We know that you're looking for a solution to How to Delete a Bank Account in Quickbooks. But, before you do so, there are a few things you should consider.
- When you delete a bank, it becomes inactive in QuickBooks, and you won't be able to access it or the feeds associated with it.
- QuickBooks will create an automated adjustment entry if the deleted account does not have a zero balance.
- You can revive a deleted account whenever you like, but you'll need to make changes to your journal thereafter.
If you don't want to risk all of the unforeseen repercussions that come with deleting a bank account, you can choose to disconnect rather than delete a bank account in QuickBooks.
Decide which of these two solutions is best for you:
- Disconnect the account that is linked to online banking.
- removing an account from your balance sheet
A: Disconnecting internet banking-connected accounts
As previously stated, instead of removing accounts that are linked to online banking, you can disconnect them. QuickBooks will stop downloading new transactions after you disconnect your bank. It also has no effect on your current accounting data, so you can rejoin it at any time to resume downloading transactions. QuickBooks delete transactions that need to be categorized in the For Review tab as soon as you disconnect. You won't be able to download the transactions into QuickBooks again if they are older than 90 days.
B: In QuickBooks, delete the bank account.
Remove Bank from QuickBooks, on the other hand, is a permanent decision because it will no longer appear on menus or lists. You can erase transaction records while keeping your existing data on financial reports. As a result, if you decide to reestablish the account later, getting transactions back into it will be tough. If transactions in a deleted account are linked to other QuickBooks Online accounts, they will stay there. If you cancel a credit card account but make card payments from your checking account, the records of those transactions will remain in the checking account.