bank account not connected

aes74 · ‎September 07, 2021

I am the Treasurer for a small non-profit Property Owner's Association. They have one bank account connected on the banking feed. They also have one CD that's been sitting at a different bank, not connected to the feed. Just entered in the Chart of Accounts. They cashed in the CD and deposited it into the banking account that is connected, so it shows up as a deposit and has been added to the account. But since the bank with the CD was not connected, it shows the amount still sitting there. Can I just make the account inactive on the Chart of Accounts since they took all the money out and closed the account? Or is there anything I need to do accounting-wise?

Jovychris_A · ‎September 07, 2021

Thanks for dropping here, @aes74. Let me share a few details on handling the bank accounts in your Chart of Accounts (COA).

Yes, you can deactivate the bank account that is not connected to the banking feed as long as you'll no longer use this account in the future. Just make sure that the balance is 0. You can create a journal entry manually and work with an accounting expert to help interpret the transaction and offset the remaining balance.

Here's how to make an account inactive:

Select the Gear icon on the upper right and then choose Chart of accounts.
Find the bank account that you'll no longer use in the future.
Click the Triangle button beside View register.
Select Make inactive and then hit Yes to confirm.

Moreover, you can consider checking these articles for future reference and information about closing books and managing retained earnings in QuickBooks:

Should you have other questions about managing bank account deposits, let me know by placing a comment below. I'm always here to help you hand in hand. Stay safe!

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