There was fraud on my checking account so the bank closed it and opened a new one. Do I want to connect the new account to the same chart of accounts number or make a new chart of accounts number for the new account? Also the fraud charges came out of the old account but the bank refunded the money in to the new account. How do I post those charges? Thanks
You'll want to disconnect the old account and connect the new one. Let me guide you through the steps.
To disconnect an account:
To connect an account:
Once done, you can match bank transactions in QuickBooks Online (QBO): Match and Categorize Bank Transactions in QuickBooks Online.
Let me know if there's anything that you want us to help. I'll be right here to assist.
Thank you Maria! When I disconnect the old checking account, those downloaded entries don't go away correct? I disconnect the old checking account from my COA 1005 and then connect the new account to same COA 1005?
The downloaded transactions will be removed after disconnecting the account, dmbrown.
You'll want to add the transactions from the For Review page before you disconnect. This way, the entries are added to the bank register, and you don't have to re-download the information again.
I've got this article for more details: Disconnect or delete an account connected to online banking.
Then, you can follow the steps provided by my colleague MariaSoledadG on how to add the bank account again.
Please don't hesitate to leave a comment on this thread if you have any additional questions or other concerns. Stay safe.
Thank you very much for your answer! I do have one more question if it's ok. Is there a reason not to simply add a new COA line for a new checking account? For example, if the current COA is 1005, the create 1010 for the new checking account? It seems less confusing but it may not be the proper answer.
Let me chime in to your topic, dmbrown.
You can add a new checking account in this matter. Before doing so, you'll have to disconnect your old checking account. In regards with your transactions from your old account, you can still pull up a report for that.
Here's how to disconnect your old account.
For future reference, check out: Learn the reconcile workflow in QuickBooks.
Also, before you start, reach out to your accountant. Make sure this change is right for you. Don't have an accountant? We can help you find one.
Count me in if you need anything else. I'll be here to help. Take care always and sanitize properly!
I had a similar fraud issue. What about checks that were created in the old (fraud) account, but accepted and cleared by the bank in the new account? I am not able to match the checks in this case.
You can exclude that transaction when it reached to your QuickBooks Online (QBO) account, @aa29.
Transactions that you'll mark as excluded will be removed from the calculation of your business finances and in any associated account registers or reports.
Here's how to exclude a transaction:
Check this article for more information: Exclude expenses from downloaded bank transactions. Also, here's more information on how to assign, categorize, edit, and add your downloaded banking transactions.
Stay in touch if you still have questions. I'm just around to help you out. Have a great rest of the day!
Hi there, @aa29.
The payroll checks are downloaded as one transaction in the banking section. You can exclude that transaction by following the steps provided by my colleague @MaryJoyD.
I'm also attaching this handy article for your reference in case you need to split and exclude transactions.
You can always reach out to us if you have other questions and concerns. We're always here for you. Thanks for coming in the Community and have a good one.
Hi. I excluded the transactions. My next issue is that the bank register in the chart of accounts is off and the bank balance vs quickbooks balance is off because the transactions are excluded.
Hi there, @aa29.
The QuickBooks balance is the total balance of all bank transactions that you’ve added or matched to QuickBooks. While the bank balance is your bank's actual balance from the last bank feed update.
There might be transactions causing the difference if the bank and QBO balances don't match. Please see the list below of possible reasons:
To fix this, please check these articles to see the steps depending on the factors mentioned above.
I'll be right here if you need more help with this. Have a great day!