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Can I delete a bank account even if it hasn't been reconciled yet? Does it need to be $0 balance?

 
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Community Champion

Can I delete a bank account even if it hasn't been reconciled yet? Does it need to be $0 balance?

Hello @dsha06:

 

Honestly, I would reconcile it.  Close it at the bank. Do the final reconciliation to zero and then delete it.  It is just a good work process.

 

Lynda

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Anonymous
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Can I delete a bank account even if it hasn't been reconciled yet? Does it need to be $0 balance?

In accounting systems you can never delete an account that has any transaction content.

You can make accounts 'inactive' but that just hides them on the list - there are still there.

The only way to delete an account is to fist delete all its transactions - one ata time.

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Community Champion

Can I delete a bank account even if it hasn't been reconciled yet? Does it need to be $0 balance?

Hello @dsha06:

 

This was such a great question that it popped up again to me in a private facebook group.  So instead of my short answer from Dec. 23rd, we created a longer one with a video to demonstrate the ramifications of deleting an account on QBO when the balance is NOT zero.

 

 

So, if you do have to delete a bank account that you closed, definitely reconcile it thru to zero and remove it.  If you accidentally added the bank acct. via the bank feed and need to remove that, the quickest way to do that is to undo the transactions from that bank acct. from the bank feed window.  Select "in Quickbooks", select all the transactions and then bulk undo them.  That will return them to the "for review" window where you can exclude them.  Then once all the transactions are gone, make the account inactive (register dropdown>delete) to remove that empty, zero bank account.  IF, you entered transactions in error manually, you will have to delete them one at a time.  Fastest way (less clicks) is thru the register view.

 

We hope the visual helps you see the dreaded other errors that pop up from a deletion of a bank account with a balance.

 

@lynda

@ParkwayInc

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Level 1

Can I delete a bank account even if it hasn't been reconciled yet? Does it need to be $0 balance?

Thanks Lynda. Yes, when I started Quickbooks a few years ago and started mid year, I had to deal with those opening balance equity account issues when I first started reconciling my accounts. I forgot what the accountant told me to do to fix that, but we only had to do it once and we were good.

 

I understand you're saying the balance needs to be $0 before closing. But, I'm specifically asking if I need to officially reconcile it before deleting, even with the $0 balance. I think you're saying yes. I was just trying to get rid of the account before 2019 started because otherwise that old bank account would still be on my records for 2019, even if only for 1 month. But, I suppose I would not have to reconcile it again after that last reconcile is completed, right? I would do the final reconcile in January 2019 and then I could delete it right?

 

Highlighted
Level 1

Can I delete a bank account even if it hasn't been reconciled yet? Does it need to be $0 balance?

Thanks Lynda. Yes, when I started Quickbooks a few years ago and started mid year, I had to deal with those opening balance equity account issues when I first started reconciling my accounts. I forgot what the accountant told me to do to fix that, but we only had to do it once and we were good.

 

I understand you're saying the balance needs to be $0 before closing. But, I'm specifically asking if I need to officially reconcile it before deleting, even with the $0 balance. I think you're saying yes. I was just trying to get rid of the account before 2019 started because otherwise that old bank account would still be on my records for 2019, even if only for 1 month. But, I suppose I would not have to reconcile it again after that last reconcile is completed, right? I would do the final reconcile in January 2019 and then I could delete it right?

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Community Champion

Can I delete a bank account even if it hasn't been reconciled yet? Does it need to be $0 balance?

It is probably the accountant in me that says "yes" to reconciling it.  It is just a great way to finalize the account and should not take you long if the balance is zero.  

 

:)

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