Accounts

QuickBooks will create an entry that will zero out the remaining balance when you make an account inactive, Wacousta UMC. Let me share details to further explain this process.
 
The entry will be shown as a check affecting the opening balance equity account.

Please note that all existing transactions associated with this account will remain intact and will continue to appear in your financial reports. This is designed to preserve your financial history for accurate record-keeping and auditing purposes.

This will also let you clean up your chart of accounts without losing any valuable historical data or disrupting your overall financial picture. However, if you choose to reactivate the account, QuickBooks will not revert the balance or delete the adjusting entry. You'll need to manually delete the check to bring back the balance.

For more detailed information about this process, please refer to this article: Make an account inactive on your chart of accounts in QuickBooks Online.

However, it’s advisable to check with your accountant if you need to clear out the balance prior to deactivating the account. This is important because this will have significant impact on your financial reports.

Additionally, I have compiled additional resources for managing accounts in case you might need them:

• Manage default and special accounts in your QuickBooks Online chart of accounts
• Restore an inactive balance sheet account in QuickBooks Online

Please remember that you can always reach out to us if you have follow-up or new inquiries about streamlining your chart of accounts as well as any other bookkeeping tasks in QBO. We are here to provide personalized assistance and help you make the most of QuickBooks.

@Wacousta UMC 

Beware of the advice provided by @JenoP.  If you make the account inactive, QB will make more adjustments than just reducing Opening Balance Equity.  It will also change Retained Earnings by the same amount I believe.  By making the account inactive, you're kicking the can down the road so to speak.  It will just create entries that need to be adjusted later.  The real question is why do you still show a balance of $150K if those funds don't exist?  Where did they go?  If you can provide more info, I can try and help further.