If you want to zero out an account in QuickBooks, you will need to make it inactive in QuickBooks. This process will allow the system to create adjusting entries if an account has a balance. To do that, follow the steps below:
Go to the Accounting tab, then choose Chart of Accounts.
Find the account you want to delete.
Select the drop-down in the Action column, then choose Make Inactive.
However, if you need to transfer those transactions to the new account, just like what you did in the bank, merge them instead. Don't worry, you will not lose any transactions during the merging process. All entries will go to the winning account (new account) once done.
Follow the steps below:
Go to the Accounting section and select Chart of Accounts.
From the list, find the old connected account (Example Old Checking).
In the View Register drop-down, select Edit.
Use the same name for the new account in the name field and number on the Description. To merge accounts, one must use the same name for both registers.
Click on Save and close.
You will see the merge option, click Yes on the prompt.
The transactions posted from the old register will be combined to the winning account.
Please note that you can only merge accounts if they are not connected to online banking. If both register are connected, you will need to disconnect them temporarily. Here's how:
Go to the Banking menu then go to the Banking tab.
Click the account from the linked accounts to see the Edit account info option.
On the next screen, click the box for Disconnect this account on save.
Press Save and Close.
Once merged, connect the account again to online banking. These are the steps:
In the Chart of Accounts, find the new register.
Click the drop-down under the Action column.
From the options, choose Connect bank.
Follow the onscreen instructions to fully connect the account.