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futurewatts
Level 1

Can I delete banks on a company w/o affecting another company? I have two separate accounts with QBooks. All banking is shown on both companies.

In error, before I knew how to manage two businesses on Quickbooks online, I added all the banking for both. The chart of accounts I use is the same and picks up the other banking transactions as well. I need to delete the other banking for the other company on both Qbook accounts but am afraid I will lose everything for the 2020 tax yr. Thoughts on how to proceed?
Solved
Best answer February 27, 2022

Best Answers
GlinetteC
Moderator

Can I delete banks on a company w/o affecting another company? I have two separate accounts with QBooks. All banking is shown on both companies.

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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3 Comments 3
MaryLandT
Moderator

Can I delete banks on a company w/o affecting another company? I have two separate accounts with QBooks. All banking is shown on both companies.

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.

 

  1. Go to the Banking menu, then select the Banking tab.
  2. Choose your bank.
  3. Click the pencil ✎ icon, then select Edit account info.
  4. Mark the Disconnect this account on save checkbox. 
  5. Wait a few minutes for the update to finish and try again.
  6. Click Save and Close.

 

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.
 

  1. Go to the Gear icon () and choose Chart of Accounts.
  2. Look for the account that you'd like to delete.
  3. Click the Action (▼ )drop-down and select Make 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.

futurewatts
Level 1

Can I delete banks on a company w/o affecting another company? I have two separate accounts with QBooks. All banking is shown on both companies.

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?

GlinetteC
Moderator

Can I delete banks on a company w/o affecting another company? I have two separate accounts with QBooks. All banking is shown on both companies.

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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