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L
lindak1119
Level 7
January 20, 2019
Question

How to close account

  • January 20, 2019
  • 1 reply
  • 21 views
No text available

    1 reply

    Morgan_B
    Morgan_BQuickBooks Team
    QuickBooks Team
    January 21, 2019

    Hello, babkenari.

     

    Welcome to the Community. I'd be glad to show you how to close an account.

     

    To make sure I'm on the same page, are you referring to closing a bank account, an account listed in the Chart of Accounts, the books for the fiscal year, or a QuickBooks Online subscription?

     

    First, I'll show you how to close a bank account. Here's how:

     

    1. Click the Banking tab in the left navigation bar.

    2. Choose the account you'd like to remove. Select the small pencil icon in the top right corner of the blue box, and click Edit account info.

    3. Place a check in the box beside of Disconnect this account on save.

    4. Click Save and Close.

     

    Next, these steps will allow you to close an account in the Chart of Accounts:

     

    1. Select the Gear icon in the top right corner.

    2. Click Chart of Accounts.

    3. Choose the account you'd like to close.

    4. Click the drop-down arrow under Action, and then select Delete.

    5. You'll be asked if you're sure. Choose Yes.

     

    Deleted accounts in the chart will be made inactive and can be restored at any time. This article provides more information on this subject: https://quickbooks.intuit.com/community/Reports-and-accounting/How-to-delete-an-account-or-restore-a-deleted-account/td-p/186183.

     

    Another way to close accounts are to close the books for the fiscal year. There are just a few steps to get this done:

     

    1. Click the Gear icon in the top right corner.

    2. Select Account and Settings.

    3. Choose the Advanced tab shown on the left.

    4. In the Accounting section at the top of the page, click the small pencil icon in the top right corner.

    5. Place a check mark in the box beside of Close the books.

    6. Enter the closing date and decide if you want to include a password to allow changes, then click Save.

    7. Choose Done in the bottom right corner.

     

    This write-up covers more details on closing the books: https://quickbooks.intuit.com/community/Reports-and-accounting/How-to-close-the-books/m-p/186384.

     

    Lastly, these instructions will show you how to close a QuickBooks Online subscription:

     

    1. Click the Gear icon.

    2. Choose Account and Settings.

    3. Select Billing & Subscription.

    4. Click the blue Cancel link beside of the Subscription status.

    5. You'll be asked if you'd like to change your plan or Continue to cancel.

     

    This final article goes over what happens when you cancel a QuickBooks Online account: https://quickbooks.intuit.com/community/Help-Articles/How-to-cancel-your-subscription/m-p/187739.

     

    This information will help you out, but don't hesitate to contact me if you have any other questions. Take care.

     

      5
      587106411929391
      May 16, 2022

      How can I set the previous owner's bank account to a zero balance in quickbooks without affecting the new bank account?

      L
      LeizylMQuickBooks Team
      QuickBooks Team
      May 16, 2022

      Thank you for following this thread, 587106411929391.

       

      I can share some information on how to manage your bank accounts in QuickBooks Online.

       

      You can merge two bank accounts in QuickBooks Online. Please know merging accounts is permanent. You can't undo this later on and all the data moves into the one you want to keep and removes the duplicate.

       

      Here's how:

       

      1. On the left pane, select the Accounting menu and click Chart of Accounts.
      2. Choose which account you want to keep, then click the drop-down arrow next to View register and select Edit.
      3. Kindly take note of the account details and tap Cancel.
      4. Search for the account you want to merge. Then, click the drop-down arrow next to View register and select Edit.
      5. You can change the account name and click Save.
      6. Select Yes to confirm the process.

       

      For more information about merging accounts, customers, and vendors in QuickBooks Online, you can check out this article. It includes all the steps to remove the duplicates.

       

      Another option is to make this bank account inactive in the chart of accounts. 

       

      1. Go to Gear icon (⚙) and select Chart of accounts.
      2. Locate these bank accounts.
      3. Click the Action dropdown and select Make inactive.

       

      For additional reference, I've attached a link you can use to learn more about how the chart of accounts works: Understand the chart of accounts in QuickBooks

       

      I'm always here to help if you have other banking questions or concerns. Just press the Reply button to add your comment. Take care!

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