Bookkeeping Q&A #01 - 2020-02-12

Welcome to this week's Q&A where I answer the most recent bookkeeping questions I've been asked!🙋‍♀️

This question is from a friend I met at a networking event yesterday:

Q: I have a new bank account and will be closing my old one. What can I do with my old account in QuickBooks?

A: The quick answer is to inactive the account in QuickBooks. BUT WAIT! - make sure to take the following steps for a seamless transition:

✅ Make sure that all transactions have been posted to their respective accounts ✅ Use your final bank statement to reconcile the account in QuickBooks ✅ Research any checks you sent to your vendors that haven't cleared your bank account (void and reissue new check if necessary) ✅ Go to your Chart of Accounts and make your old bank account inactive

That's it! Super simple 😄

🌻Bonus tip: if you are set up on autopay with any of your vendors, make sure to update your banking information with them to avoid late penalties or interest fees!

Feel free to message me your bookkeeping questions so I can answer them during my Q&As!

Until next time,