Reconciliation of closed account

I'd be glad to help you reconcile your closed account in QuickBooks, @jbooze1.

Yes, you have to create a transfer transaction to zero out the Cleared Balance amount in the Reconcile page. I'll guide you through the steps.

First, you have to go to the reconcile page and take note of the Cleared Balance amount after you've selected all the transactions below the All tab. I added a screenshot for your reference.

Then, you're ready to do the transfer. Here's how:

1. Go to the + New icon and select Transfer.
2. In the Transfer Funds From drop-down, select the closed account.
3. In the Transfer Funds To drop-down, select the marketing account.
4. Enter the amount and create a memo to easily find this transaction when checking the register.
5. Choose the date of transfer.
6. Select Save and close.

Now you can go back to the reconcile page and select all the transactions in the All tab. Then make sure that you can see the Cleared Balance is zero. To ensure that, select all the transactions and finish your reconciliation process.

I added a sample screenshot for your reference, showing that the Cleared Balance is zero.

Furthermore, if you encounter any errors in reconciling I recommend check this article to know how to handle the specific errors: Fix issues when you're reconciling accounts in QuickBooks Online.

You're always welcome to post in the comment section below if you have other concerns or questions. I'd be happy to answer them for you. Take care and have a great day.

Hi MarsStephanieL,

That worked perfectly, good instructions!

Entering this transfer added this amount to the Money Market account again, there was previously a Clearing transaction in the Money Market for $9,012.56. Now the account has a double a entry for this amount. Should I just delete the Clearing transaction, and will that effect the reconciliation of the Money Market account that has already been completed?

Thank you,

jbooze1

Hi there, jbooze1. I'm happy to hear the Community was able to assist.
 

Ultimately it's your decision whether to delete the extra record or not. If a duplicate entry is deleted, you'll only show one instead of two. When reconciled transactions are removed from your books it can cause some minor issues, however they can be fixed by performing a special reconciliation.
 

Here's our support article database, this may come in handy moving forward: QuickBooks Desktop Help Articles
 

Please feel more than welcome to respond if you have any other questions. I'll be here to help. Enjoy the rest of your day!

Hello, I deleted the wrong transaction. I tried to restore it manually as well as delete the transaction above as I intended to. The balances look right now. How can I check that reconciliations up to this point are correct? Thank you.

Hello, @jbooze1. 

Thanks for reaching back out to the Community. You can check these reconciles by using the reconciliation report or page. Here's how to get there: 

Reconciliation Report

1. Go to the Reports. 
2. Select the Reports section. 
3. Pick the Standard portion. 
4. In the search bar, type in Reconciliation Reports. 

Reconciliation Page

1. Go to the Gear icon. 
2. Under the "tools" column, choose Reconcile. 
3. Look for any errors. 

Here are a few articles that can be helpful in the future for your business. 

• Reconcile an account in QuickBooks Online

• Fix beginning balance issues if you've reconciled the account in the past QuickBooks Online

I'm only a post away if you have any other questions. Take care!

After I following these steps it takes me to the point where you would begin a reconciliation and I there are no errors that I can see. The balances look right after the correction. I guess I'll plod on for now and address any errors when/if they happen the next time I reconcile the accounts. Thank you very much for your assistance.