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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:
Please note that this process will only hide the register from the active accounts but will not delete the transactions. The system will use those entries to ensure your financial reports are accurate. See this article to learn more about the process: Delete an account on your chart of accounts in QuickBooks Online
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:
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:
Once merged, connect the account again to online banking. These are the steps:
To guide you further, check out this related link: Connect bank and credit card accounts to QuickBooks Online
Feel free to raise any questions here. I'll be here to assist you anytime. Have a nice weekend ahead!
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