New bank accounts

Hi there, cpblaszczyk.

I'm here to share some insights about managing your old and new bank accounts in QuickBooks Online.

You can keep your chart of accounts simple and organized by making some accounts inactive. Although, it depends on the needs of your business whether you need to create new accounts and make the old accounts inactive. 

These are the things you need to know before making an account inactive:

• Except when merging two accounts, you can't permanently delete one.
• Making an account inactive doesn't remove the transactions. Any transactions associated with deactivated (deleted) account will stay intact.
• A transaction linked to an inactive account cannot be edited. You must first make the account active before you can successfully edit or delete the transaction. After that, go to the register and modify each entry. The account should then be examined and corrected to zero balance before being deactivated.
• Correct the balance to zero before making an account inactive on the balance sheet. If the balance is not zero, QuickBooks Online automatically creates an adjustment entry to bring the inactive account's balance to zero.

Also, I recommend consulting an accountant to make sure the change is right. Here's a link to find an accountant near you.

I'm adding these articles to help you manage your bank accounts in QuickBooks Online:

• Make an account inactive on your chart of accounts in QuickBooks Online
• Disconnect accounts connected to online banking in QuickBooks Online
• Connect bank and credit card accounts to QuickBooks Online

I'll be here if you still have other questions regarding bank accounts in QuickBooks Online. Take care and have a great day!