I am currently taking over the books for a company. They have done really good with keeping up with invoices and payments on invoices, but they started out with having the bank account linked and then wasn't keeping up with it, so disconnected the account from quickbooks. He is opening a new bank account within the next week, but I need to close out everything and start fresh with the new bank account, but need to close out previous year to start with the current year and can't get this done. Any suggestions would be greatly appreciated.
It’s nice to see you in the Community today, cdw-1.
Let me help and guide you on how to close the previous year and start fresh with the new bank account. We’ll have to go to the Accounting section to close your books. Then connect the account to the bank feeds.
For more in-depth information into this process, you can read through this article: Close your books in QuickBooks Online.
Once you’re ready to link the new account to online banking, the following reference will guide you through the step-by-step process: Connect bank and credit card accounts to QuickBooks Online. From there, you’ll see the link on how to review and categorize your downloaded data.
For additional resources, the links below provide information about changing your closing date and password. You’ll also learn how to prepare for the new year and make an account inactive.
Feel free to add a comment below if you need further assistance in managing your QuickBooks and bank transactions. I’m always ready to help and get this taken care of for you.
Thank you. Does this affect anything? He removed the online part of the checking account and it hasn't been updated or anything since May of last year. The only thing QBO has been used for is estimates, invoices and showing that invoices are paid and using QB for payments to be made online through QB. I just don't know if removing the checking account right now from QB will hurt that or not and then will I have to fix the account before it lets me close out the year? I don't know if I am even making any sense with this.
It's good to have you back here, cdw-1.
Allow me to join this thread and share additional details about your banking concerns.
Removing or disconnecting online banking won't affect those added/matched or categorized transactions. This process only stops QuickBooks from downloading new transactions.
When you're ready, you can follow the recommended steps provided by my peer above on closing the books from the previous year.
I'm also adding these resources once you have connected your new bank account for future tasks in QBO:
Leave a comment below if you have any additional concerns about QuickBooks. I'd be happy to help.