Our bank closed our account and then we reopened a new account with the same bank using the funds the bank issued us. How do I record this?

I will be happy to help you record the issued funds from your bank account, @president16.

Yes, we can record it as a journal entry. You can debit the balance of the closed bank account to reflect the amount released in cash to you by the bank. Then, credit the same amount to the new bank account to reflect the funds deposited in the new account. Here's how:

1. Click +New, then under Other.
2. Choose Journal Entry.
3. On the first line, select your old bank for Debit, and on the second line. Select your new bank for the Credits.
4. Enter a Memo explaining the transaction, including the reason for the account closure and the opening of a new account.
5. Hit Save and close.

I also recommend to reach out to your accountant for further assistance on recording the JE. To help you reconcile your transactions and learn more about transferring funds, check out these articles:

• Reconcile an account in QuickBooks Online
• Transfer funds between accounts

Please don't hesitate to leave a reply on the thread if you still have questions about your bank. Take care always, and have a great day.