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jaderoy
May 6, 2021
Question

What do I do with an inactive bank account when switching to QBO?

  • May 6, 2021
  • 1 reply
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I have a client who is switching to QBO from another accounting software, and they have briefly used a bank account in the past (about a month). They have since closed the bank account an are now using a different one. During the switch, what should I do with the transactions in the closed account? Everything has been reconciled prior to close, I'm just not sure if I should include the information since in the past they've had lots of issues with the account. 

1 reply

JasroV
JasroV
May 6, 2021

Welcome to the Community, Jade.

 

You can exclude the account since your client is using a new one. However, it would be best to consult with them whether to include it or not.

 

If they wish to include it, you can follow these steps on how to record it in QuickBooks Online (QBO). You can either enter it manually or upload it directly. Let me show you how.

 

  1. Download the transactions from their previous program. 
  2. Create an account for the old bank account.
  3. Then, go to the Accounting menu.
  4. Select Chart of Accounts.
  5. Find the account register you want to review.
  6. Click View register from the Actions column.
  7. At the very top of the list, select the Add journal entry, Add deposit or Add check ▼ . You can also press Ctrl + Alt + N. 
  8. Select the transaction you want to add. 
  9. Enter the details to complete the transactions and click Save

 

You can also see this link for more details: Manually add transactions to account registers in QuickBooks Online.

 

To upload it, have them download their chart of accounts from the previous software. Once done, you can refer to these links for the complete process in importing it:

 

 

I've also collected these resources that can walk you through the steps on how to add bank transactions in QBO:

 

 

Let me know in your reply if you have other questions managing your accounts in QuickBooks. I'll be more than happy to assist you. Keep safe!

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