How To Delete Bank Account In QuickBooks? [2021 Tutorial]

Remove Banak Account in QuickBooks

There’s no denying that you won’t ever risk your financial data or your bank accounts, and thus would make sure that everything is accurate, else it can turn out to be a nightmare for your business. Data errors, such as incorrect accounts or transactions can result in few errors now and then. Sometimes, you accidentally add a bank account in QuickBooks, and then, it automatically downloads your recent transactions. However, if you don’t want to get new transactions from your bank then you simply disconnect the account. Moreover, if you’re looking for a permanent solution then, you can delete bank account in QuickBooks. Well, there’s a difference between disconnecting an account from online banking and deleting one from your chart of accounts. Thus, there are certain key points that you must take into consideration to prevent unnecessary data loss.

Key Points Before You Remove Bank Account From QuickBooks

We know you’re looking for a way that can help you delete your bank account in QuickBooks. But, before you do so, there are certain factors that you must be aware of.

  • Once you delete your bank, it will make the bank inactive within QuickBooks and thus, you won’t be able to see the bank and feeds related to it.
  • If the deleted account doesn’t have zero balance, then QuickBooks will make an automatic adjusting entry.
  • Well, you can reactivate a deleted account whenever required, but later you would need to make corrections in your journal activating the same.

Do You know?

If you don’t want to put yourself in all those unintended consequences that come along with deleting your bank, then you can choose the option of disconnecting instead of deleting a bank account in QuickBooks. 

Now, decide what’s best for you from these two options:

  1. Disconnect account connected to online banking
  2. Deleting an account from your chart of accounts

As said, you can also go with the option of disconnecting instead of deleting accounts that are connected to online banking. Once you disconnect your bank, it stops QuickBooks from downloading new transactions. Also, it doesn’t affect your existing accounting data thus, you can reconnect it any time to start downloading transactions again. Right after you disconnect, QuickBooks delete transactions that still need to be categorized in the For Review tab. However, if the transactions are older than 90 days, then, you won’t be able to download them into QuickBooks again.

On the other hand, it’s a permanent decision to delete a bank account in QuickBooks, as you will no longer be able to see it on menus or lists. While you hold onto your existing data on financial reports, you may delete transaction records. And thus, it will be a bit difficult to get transactions back into the account if you decide to recreate it later on. If transactions in a deleted account are tied to other accounts in QuickBooks Online, they will remain in those accounts. For example, if you delete a credit card account, but you made card payments from your checking account, the record of those transactions stays in the checking account. Deleting an account from your chart of accounts is permanent. However, if you’re sure this is what you want to do, here’s how to delete an account and make it inactive.

If you are determined to remove a bank account from your QB account then, here are the steps you would need to follow:

Note: Now, if you have set your mind on deleting an account from your COA (chart of accounts), it is better to keep a backup Excel file for all the bank data of financial reports. It becomes very hard to get that data back into the QuickBooks account if you decide to use it again. Also, please take note of the following when you delete a bank account in QuickBooks:

  • The bank will be made inactive in QBO.
  • We’ll create an adjusting transaction if the account has a non-zero balance
  • Although you can make a deleted account active again, you may need to make corrections to journal entries and balances.

Step 1: Make an Account Inactive to Delete it

Making your account inactive will delete your bank account in QuickBooks. For doing so, you must follow the below-given steps:

  • Go to the Gear icon and choose the Chart of Accounts.
  • There, search for the account that you want to delete.
  • Lastly, click on the Action drop-down and select Make inactive option.

Important: If you delete a bank account in QuickBooks with some balance remaining, then, QuickBooks creates a journal entry that moves the remaining balance to another account. Your existing transactions don’t disappear and stay on your financial reports. However, if in future you decide to use the account again, QuickBooks won’t move the balance back or change the journal entry.

If due to any reason, you ever want to see your inactive accounts, then you can do so by following the next step.

Step 2: Check Your Inactive Accounts

Follow the below-given steps to see your inactive accounts:

  • Go to Settings and then, select Chart of Accounts.
  • After that, select the Gear icon at the top of the list.
  • At last, select the Include inactive checkbox.

Deactivate Bank feeds:

So, by now you already know how to delete a Bank account in QuickBooks, but if you are looking for an alternative to it, then you may try deactivating your bank feeds.

  • Go to the Chart of Accounts and select the bank account whose bank feeds you want to deactivate.
  • Click on the settings and choose to deactivate all the services from the selected bank.
  • Confirm your action by clicking OK and save your preferences. Once done, you would no longer receive bank feeds within your QuickBooks accounts.

Steps to Deactivate Bank Feeds in Mac QB:

  • Go to the List tab and choose the Chart of Accounts from the options.
  • After that, select the account that you want to deactivate.
  • Click on the settings icon and choose to disable your services.
  • Click OK to confirm your action.
  • Lastly, save your settings and your bank feeds will now be deactivated successfully.

Following the above steps would surely help you delete your bank account in QuickBooks. However, if you come across any issue while doing so, then we would suggest you immediately look for expert assistance. You may also reach us, by placing a call on QuickBooks Data Service Solutions Helpline Number +1(855)-955-1942. Our support team is available 24X7 to help you resolve any QB related query.

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