Skip to main content
J
joe1010
December 18, 2024
Question

My bank (CD) account is closed and QB can no longer connect to that account to update the closing bank (CD) balance. The "Bank Balance" needs to be manually updated. How?

  • December 18, 2024
  • 1 reply
  • 0 views

I transferred the CD balance to a (savings) account with the same bank. I am able to connect to that account, so it imported the transfer transaction to Quickbooks into my savings account. I recorded that transaction as a transfer from the CD account to the Savings account. Both accounts balance in my Quickbooks record, but my CD "Bank Balance" still shows the last active balance on my CD account. So how do I update that bank balance without being able to online connect to that account because that account has been closed by the bank and now has no online connect access?

1 reply

B
BabyB
December 18, 2024

That’s a good question, Joe. Let me clarify exactly what happens to your bank balance in QuickBooks (QB) when a bank account is closed.

 

As your account is closed, you are unable to change the bank balance directly in QB. You can either keep your CD account as it is or set it to inactive. However, if you wish to reconcile your CD account, I suggest manually entering any transactions that are missing from your bank statement into QB. This will enable you to match the ending balance from your bank statement with QB, despite the account being closed.

 

For the transactions you transferred to your Savings account, you can refer to this resources to ensure that the transactions match your bank statement: Match online bank transactions in QB Online.

 

Let me know if you have other concerns regarding your bank balance in QB or other QuickBooks-related matters, don't hesitate to reach out below. I'll be around to help you anytime. Take care!

Terms & ConditionsAccessibility statement