In hierarchical evolution, voids exhibit two different behaviors related with their surroundings and environments, they can merge or collapse. These two different types of void processes can be described by the two-barrier excursion set formalism based on Brownian random walks. In this study, the analytical approximate description of the growing void merging algorithm is extended by taking into account the contributions of voids that are embedded into overdense region(s) which are destined to vanish due to gravitational collapse. Following this, to construct a realistic void merging model that consists of both collapse and merging processes, the two-barrier excursion set formalism of the void population is used. Assuming spherical voids in the Einstein de Sitter Universe, the void merging algorithm which allows us to consider the two main processes of void hierarchy in one formalism is constructed. In addition to this, the merger rates, void survival probabilities, void size distributions in terms of the collapse barrier and finally, the void merging tree algorithm in the self-similar models are defined and derived.