The inactive accounts in QuickBooks 2020 are hidden from the menu and lists. However, their log of past transactions, tax forms, invoices, and other details are saved. This permits data more organized. For instance, if you have zero balance in your account, you can simply delete this account. But to delete the account which you are using for a long time can be a complex task. Because these accounts are dependent on each other which can lead to complications while removing data.
How to view your inactive accounts:
- Locate settings and then discover chart of accounts
- Click the Gear icon which appears at the top-list
- Hit on the checkbox named include inactive.
Some accounts you can’t make inactive:
- Product/service accounts:
You are required to in-active the product or service-specific account
- Income accounts with uninvoiced rates:
Firstly, you need to send invoices to clients for expense, charges or time first then deleting the account
- QuickBooks specific accounts:
There are some accounts such as un-deposited funds which are not permitted because they are more significant
With online banking: Disconnect the bank account
It is recommended to disconnect an account associated with online banking instead of deleting it. Simply put an end, download QuickBooks for ongoing or new transactions. The QuickBooks software retains transactions that are previously reviewed or erases any if there are pending transactions that required to be reviewed.
Make an Inactive to active:
Following are the steps to activate an inactive account:
- Select settings and locate chart of Accounts
- Click settings located overhead the action column then click Include inactive
- Browse the account which you wish to active again and then hit on make active
- Make an account inactive.
Steps to create journal entries after inactive the account (if it has balance):
If you don’t need the account anymore then there is an outstanding feature available in QuickBooks to hide your account. In case, your account contains any balance and you want to inactive that account, then you need to create a journal entry.
Below mentioned are the steps:
- Discover new
- Click on Journal entry
- Verify if you are any business viewer then you have to switch towards accountant view
- Complete entire appearing fields to create the journal entry
- Click Save and then close.
Make an account inactive in QuickBooks 2020
Steps to make an account inactive:
- Select settings and Hit on Chart of Accounts
- Browse the account you wish to delete
- Click the dropdown named Action
- Click inactive.
How to reach us
Hopefully, you have covered all the details regarding inactive accounts in QuickBooks 2020. For more information, you can easily get in touch with our experienced team who is always ready to devote their time to serve you. Whether you have any technical or functional glitches, you can get your queries solved quickly. Dial QuickBooks technical customer helpline number +1-800-816-6849. Drop an email at Helpdesk@bigxperts.com or do a live chat with the team to get the best assistance.