Banking
I value everything you've done so far, GreenLad. Excluding the associated transactions and disconnecting the account is a great start. I can show you how to remove the card, ensuring it shows a zero amount on the Balance Sheet.
Before you make an account inactive in QuickBooks Online, delete all its associated transactions in the Bank Register first to ensure it will zero out.
If an account has a remaining balance when it is marked as inactive, the system will make an automatic adjustment entry to zero out the balance. It will be recorded in the Opening Balance Equity, essentially treating it as if the entry occurred in the previous accounting period. Therefore, verifying the balance is zero before making the process is essential.
In your case, let's make the account active once again to delete its associated transactions. Here's the step-by-step guide:
- Head to the Transactions menu. Press Chart Of Accounts.
- Click the small Gear icon. Tick Include inactive.
- Hit the Make Active button, then View Register.
- Manually delete all associated transactions.
While the option to completely remove the account is unavailable, we can merge it with another one. This process guarantees that it will no longer appear on your balance sheet.
Here's how:
- On the Chart of the Account page, locate the account you want to remove.
- Click Edit. Overwrite the details with the other account information.
- Choose the Yes, merge accounts option. Save.
The account will no longer appear when you run the Balance Sheet report.
For additional reference, check out these articles to help manage your transactions:
You should now be able to successfully remove the card and all associated transactions, ensuring your balance sheet reflects accurately. I'm still here to support you every step of the way. All the very best, GreenLad!
