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parksbarbie
November 16, 2023
Solved

Closing a bank account (bank closed)

  • November 16, 2023
  • 1 reply
  • 0 views

Our bank merged into another bank. The bank account that was closed stopped downloading transactions into QB before the account balance was zero. We have entered the final transaction in QB manually to zero out the account but on the BANK BALANCE it still shows a balance (waiting to be pulled in but it will never be since the bank has closed). QB BALANCE is zero. Since QB is correct at this point, should I disconnect the bank account? How long should I keep it active in my chart of accounts? Thanks

Best answer by Rubielyn_J

Hi there, @parksbarbie.

 

Dealing with bank mergers and account closures can be challenging, but we'll work together to find the best way forward. 

 

We can go ahead and disconnect your account because they won't be able to download new feeds due to changes on the financial institution's side. The important thing when disconnecting the bank is that there are no pending transactions in the "For Review" tab.

 

Here's how:

 

  1. Navigate to Transactions, then Bank Transactions (Take me there).
  2. Select the tile for the bank account.
  3. Click the pencil ✎ icon, then select Edit account info.
  4. Choose the Disconnect this account on the save checkbox. Note: If QuickBooks is downloading new transactions, you won't see this option. Wait a few minutes for the update to finish and try again.
  5. Select Save and Close.

 

Once done, you can inactivate your bank in the Chart of Accounts. This allows you to keep a clean and organized register.

 

Additionally, I've attached some relevant articles to help manage your transactions in QBO: 

 

 

Please let me know if you have any other questions about disconnecting your account. I'm always happy to help make sure your QB data stays clean and accurate.

1 reply

Rubielyn_J
Rubielyn_JAnswer
November 17, 2023

Hi there, @parksbarbie.

 

Dealing with bank mergers and account closures can be challenging, but we'll work together to find the best way forward. 

 

We can go ahead and disconnect your account because they won't be able to download new feeds due to changes on the financial institution's side. The important thing when disconnecting the bank is that there are no pending transactions in the "For Review" tab.

 

Here's how:

 

  1. Navigate to Transactions, then Bank Transactions (Take me there).
  2. Select the tile for the bank account.
  3. Click the pencil ✎ icon, then select Edit account info.
  4. Choose the Disconnect this account on the save checkbox. Note: If QuickBooks is downloading new transactions, you won't see this option. Wait a few minutes for the update to finish and try again.
  5. Select Save and Close.

 

Once done, you can inactivate your bank in the Chart of Accounts. This allows you to keep a clean and organized register.

 

Additionally, I've attached some relevant articles to help manage your transactions in QBO: 

 

 

Please let me know if you have any other questions about disconnecting your account. I'm always happy to help make sure your QB data stays clean and accurate.

P
parksbarbieAuthor
November 17, 2023

Perfect. Thank you!

M
Mark_AG
November 17, 2023

Hello, @parksbarbie.

 

We are thrilled to hear that our colleague was able to help you disconnect your bank account. Our top priority is always providing the best solutions to everyone.

 

We're always available to help you with further concerns aside from disconnecting a bank account in QuickBooks Online. I wish continued success for your business!

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