Closing Accounts [Edited]

mcochran56

I am closing all of the various online checking accounts for our organization and want to use just one checking account. I still want to leave the accounts in Quicken as Offline accounts to keep a balance of the funds they use from the online account. Do I have to make these manual adjustments or is there a function within Quicken that does this for me?

NotACPA

Closing the accounts, and Offline accounts, aren't the same thing … although Closing them WILL take them offline.

For any account that you want to close, that isn't already at $0, move the funds to the account that you want to keep. Closing the account will leave all transactions in it intact, for historical purposes.

BE SURE that you want to close the account in Q. I wouldn't do so until it's closed in real life, as the Q action can't be undone.

mcochran56

Thank you for the response. I do understand doing a real transfer to the remaining online checking account and retaining the original account within Quicken for historical purposes, although removing any web access. I probably wasn't clear, but the separate functions for the Offline accounts at our club still have to be held accountable for their costs, but I don't what to have to maintain so many separate checking/savings accounts.

Once I have the new Quicken Offline account built, is there a system process for checks, or deposits into the Online Checking account that are actually for the new Offline Quicken account? I know I can do manual credits and debits in the online and offline accounts to keep track of the various actions, but it seems pretty cumbersome. Any suggestions?

NotACPA

I don't quite understand. Are you asking about transactions in the old account(s) that are still outstanding at the time you created the new account?

And, if that new account is, and will remain, offline, the ONLY way to get transactions into it is manually.

But, please explain a bit better why you would have both an offline, and an online, account in Q for what I understand to be a single account in the real world.

I always recommend that Q should parallel the real world. One real world account matching to one account in Q.

retird

I have read this thread several times and still trying to figure out what your current system of accounts looks like, who does what, and what the new end goal account(s) need to be.

My take, without more information, is that you want to end up with just 1 online account. All transactions will be generated from that 1 account by you and you want the abilitry to monitor the various actions of the different functions and totals for accountability of their costs. Those managing the different functions will not be able to write checks nor make deposits nor have savings accounts.

Am I close in my guess as to where you want to end up? I have a few thoughts but need to nail down what your new system needs for certain. Any clarification is appreciated….

mcochran56

Yes. As the Treasurer for the club, I will write all checks associated with the requests from the various functions from one checking account. I will also combine the savings accounts and do the same with that.

Would it be better to just make each of the functions a category, and then use sub categories to track the activities?

retird

My thoughts…... Set up each function as a category and the transactions (activities) for each category would be payees. Wouldn't it be easy to then just run a spending report by category, payee, or etc?

mcochran56

I will take a look at that process and see if it will work for us. Thank you for the feedback.

retird

Will bookmark this thread to see any comments you make going forward.