Duplicate transactions for suppliers due to active and inactive bank accounts being the same

jkpl · ‎July 16, 2024

Hello, I linked a foreign currency bank account to QBO without turning on multi-currency. After a few weeks I realized my mistake. I unlinked the bank account and made it inactive. I then turned on multi-currency, created a new name for the same account and linked it to my banking, telling QBO that it was not the same currency (ie foreign) as my QBO currency. I re-imported the transactions (thankfully only a few). But now when I go to the supplier report for the supplier I pay from the foreign currency account, I have doubled up transactions (I even renamed the supplier to indicate that his were the "new" transactions from the re-imported session). When I click on the details, I see that the account I paid from is either the new renamed account, or the inactive account. So when I go to delete the transactions from the inactive account, I get a message saying that the deletion will result in a non-zero balance in the inactive account. I also have doubled up deposits to this account for similar reasons. How do I resolve this? Thank you!

JamesAndrewM · ‎July 16, 2024

If you connect a new bank account, QuickBooks will download the last 90 days' transactions, and some banks allow up to one year of transactions. It could be the reason QuickBooks downloaded those entries from the same bank account you made inactive. Let me go further about this for you.

When an account with a balance becomes inactive, the system creates a journal entry and moves the remaining balance to another account. Your existing transactions don't disappear and will stay on your financial reports. That is why they still appear on your reports. However, if you decide to use the account again, QuickBooks won't move the balance back or change the journal entry.

For more details about what happens when you make an account inactive, see this article: Make an account inactive on your chart of accounts in QuickBooks Online.

On the other hand, you can click Yes on the message when you delete the transaction. Ensure that the transaction you're deleting is already in the new bank account you added. You can also exclude the other duplicate transactions.

I'm adding this article to learn more about the default or special accounts in QuickBooks Online that you can't delete, edit, or merge: Manage default and special accounts in your QuickBooks Online chart of accounts.

Let me know if you have any other banking concerns or questions about managing transactions in QBO. I'm happy to help. Take care and have a great day.