After moving banks, Quicken still shows a non-zero amount in the old bank

aksdjfhlk23fkjhsa Member ✭✭

I moved 3 of my accounts from an old bank (Merrill) to another bank. I configured Quicken to check the new bank, and the 3 do show up there with their balances.

Quicken still lists the old accounts. One has a zero balance, but the other two do not. How do I "zero" them out and close them? I'd like to mark all 3 as closed so that my Quicken ledger is nice and neat, but I don't know how to do that when the balances are not zero.

I did try re-entering my Merrill login credentials to see if I could get Quicken to automatically update those accounts, but my login is rejected by Quicken (and also by the Merrill web site, since I've closed all my Merrill accounts now).


  • Jon
    Jon SuperUser, Mac Beta Beta

    To mark an account as closed, simply right click on it in the account sidebar and select Mark As Closed from the menu. If the account balance is not zero Quicken will enter an adjustment transaction to set the balance to zero. I think it would be a good idea to figure out why the balance on those two accounts is not zero yourself, but if you don't want to you can just let Quicken zero them out.

  • UKR
    UKR SuperUser ✭✭✭✭✭

    Theoretically, transferring an account to a different bank means

    • the new account is created with a 0.00 Opening Balance
    • the final transaction appearing in the old account is a "Transfer to new bank" transaction, transferring the remaining balance to the [new account name]. This sets the old account balance to 0.00 and starts the new account off on the correct balance.
    • When you get the final statement for the old account, you can reconcile the register and you can "mark it closed".

    Now all that's left are a few cleanup actions:

    • Edit all scheduled reminders to use the new bank account instead of the old one
    • Consider renaming the old account and put a "zz" prefix on the account register name, e.g. "zz ABC Bank (old)". This moves the account name to the bottom of selection lists and makes it less likely for you to accidentally select it instead of the new account.
    • Contact all vendors, billers, employers and credit card companies where you have authorized Autopay, APS, Direct Debit, Direct Deposit to make their monthly debits or deposits using the new checking account.

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