bottom of this post.

I was asked to summarize the spreadsheet by having one line item per Account. For example, Target has multiple line items and amounts, but my new spreadsheet should only have one line item for Target and have the sum of all the amounts for Target. I know this can be done manually by sorting the Account names, inserting a row below each group of names, and summing the totals. However, I'm working with over 250 Account Names and 5,000+ Amounts, so a Formula should be more reliable and quicker. I attempted doing a VLOOKUP on a new worksheet, but it only picks up the first amount it sees for each account name and not the totals. Any help would be greatly appreciated.

Account Amount
Target $3,844.54
Target -$5,016.00
Target $26,462.50
Target $5,016.00
Target -$9,390.45
Target $364.00
Target $166.50
Target $2,498.00
Target $126.00
Wal-Mart $156.50
Wal-Mart $3,434.25
Wal-Mart -$180.00
Wal-Mart -$3,000.00
Wal-Mart -$3,434.25
Wal-Mart -$2,498.00
Wal-Mart $60.00
Wal-Mart $247.50
ToysRUs $324.00
ToysRUs $103.30
ToysRUs $633.00
ToysRUs -$324.00
ToysRUs -$270.00
ToysRUs -$1,060.00
ToysRUs $598.00

Try this (I had to change numbers but doesn't affect formula)

Book1.xls

Zbor....I bow down to your greatness. This was EXACTLY what I needed.

NP, just make thread as solved

Originally Posted by zbor

NP, just make thread as solved

If only I knew how to do so....

Go to first post -> Edit -> Go advanced -> choose [solved] from drop down menu