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annedavis387
March 7, 2019
Question

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

  • March 7, 2019
  • 3 replies
  • 46 views
if prior account in  Chart of accounts is made inactive, do the transactions booked to this account disappear??

3 replies

sl63676
March 7, 2019

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
March 7, 2019
@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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