How to Remove Bank Account from QuickBooks

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How To Remove A Bank Account From Quickbooks

QuickBooks is a popular accounting software that helps businesses manage their finances efficiently. As part of managing finances, it is important to remove bank accounts that are no longer in use or not used for online banking. In this article, we will discuss how to remove a bank account from QuickBooks and why it is significant to do so.

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Why should you remove a bank account from QuickBooks?

There are several scenarios where users may need to remove a bank account from QuickBooks. For instance, if an account is no longer in use or if there are security concerns with the account, it is best to remove it from QuickBooks. Additionally, if a user is changing their bank or account type, disconnecting and removing the old account is necessary to prevent confusion and ensure accurate financial reporting.

How to disconnect a bank account from online banking in QuickBooks?

To disconnect a bank account from online banking in QuickBooks, users can follow these steps:

1. From the QuickBooks homepage, select the “Lists” menu and then “Chart of Accounts”.
2. Locate the account you wish to disconnect and select “Edit Account”.
3. Click “Disconnect this account on save” and then select “Save and Close”.

This will stop QuickBooks from downloading new transactions from the disconnected account while still maintaining existing accounting data.

How to remove a disconnected bank account from QuickBooks?

If a user no longer wishes to keep a disconnected bank account in QuickBooks, they can easily remove it by following these steps:

1. From the QuickBooks homepage, select the “Lists” menu and then “Chart of Accounts”.
2. Locate the account you wish to remove and select “Delete Account”.
3. Confirm the deletion and select “OK” to complete the process.

It’s important to note that deleting an account cannot be undone, so it’s recommended to make a backup of the company file before making any changes.

What are the benefits of disconnecting and removing bank accounts from QuickBooks?

Discontinuing the connection between QuickBooks and inactive or unnecessary bank accounts can help users maintain organized and accurate financial records. By removing disconnected accounts, users can avoid confusion between old and new accounts and prevent unauthorized access to sensitive financial information. Removing unused accounts can also help declutter the Chart of Accounts and improve QuickBooks performance, ultimately saving time and making financial management easier.

How to Remove a Bank Account from QuickBooks Online?

Step 1: Go to the Banking Tab

To remove a bank account from QuickBooks Online, you need to go to the Banking tab located on the dashboard. This will open the page containing all the accounts currently connected to Quickbooks.

Step 2: Select the Bank Account

Select the bank account you would like to delete from the list of connected bank accounts. Choose the account by clicking on it and highlighting it in the list.

Step 3: Click on the Pencil Icon

Once the account has been selected, click on the pencil icon located to the right of the account’s name. This will open up the settings menu for the selected bank account.

Step 4: Click on Delete

On the settings menu, click on “Delete” found at the bottom of the screen. A confirmation message will pop up asking if you are sure you want to delete the bank account. Select “Yes” to completely remove the bank account from QuickBooks Online.

Disconnect an Account Connected to Online Banking

If you want to remove a bank account from QuickBooks, the best way is to disconnect the account from the online banking system. This is a simple process that stops QuickBooks from downloading new transactions while retaining your existing accounting data. To disconnect a bank account from online banking in QuickBooks, follow these steps:

1. Open the Accounting menu and select Advanced.
2. Click Chart of Accounts and select the checkbox next to the bank account you want to disconnect.
3. Select the Linked Accounts option.
4. Next to the account you want to disconnect, click the three dots “•••” and tap Unlink.

Disconnecting a bank account that was previously linked to online banking is an effective way to remove a bank account from QuickBooks without altering existing data.

FAQs

Can I restore a deleted bank account in QuickBooks?

If the bank account or transactions are deleted in QuickBooks Online, the option to restore it is unavailable. However, worry not because you can still access the Audit Log to recover the details of the deleted ones so that you can re-enter them.

What happens to existing transactions after I delete a bank account in QuickBooks?

If you delete a bank account that’s connected to online banking, we recommend disconnecting it instead. Disconnecting the account stops QuickBooks from downloading new transactions without affecting your existing accounting data. However, if you proceed with deleting the bank account, existing transactions linked to the removed or disconnected bank account won’t be deleted. They remain in your books with the bank account column blank or with the original bank account name shown, depending on how you deleted the account. If this happens, you can edit the affected transactions and change the bank account column to your preferred account.

Conclusion

Removing or disconnecting a bank account from QuickBooks Online is easy and ensures that all existing accounting data remains intact. To do this, go to the Banking or Transactions menu, select the bank account, click on the pencil icon, and choose the option to Disconnect this account on save. If QuickBooks is still downloading new transactions, you won’t see this option. Additionally, deleting a bank account or transactions in QuickBooks Online cannot be restored. Therefore, as recommended, it is advisable to disconnect rather than delete bank accounts connected to online banking. With the above steps, you can disconnect bank accounts from QuickBooks Online with ease.

References

Link to the official QuickBooks Online support page on deleting bank accounts – “Delete a bank or credit card account in QuickBooks Online”