Does making an account inactive lose the information booked to that account?

No. What will happen is quickbooks will make an adjustment entry in opening balance equity to 0 out the amount. So, say you have a $5,000 dollar balance in a bank account, if you closed the bank account you would receive $5,000 from the bank in cash, that's basically what QBO does, when you make an account inactive it creates a negative entry and moves that money into your Opening Balance Equity account so in your reports the account will not show an open balance.

-QBO Support Team

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@Q-B-O-Care-Logan wrote:

No. What will happen is quickbooks will make an adjustment entry in opening balance equity 

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You should say only if a) there is a balance and b) only if it is a balance sheet account

And to answer the question, the transactions booked to the account are not lost

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@Q-B-O-Care-Logan wrote:

No. What will happen is quickbooks will make an adjustment entry in opening balance equity to 0 out the amount. So, say you have a $5,000 dollar balance in a bank account, if you closed the bank account you would receive $5,000 from the bank in cash, that's basically what QBO does, when you make an account inactive it creates a negative entry and moves that money into your Opening Balance Equity account so in your reports the account will not show an open balance.

 

-QBO Support Team

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the whole concept as explained is .......

IF, and only if the account has a balance, when you try to set it to inactive you get a warning about the adjustment entry - no information about what that is though.

Inactive, does not mean deleted, at least not in the real world - inactive means not in use and the setting removes it from the lists.

If I did indeed close the account, and that is unknown, yes I would have received the balance - BUT where y'all messed this up, is posting to OBE.  The cash received STILL belongs to the company, so if anything it should post to a cash account.

FUBAR