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M
MadlashesAZ
March 27, 2023
Question

Wrong Bank Account on Chart of Accounts

  • March 27, 2023
  • 1 reply
  • 0 views

The personal checking account was uploaded along with the business account, and this is throwing off my balance sheet. The personal account has not been reconciled in QBO, and no business transactions have gone on in the personal account, but has a couple year's worth of transactions reflected in QBO.

 

What do I need to do to make sure I can delete the personal account off QBO so that my balance sheet or p&l are accurate? Thanks for any help you can provide! 

    1 reply

    Adrian_A
    Adrian_A
    April 6, 2023

    Hi there, MadlashesAZ.

     

    Depending on how you connect the personal account, you can either disconnect or make it inactive. 

     

    If your personal account is connected to online banking, you'll have to disconnect it. This stops QuickBooks from downloading new transactions. QuickBooks delete transactions that still need to be categorized in the For review tab. If the transactions are older than 90 days, you won't be able to download them into QuickBooks again. Here's how to disconnect the account:

     

    1. From the Banking tab, select Banking.
    2. Select the tile of your personal account.
    3. Click the pencil (edit) icon.
    4. Hit Edit account info.
    5. Tick the Disconnect this account on save box.

     

    If the account isn't connected to online banking, you can deactivate it. Since it has transactions, QuickBooks will make an adjustment entry to zero out the balance. The automatic entry posts to the Opening Balance Equity account, which is the equivalent of posting to previous years. I've added this article for more information and for the detailed steps to make the account inactive: What to know before making an account inactive.

     

    Once everything's good, you can reconcile the account. You can pin this link for the steps to reconcile: Reconcile an account in QuickBooks Online.

     

    I'm always around if you need help with the reconciliation process.

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