Cloasing a Bank Account and Depositing the Money into another Account

Hey there, @Showcall.

How are you doing today? I hope all is well. 

There's a couple of different options you can use to do this. In QuickBooks Desktop, there is a Transfer Funds feature that allows you to move money from one account to another. You can also use the Write Checks feature if you have a physical check. I'll go over the steps for both options below. 

Transfer Funds:

1. Go to the Banking menu and select Transfer Funds.
2. In the Transfer Funds From dropdown, choose the old bank account you are closing.
3. In the Transfer Funds To dropdown, choose the new bank account (or main company account) receiving the money.
4. Enter the exact remaining Amount and the Date.
5. Click Save & Close.

Write Checks:

1. Go to Banking and click on Write Checks.
2. In the Bank Account dropdown (top), choose the old account you are closing.
3. In the Pay to the Order of field, you can leave it blank, put "Cash", or the bank's name.
4. Go to the Expenses tab in the lower section.
5. Under the Account column, select the new bank account that will receive the funds.
6. Hit Save & Close.

To close the old account once the balance is zero: 

1. Reconcile the old account one last time to ensure it shows a zero balance.
2. Go to the Chart of Accounts, right-click the old account, and select Make Account Inactive to stop it from appearing in your lists.

Please know before you make any changes to your books, you should always consult with your accounting professional. Your accountant can advise the best way to handle the account based on your business needs. If you don't have an accountant, don't sweat it. You can find one here in our Resource Center. 

Don't hesitate to let me know if you have any additional questions or concerns. I'm happy to assist anytime. Take care!