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drwilliamsmdpc-g
Level 1

How do i remove an equity account Created by QB Online to adjust balance for deletion?

I added the wrong bank account and then made it inactive. My QB account now has a negative (?credit) equity balance with the following explanation: Created by QB Online to adjust balance for deletion
3 Comments 3
Rejeil_O
QuickBooks Team

How do i remove an equity account Created by QB Online to adjust balance for deletion?

Hello there, @drwilliamsmdpc-g.

 

Let me step in and assist you in removing the equity account created by QuickBooks Online.

 

The reason that your bank account has a negative equity balance because it might be the account you made inactive has transactions. Please make sure to transfer the transactions to another account to prevent the system from automatically create an adjustment.

 

Let me walk you through the steps on how to move your transactions into your other bank account. Here's how:

 

  1. Go to the Gear icon.
  2. Select the Chart of Accounts under the Your Company column.
  3. Look for the bank account where the transactions are located, then click the View register.
  4. Select the transactions you want to transfer, and hit the Edit button to expand the view.
  5. Change the bank account where the transactions will be posted in the Bank/Credit account field.
  6. Click the Save and Close button once done.

 

I've also added an article to help you delete an account on your chart of accounts in QuickBooks Online.

 

If you have follow-up questions, feel free to leave a message in the comment section. I'm always around here in the Community to help. Take care, and have a good day.

drwilliamsmdpc-g
Level 1

How do i remove an equity account Created by QB Online to adjust balance for deletion?

The problem is, there is NO ACCOUNT that I can move the transaction to. The transactions ALL belong to a different company. I need to zero out everything and start over....ERASE effectively. No transfer, no reconcile, no transfer. Imagine it being an error like I added your personal bank account my mistake. How would I DELETE that?

GlinetteC
Moderator

How do i remove an equity account Created by QB Online to adjust balance for deletion?

Thanks for getting back to us, drwilliamsmdpc-g.

 

Once you've created a company in QuickBooks Online, specific accounts are automatically created by default. These are the accounts that can't be removed. For more detailed information, please check out manage default and special accounts in your chart of accounts to learn more about it.

 

You may also want to make the Owner's Equity inactive. Making it inactive, QB will create a journal entry to move the balance to another account. Here's how:

  1. Go to Settings ⚙ and select Chart of Accounts.
  2. Find the account you want to delete.
  3. Select the Action ▼ dropdown and select Make inactive.

I've also included this link about understanding the chart of accounts in QuickBooks for an additional guide.

 

Please let me know if there's anything else I can help you with. I'd be glad to assist.

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