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Join nowI'm trying to get rid of old accounts receivable from previous years (2017-2019) that were entered while using Desktop (we weren't entering everything then, mostly just invoices and some payments received, etc..). We now use QuickBooks Online (since 1/2020) and the old invoices, transactions, etc.. follow us relentlessly and mess up our current books, which we have been entering religiously since start of 2020, for the sole purpose of accurate taxes. We are dealing with constant inaccurate totals, reports, etc... I've tried to find solutions to this but haven't yet found any that have helped. Thanks for any guidance you can provide!
Hi there, SMT22.
I'll share with you the steps on how you can delete accounts in your Chart of Accounts. Here's how:
Since the account has an existing balance, QuickBooks will create a journal entry to zero it out. Let me share this article for more details: Delete An Account On Your Chart Of Accounts In QuickBooks Online.
Aside from that, I would also recommend reaching to an accountant for additional advice on this matter.
The Community is always here if you need anything else.
Thank you for your quick reply! I'm still working on that part but I have another question. My accountant wants me to change the name of an account that is currently 'Due to Shareholders' to 'Due from Shareholders'. My concern is that this account is as already reconciled and I don't want to mess everything up! Thank you again!!!
Let me continue the help, SMT22.
Changing an account name from one of your accounts in QuickBooks Online (QBO) will affect your previously reconciled transaction.
Here's how to accomplish that:
Find out more about managing Chart of Accounts by visiting these articles:
How to manage default and special accounts in the Chart of Accounts.
I'm just a post away if you have other questions about managing accounts or anything QuickBooks. I'm always here to help. Have a nice day.
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