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Recycler70
Level 1

close out checking account

how do you close out an old checking account in quick books?.  there are lot of old checks that had to be reissued with our new account, old checks that were lost, never cashed, etc and the old checking that has a negative, any money left was transferred to our new account and we've been operating out of New one. 

 would i do a journal entry  against that checking account to zero it out?  what type of account would i balance it with?

6 Comments 6
MikiD
QuickBooks Team

close out checking account

Yes, creating a journal entry is commonly recommended to zero out the account, Recycler70.


You might want to consult an account about the right account to use in this transaction. In case you need this, here’s how to record a journal entry:

 

  1. Go to Company at the top. 
  2. Select Make General Journal Entries. 
  3. Enter the date and the accounts affected. 
  4. Enter amount and other necessary information. 
  5. Click Save & Close.     

 

Please don't feel any hesitation to post a question again if you need anything. 

oldgreygrammy
Level 1

close out checking account

I have a similar problem. Our church had 2 checking accounts, one for general and one for special, which has multiple sub accounts. They closed the special account and deposited the money into the general account.  The total of the sub accounts does NOT match the actual deposit. How can I overcome this problem? 

I did create matching named accounts under the general checking, and made journal entries to move the amounts per sub account to the new accounts, but the total of those subs is about $700 more than the actual deposit amount. 

I'm using QB Pro 2020 desktop. 

ReymondO
QuickBooks Team

close out checking account

Let me help you find the discrepancy in your checking accounts, .

 

What we can do is to run a journal report where you can review the journal entries that you've made. Then, compare it to balances from the sub-accounts in the special account to find the $700 excess amount.

 

First, let's open your Chart of Accounts list and filter it by your sub-accounts. Here's how:

 

  1. Go to the List menu and select Chart of Accounts (Ctrl + A).
  2. Click the Reports button on the bottom corner, then select Accounts Listing.
  3. Select Customize Report and go to Filters.
  4. Type Account in the filter bar, then click Multiple accounts under the Account drop-down.
  5. Select the sub-accounts and OK.

 

If there are duplicates or entries with incorrect amounts, then you need to delete or correct them in the journal entry. This is to make sure that the balances are correct. You just need to open the transaction, then press CTRL + D to delete or edit the amount in the Amount column.
 

Once done, you can now open your Transaction Detail Report and check your journal reports. This way, we can compare each recorded transaction to your sub-accounts. Let's simply follow these steps:

 

  1. Go to the Reports menu and select Custom Reports.
  2. Click Transaction Detail report, then select Filters.
  3. Search for Transaction Type in the search bar.
  4. Select Journal under the Transaction Type drop-down.
  5. Click OK.

 

If there's anything else I can do for you, please let me know. I'll be around to help you.

oldgreygrammy
Level 1

close out checking account

Unfortunately, after following your directions, I'm still not in balance. My original concern of "how to close a checking account" still has me puzzled. 

Thank you for your efforts.

oldgreygrammy
Level 1

close out checking account

Unfortunately, I found no discrepancies in the journal entries. So, I'm still stuck with the overage in the subaccounts vs the parent account. 

Ashley H
QuickBooks Team

close out checking account

Good afternoon, @oldgreygrammy.

 

I recommend reaching out to your accountant to look into your books. Rest assured, they have tools that can help with this process and they will know how your accounts are set up along with helping you get the transactions corrected.

 

If you'd like to get on a screen share with an agent to help you look at your transactions, then you can reach out to our Desktop Support. Due to COVID-19, we have limited staffing and have reduced our Support Hours to 6 AM-6 PM PT Monday-Friday, and QuickBooks Desktop is limited to Chat Only during this situation. Here's how to get in touch:

  1. Open QuickBooks.
  2. Go to Help, then select QuickBooks Desktop Help.
  3. Choose Contact Us.
  4. Give a brief description of your issue, then press Continue.
  5. Hit Start Messaging.

You'll hear from an agent shortly.

 

Let me know how this goes! I'll be on standby if you need further assistance.

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