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When you inactive a credit card in the chart of accounts and then create a new cc (same bank credit card) how does this effect the P&L statement? What additional step?

 
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QuickBooks Team

Re: When you inactive a credit card in the chart of accounts and then create a new cc (same bank ...

Thank you for contacting us, ct71sanford.

 

Making an account inactive will only hide it from the Chart of Accounts (COA) and other places where you choose accounts. While transactions under it will remain on your reports and tax forms. This is to keep accurate entries in your books.

 

If you need to have a single representation in your financial reports, you can activate it. Then, merge those two accounts. This will keep your COA organized. Let me show you how:

  1. Click the Gear ⚙️ icon at the right top.
  2. Select Chart of Accounts under Your Company.
  3. Go to the account you keep.
  4. Click the View register drop-down, then select Edit.
    mergeaccount.PNG
  5. Mark the Is sub-account box, then select the parent account.
  6. Click Save and Close.
    mergeaccount1.PNG

Just a heads up, this process is irreversible. And, there's a limitation about this. Feel free to read through this article for more details: How to merge accounts, customers, and vendors.

 

Let me know if there's anything else you need with your accounts and I'll get back to you.

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