How can I close a credit card account?

thank you so much.  :)

There is no drop down. No black arrow. ???

Hi again, so sorry. I was on the edit screen of chart of accounts. I found it on the chart of accounts. thanks SO much!

Hi, 

I have a different issue. Credit card has been closed in the bank but not reconciled in quickbooks. So there is no real balance when I connect to the bank account but not sure how to reconcile at this point? Please help. :( 

Let's perform some steps so you can reconcile your closed credit card account, @TaC17. 

You'll first have to create a journal entry since there's no opening balance when you connected the account. I'd first suggest getting your credit card statement to serve as your reference before performing the steps below. 

1. Select the + New button from the left menu. 
2. Choose Journal Entry under Other. 
3. Enter the Journal date that's before the oldest transaction already in your account. This is your opening balance date.
4. On the first line, choose the account you want to enter the opening balance for.
5. Enter the opening balance. 
6. On the second line, select Opening Balance Equity in the Account column.
7. In the Description field, write a note so you'll know what the journal entry is for.
8. Click Save.

To prevent the journal entry from showing up on a future reconciliation, you'll have to reconcile the account. Here's how: 

1. Go to the Settings (Gear) icon at the upper right. 
2. Select Chart of Accounts. 
3. Locate the credit card account.
4. Click View register from the Action column.
5. Search for the opening balance journal entry you just created and select it expand the view. 
6. Choose the box in the checkmark column until you see an R. 
7. Click Save. 

For detailed steps, go through this article: What To Do If You Didn't Enter An Opening Balance In QuickBooks Online (QBO). 

Once done, you can reconcile the credit card account. This ensures QuickBooks matches your bank statement. To learn more about this process, go through this article: Reconcile Account. 

You can always visit this website: Reconcile Workflow. This is a resource hub that provides you more details about starting, fixing discrepancies, and completing the reconciliation process. 

I'll be right here to help if there's anything else you need. Have a great day, @TaC17. 

Hi @TaC17 

Does the Credit Card account already exist in QBs and it was just closed at the bank before you did you final sync with the bank?

If so, no Journal Entry needed.

Get the latest statement (downloaded from the bank or paper - how ever you usually do it).  Then simply add any entries from the statement that are not in your QBs CC Register.  Once you have all the entries, simply Reconcile the account as you have in the past.

An ONLINE sync with the bank is not necessary to Reconcile an account.  All that does is enter the transactions for you, but you can add them Manually as in this case.  In reality...  You should be entering the expenses manually as you use the card.  The bank should actually be a CONFIRMATION that the charge matches when you do the online sync.

A CC was reported stolen, and the bank sent me a new one.  I reconciled the old CC, but I still have the CC in my QB records. I want to be able to close the account and have it removed from showing on my balance sheet.

How can I do it?

Thanks

Good afternoon, @Vgonzalez84. 

Thanks for joining in on this thread. I can provide you with the information you need to remove your credit card. 

The best route would be to make the credit card account inactive in your QuickBooks Online account. Here's how: 

1. Go to the Gear (Settings) icon in the top right-hand corner. 
2. Press the Chart of accounts option. 
3. Locate the account you want to delete. 
4. Click the drop-down arrow listed in the "Action" column, and choose Make inactive. 

I recommend reviewing this guide about what to know before making an account active. 

This should do the trick. If you have any other questions or concerns. Have a great day!