What entry is required when closing an account in one bank and moving the funds to another bank

Hello again angelo-cristofar,

It's great to have you join us again and I can appreciate wanting to make sure you have the right entries for your accounts in QuickBooks Online. Taking this step helps ensure you don't have to make corrections later. I'll get you started with this.

When it comes to knowing which entries are the ones you need to make, consulting an accountant is your best option. Accountants have the training to know the ins and outs of closing out accounts and the transactions that you can use to do so. It could be as simple as transferring the funds from one account to another or using a journal entry to move the funds, but the accountant will be able to offer you the insight you need for this situation and let you know how it will impact your books. Once that entry has been made, you can consider making the unneeded account inactive in the Chart of Accounts.

If you're already working with an accountant, you have the option to invite them on as an accountant user to give them access to work right in your books with you. Use the invite field in the My Accountant tab to send an email invite to that person. If you don't have an accountant, the Find a pro to help button is there to fill in the gaps. Click it to see our database of QuickBooks-certified accountants near you.

I hope you enjoy the rest of your day!