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

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if prior account in Chart of accounts is made inactive, do the transactions booked to this account disappear??

QuickBooks Online

sl63676

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

Malcolm Ziman

Level 4

@sl63676 wrote:

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

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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