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Join nowI'll help you get these transactions accounted with ease, @marylpark.
You can enter a journal entry to closed out your revolving checking account. You can debit Undeposited Funds for the amount of check and credit the checking account.
Then, follow these instructions to make your account inactive:
After that, you can deposit your money where you want to put the money into.
However, I'd still recommend seeking professional advice from your accountant about this. They can help you properly handle this type of scenario. If you don't have one, don't worry! I can help run a search.
Here's how:
Additionally, you can get more insights about the Chart of Accounts in this write-up: Learn about the chart of accounts.
I'm just around the corner if you need further assistance managing your banking transactions. Drop a comment below and I'll get back to you as soon as I can.
Hi @marylpark ,
Hope you’re doing great. I wanted to see how everything is going about moving your money out from your closed account. Was it successful? Do you need any additional help or clarification? If you do, just let me know. I’d be happy to help you at anytime.
Looking forward to your reply. Have a pleasant day ahead!
Worked perfectly. Thank you for your help.
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