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I am closing a bank account account and dont know how to post the withdrawal of the reaming funds that were taken out to close account. Anyone help me?
If you withdrew the funds as cash or deposited them to a personal bank account, then it would be a Withdrawal from the bank account and a PD Personal Draw (sole proprietor or partnership) or L- Shareholder Loan (corporation). If the funds were transferred to a new chequing account for the business, then it would be a Bank Transfer from the account being closed and the type is automatically a BK and you would select the new account. Please note that if you are setting up a new bank account, that you should change the new account to your default account through Setup/Preferences, choose Accounts tab and select the new Chequing account. Also, if you are a Payroll user, then you need to change the account that paycheques come out of from the old account to the new one. This is done through Payroll, Setup, Accounts, select the new account and Save.