PSA L&P - Accounts: How to inactivate an entire entity

How to inactivate an entire entity

 There is a way to inactivate an entity. However, it takes a bit of work.

  1. Get a list of all of the accounts for this entity - Reports → Accounts → List → (select entity).
  2. Get a detail list of all of the accounts for the entity with a balance. Reports → Statements → (select statement*) → (select the entity) **see report options below
    *Statement of Activities
    *Statement of Financial Position
    **Report Options
  3. Transfer all balances from each account that uses that entity to an account that does not use that entity (we suggest consulting your accountant or finance committee to determine which accounts to transfer the balances to). This would include the Net Asset Accounts.
    Here's an example of transferring the balance from the entity's expense account to a different entity's expense account.
  4. Once all of the accounts from the Entity have zero balances you may archive them. Use the Account List Report from #1 to go through and archive every single account for that entity.
  5. Once they are archived, they will not show up anywhere unless you mark the option to show archived accounts.
    • Note: if you only update/archive the Net Asset Account, but leave the expense and income accounts, you may be prompted when you close the year to activate the Net Asset Account. 
    • In other words, it is important to move balances and archive all accounts for the asset you wish to archive. 


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