closing a credit card account

I'm here to help you close your credit card account, Peggene.

Let's make your account inactive in QuickBooks to close it. 

Here's how:

1. Selecting Accounting.
2. Under Chart of Accounts, click on the drop-down arrow for the old account.
3. Select Make inactive.
4. Click on Yes. 

You can also visit this website: Reconcile Workflow. This provides more details about starting, fixing discrepancies, and completing the reconciliation process. 

I encourage keeping us updated if you need help in managing your accounts in QuickBooks. Have a great day!

Let me rephrase this. I have credit cards that have a balance in Quickbooks. I can't just close them. They are paid off by the owner,  not the business. So I need to zero out the balance.  How do I show this in Quickbooks?

Thank you for the clarification, Peggene.

You have to create a journal entry to resolve the balance before you inactivate the CC account. What you can do is create a clearing account to show where the payment is coming from. This way it will be posted as paid off by the owner.

Here's how to set up a clearing account: 

1. From the Lists menu, select Chart of Accounts.
2. Right click anywhere in the Chart of Accounts, then select New.
3. In the Add New Account window, select the Bank radio button.
   Note: While you can choose from several types of accounts, the best is a bank account because of the following reasons:
   • You can pay into a bank account via Receive Payments or Make Deposits.
   • You can pay out of a bank account via Write Checks or Pay Bills.
   • A bank account appears on the balance sheet and on the statement of cash flows to balances and changes in balances.
   • To allocate expenses to overhead or class using a zero check, you must use a bank account as your Clearing account.
4. Select Continue.
5. In the Account Name field, enter Clearing Account, Barter Account or Wash Account.
6. Do NOT enter an opening balance.
7. Select Save & Close.

Next, create a journal entry using the clearing account. I recommend checking with your accountant on this part. 

Stay in touch with me if you have other questions.