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userkasahholdingsllc
Level 1

When you sell a property and want to close the bank account for it, will the account still show up on quickbooks so that bookkeeping can still be done to file taxes?

 
1 Comment 1
LollyNino_C
QuickBooks Team

When you sell a property and want to close the bank account for it, will the account still show up on quickbooks so that bookkeeping can still be done to file taxes?

Hello there, @userkasahholdingsllc.

 

Welcome to the Community. Let me help you close your books in QuickBooks Online.

 

When you sell your property, you can just disconnect the bank account of your QuickBooks account to stop the charge. Once it is disconnected, you will have 1 year to view the account

 

Closing your books for the year prevent unwanted changes to your accounting data. Before doing so, I recommend reviewing your accounts and making sure the information is accurate.


For the linked accounts, I suggest matching them to the transactions in QuickBooks. It will help ensure your data matches what you have in the actual bank account.

 

Here's how:

  1. On the left navigation, go to Banking.
  2. Select the bank account.
  3. Go to the For Review tab.
  4. Click the transaction.
  5. Choose to Find a match
  6. Match with the transaction in QuickBooks.
  7. Hit Save.

After matching transactions and making sure everything is in QuickBooks, you can proceed with reconciling your accounts up to your closing date. I recommend downloading the statements from your bank to compare transactions easily during the process.

 

Also, make some adjustments to your inventory quantity on hand if necessary. Once done, you can close your books directly from the settings of your account.

 

You'll need admin access to perform the action. Follow these steps:

  1. Go to Settings ⚙ and then select Accounts and Settings.
  2. Select the Advanced tab.
  3. Select Edit ✎ in the Accounting section.
  4. Select the Close the books checkbox.
  5. Enter a closing date. Give yourself a comfortable deadline. You shouldn't need to edit any transactions before this date. Your new bookkeeping work will start after this point.
  6. Select the Allow changes after viewing a warning and entering a password option from the drop-down menu if you want to require a password before editing your closed books.
  7. Select Save and then Done.

For additional reference, you can use the following article to make changes to your closed books in QuickBooks: Edit your closed books

 

Drop me a comment below if you have any other questions related to closing books. I'll be happy to help you some more.

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