By this time, we have realized QuickBooks is one of the best accounting tool to collaborate with. You never have to worry about your record maintenance and bookkeeping was never more fun. It could be completed in few minutes and you can access the data anytime and anywhere you wish to. One of bank account is no longer used but I need to keep old transaction in Quick Book. Is it deactivate (disconnect) this bank account? Or Delete a Bank Account in QuickBooks?
However, it is a possibility that you may have to make tough decisions sometimes. Record maintenance may include eliminating few entries of transactions, vendors or a bank account which you may not need in future. Now, there will be two options you can choose from. One is to Delete a Bank Account in QuickBooks account permanently from the Charts of Accounts (COA). Second is to deactivate the account, which will be as good as deleting the account with a recovery option.
Disconnecting the Bank Account
If you choose to disconnect an account from your internet banking, it will be staying active. With this approach, QuickBooks just stops updating new transactions. You can also reconnect it, later on. Once you get it reconnected, it will start downloading transactions again.
When you disconnect an account, Delete a Bank Account in QuickBooks will delete each transaction that still has a need to be reviewed. If these transactions are any older than 90 days, you won’t be able to download them into QuickBooks again. In this case, you may wish to keep a backup file, just in case you need it at some point.
Delete a Bank Account
Now, if you have set your mind on deleting an account from your COA (chart of accounts), you should know that it is a permanent change. You won’t be able to see it on menus and lists anymore. As per our oldest suggestion, it is better to keep a backup Excel file for all the bank data of financial reports, it becomes very hard to get that data back into the QuickBooks account if you decide to use it again.
If transactions in the deleted account appear in different accounts in QuickBooks Online, chances are those transactions will remain in those accounts. For instance, if you delete a credit card account but you make remaining payments to that card as final bit from your checking account. The payments done lastly will stay in the checking account.
Please follow these steps to disconnect the account from QuickBooks:
- First of all, you need to Go to the Banking menu
- Look for the Transactions menu
- Click on the blue tile for choosing your bank account
- Then click on the pencil icon that will allow you to edit the account
- Then select Edit account info
- You need to choose the Disconnect this account
- Then save on checkbox
- Click on Save and close to complete the steps
With our best possible solution, you can do your book-keeping smoothly. If you need further help, you can get in touch with our team through toll free number +1800-816-6849 from your home or office.