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How To Delete Bank Account In QuickBooks? [2023 Tutorial]

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Delete Bank Account in QuickBooks

There may arise a situation in which users unintentionally risk their financial data or bank accounts. So everything must be accurate, otherwise, it might lead to severe losses. Data errors, such as incorrect accounts or transactions can result in a 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 do not want to get your bank’s new transactions, then you simply have to disconnect the account. Moreover, if you’re looking for a permanent solution then, you can Delete Bank Account in QuickBooks.  However, there’s a great 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 a 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 a 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 to activate 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 the account connected to online banking
  2. Delete an account from your QB chart of accounts

As said, you can also go with the option of disconnecting instead of deleting the accounts that you have 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 you want to start downloading the transactions again. Moreover, right after you disconnect, QuickBooks deletes the transactions that are still needed to be categorized in the For Review tab. However, if the transactions are older than 90 days, then you will not be able to download them again into QuickBooks.

On the other hand, it’s a permanent decision to Remove Bank from QuickBooks, and you will no longer be able to see it on menus or lists. While on the other hand, you can hold onto your existing data on the financial reports but can delete the transaction records. And thus, it will be a bit difficult for you to get transactions back into the account even if later you decide to recreate it. If the transactions in a deleted account are tied to other accounts in QuickBooks Online, then they will remain in those accounts only.

For example, if you have deleted a credit card account but have made card payments from your checking account, then the record of those transactions stays in the checking account. Thus, deleting an account from your chart of accounts is a permanent process. 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 QuickBooks account then, here are the steps you would need to follow:

  • QuickBooks Online will make the bank inactive after you delete it.
  • You have to create an adjusting transaction in case your account has a non-zero balance.
  • Though QB allows you to make a deleted account active again, you might need to make corrections to the journal entries and balances to do so.

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:

  • First, tap on 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 menu and select the Make inactive option.

Important: If you delete a bank account in QuickBooks with some balance remaining, then QuickBooks creates a journal entry that moves your remaining balance to some other account. And your existing transactions did not disappear and stay on your financial reports. However, if in the future you decide to use the account again, QuickBooks will neither move your balance back nor make any changes to 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.

  • First, go to the Chart of Accounts and then 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.
  • First, open the QB Self Employed and then go to the Gear button at the top.
  • Then click on the Bank Accounts option and then select the bank account that you want to hide.
  • After that, you need to switch off the toggle under the Show Account bar.
  • Then you need to move back to the homepage and permanently delete the Bank account from the accounting software. 
  • After that, go back to the Gear button again and then click on the account you want to hide.
  • Now, tap on the Trash option present there, followed by clicking on the Delete button twice to complete the process.

Related Article: Step By Step Guide to Reconcile Bank Account in QuickBooks.

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.

1. What happens after I make a Bank Account Inactive in QuickBooks Online?

When you make a bank account that has a balance inactive in Quickbooks Online, then QB generates a journal entry for it. It also transfers the remaining balance into another account. However, your existing transactions do not get disappear and remain on the financial records.

2. Can I undo deleting a Bank Account in QuickBooks Online?

No, you can not undo deleting a bank account in Quickbooks Online. It is a permanent action and erases out all the transactional data or calculations or any entry associated with that bank account. And there is no way you can undo the process of deleting a bank account in QB.

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