Google has announced:
“a new feature that will allow you to use multiple AdWords accounts with Google Analytics more effectively. The new data sources section in the Google Analytics account settings area makes it easy to use auto-tagging with multiple AdWords accounts and import your AdWords data into Google Analytics.”
AdWords linking in Google Analytics v5
Here's a look at the new Google v5 Analytics:
This new version 5 of Analytics has added a number of additional features that are posted in a blog series,
“This week, Gavin Doolan, an Analytics specialist shares some of improvements to AdWords linking in Google Analytics v5”
Follow the steps and start linking:
1. Using your Google account access both of your Google Analytics and AdWords accounts
2. For linking your multiple AdWords accounts to the Analytics account set up the new version of Analytics as your default
3. Now sign into your Google Analytics at: http://www.google.com/analytics.
4. Once there click the 'New Version' option at the top right of the page
Now that you are done with setting up the new Google Analytics as your default start linking:
1. “Sign in to your AdWords account at https://adwords.google.com
2. Click the Reporting and Tools tab, then click Google Analytics.
3. Click the gear icon at the top right.”

4. Now click on All Accounts at the top left of the page

5. Click on your account which you wish to link the AdWords account

6. Click Data Sources tab

7. “Click the AdWords tab.
8. Click Link Accounts button”

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