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Welcome back to the Community, futurewatts.
Allow me to share additional insights about making an account inactive, and provide extra steps before doing so.
If an account you make inactive contains a balance, QuickBooks creates a journal entry. Then move it to another account, so it remains from your financial reports. Thus, I recommend consulting an accountant to prevent messing up your transactions.
I've listed below a few things to consider before making an account inactive:
You can refer to this article for more info about this: Make an account inactive on your chart of accounts in QuickBooks Online.
Please let me know if you have more questions about managing your account or other QuickBooks-related concerns. I'll be here to lend a hand.
Yes, you can delete banks from one of your QuickBooks Online (QBO) accounts, futurewatts.
Deleting banks won't affect the other QuickBooks company file. Also, making it inactive is the process of deleting an account.
Before you can make it inactive, you need to disconnect accounts from online banking. This simply stops QuickBooks from downloading new transactions.
Here’s how to disconnect an account from online banking.
If you disconnect an account from online banking, your existing accounting data won't change. And, if you need to hide it from the Chart of Accounts, you can make it inactive.
No worries. this process won't remove your transactions. Transactions associated with any deactivated (deleted) account stay intact. Here's how to make an account inactive.
When you run reports, you’ll still see inactive accounts and their transactions. QuickBooks includes them to keep everything accurate. You can customize some reports to hide inactive accounts, but this may affect accuracy.
Stay in touch with me if there's anything else you need about deleting bank accounts. Just leave a comment below, and I'll get back to you.
Mary L,
Do you know what acct the system will hit if I close off these banks that still show a balance in the wrong company? I.E. Company #1 is showing a balance in Company #2 Balance sheet and their expenses in P&L.
I already closed off the banks in each company that did not belong there, as you showed me. But when I went to the Chart of Accts to make their bank accounts inactive, the system comes back and says it will need to make an adjusting entry since the accounts are not Zero.
Or do I need to do JEs on each account and zero them out first?
Welcome back to the Community, futurewatts.
Allow me to share additional insights about making an account inactive, and provide extra steps before doing so.
If an account you make inactive contains a balance, QuickBooks creates a journal entry. Then move it to another account, so it remains from your financial reports. Thus, I recommend consulting an accountant to prevent messing up your transactions.
I've listed below a few things to consider before making an account inactive:
You can refer to this article for more info about this: Make an account inactive on your chart of accounts in QuickBooks Online.
Please let me know if you have more questions about managing your account or other QuickBooks-related concerns. I'll be here to lend a hand.
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