cannot delete a bank account

ChinaUser · ‎March 31, 2020

Two questions actually, both related to bank accounts in Chart of Accounts.

1) We accidentally created some bank accounts we need to delete. However QB online does not give us the option to do so. All the help replies tell us to press delete in the charts of accounts, some say by marking the account (which is not possible in our version) or by choosing "edit" but there is no delete button for us, only "make inactive" which is a different thing I believe. Also when choosing "edit" there is no option to delete the bank account.

2) we are trying to create a foreign currency account under “Cash and Cash Equivalents" however it says it is not possible to create a sub account with a different currency. Foreign currency also is cash, so I believe it should be included under Cash and Cash equivalents? Or do you create a Cash account for each currency you hold and then put all accounts of that currency under that account? Sounds quite confusing as one bank often has several different currency accounts and then they would need to be split into different "Cash and Cash equivalent" accounts?

katherinejoyceO · ‎March 31, 2020

Hi there, @ChinaUser.

Thanks for visiting the Community. I can see the need to delete the bank account you accidentally created as well as the need to create a foreign currency in QuickBooks.

To answer your questions, you can only make the account inactive in QuickBooks. If the account has a balance, QuickBooks will create a journal entry to zero it out. Also, the transactions in the account will remain on your records and will still affect your reports.

For a foreign currency account, yes, you'll need to create a Cash account for each currency as the system will only allow sub-accounts with the same currency as their parent.

Also, QuickBooks will base the exchange rate on the day the transaction is posted in the bank with a multi-currency transaction.

To learn more about multi-currency, read through this help article: Multi-currency FAQ. It also includes steps on different tasks about using Multi-currency in QuickBooks Online.

Feel free to message again if you have additional concerns. We're always delighted to be your guide.

ChinaUser · ‎March 31, 2020

Thank you so much for your reply. Just two follow up questions

1) Just to confirm, it is impossible to delete a bank account in QB online? I am asking again because there are a lot of explanations on the internet showing how to delete a bank account, just they dont work for us. Also we just created that bank account accidentally this morning and we would like to get rid of it instead of it continuing to exist as an inactive account.

2) Thanks. How do we see how much total cash we have then? We were hoping that there is one account that adds up all the different foreign cash accounts into one number in the home currency (according to the exchange rate we use). Is that possible？

Rose-A · ‎March 31, 2020

Hi, ChinaUser.

Allow me to step in and help you with your follow up concerns. For your first question, yes, you're right. It's impossible to completely delete the inactive accounts in QuickBooks Online.

You may want to take a look at these articles to learn more in managing default and special accounts in QuickBooks Online:

For your second question, you can pull up and run the Transaction Detail by Account report to show different foreign cash accounts. However, you'll need to export the report into Excel and enter each foreign amount.

To pull up the report, here's how:

Click Reports in the left panel and search for Transaction Detail by Account.
To add the Exchange Rate, click the Gear icon.
Select the Exchange Rate, Foreign Net Amount, and Foreign Amount.
Click the Export icon and choose Export to Excel.

To learn more about customising reports in QuickBooks, you can refer to this article: Customise reports in QuickBooks Online.

As always, feel free to visit our Help articles for QuickBooks Online in case you need tips and related articles in the future.

Please get back to me if you ever need more help in QuickBooks. I'll be glad to provide additional assistance.

Oren Gulasa CPA · ‎August 19, 2020

Hi!

Following this topic, I would like to ask another question.

Once the foreign bank account is not needed anymore what is the process to remove it from report after adjustment is made to zero ? Thanks for your insight on that !

AlcaeusF · ‎August 19, 2020

Welcome aboard to the Community, @Oren Gulasa CPA.

Let me chime in and share some information about the report in QuickBooks Desktop.

When running the Transaction Detail by Account report, you have the option to filter information base on your business needs. I recommend customizing the report and filter to show only the accounts you need.

Here's how:

Log into your QuickBooks account.
Run the Transaction Detail by Account report.
Click the Customize option.
Scroll down to Filter.
Press the drop-down arrow next to Account.
Put a checkmark only on the accounts you want to show in the report.
Hit Run report.

For additional information, I've attached some articles you can use to learn more about customizing reports and managing the chart of accounts in QuickBooks:

I'm only a few clicks away if you have any other questions. Wishing you and your business continued success.