Marking Accounts As Closed

Quick Review

• What: Mark accounts as closed while keeping all historical data

• Why: Preserve transaction history when accounts close without cluttering active views

• How: Settings → Accounts → Three dots → Mark as closed

• Warning: This action cannot be undone

Overview

When you close a bank account or credit card, Quicken Simplifi lets you mark it as closed rather than deleting it. This preserves all your transaction history while disconnecting the account from automatic updates and setting the balance to $0.

Closed accounts remain in your Accounts List but are clearly marked, helping you maintain complete financial records without mixing inactive accounts with active ones. Ashley uses this feature for paid-off loans and closed credit cards, keeping the payment history available for reference.

What Happens When You Mark as Closed

Account Changes

• Disconnects from the financial institution

• Balance automatically becomes $0

• No more transaction downloads

• Account remains visible in Accounts List

• All historical transactions preserved

• Shows as "Closed" status

What Stays the Same

• Transaction history remains intact

• Categories and notes unchanged

• Account appears in historical reports

• Can still view and export transactions

Important: Marking an account as closed in Quicken Simplifi cannot be undone. Once closed, you cannot reconnect the account.

Marking a Single Account as Closed

Use this when closing one account while keeping others at the same bank active.

1. Hover over the panel on the left-hand side and select Settings

2. Select Accounts

3. Locate the account you'd like to mark as closed and click the three dots at the end of it

4. Select Mark as closed

5. Click Confirm

Other accounts at the same financial institution continue downloading normally. Only the selected account closes.

Marking All Accounts at a Financial Institution as Closed

Use this when you've completely switched banks or closed all accounts at one institution.

1. Hover over the panel on the left-hand side and select Settings

2. Select Accounts

3. Locate the financial institution you'd like to mark as closed and click the three dots at the end of it

4. Select Mark as closed

5. Click Confirm

This closes every account under that financial institution at once. Choose carefully if you have multiple accounts.

When to Mark as Closed vs. Delete

Mark as Closed When

• You want to preserve transaction history

• Account was used for tax-relevant transactions

• You might need to reference old transactions

• Tracking payment history for credit reporting

• Maintaining complete financial records

Delete When

• Account was added by mistake

• Duplicate account with no unique transactions

• Test account with no real data

• No need for any historical record

Ashley learned this distinction after deleting a closed credit card and later needing the payment history for a warranty claim. Now they mark accounts as closed instead.

Common Scenarios

Paid-Off Loans Mark auto loans, personal loans, or mortgages as closed when paid off. This preserves your payment history while removing the $0 balance from active tracking.

Closed Credit Cards Keep the account for transaction history but stop updates. Useful for:

• Purchase records for warranties

• Tax deduction documentation

• Credit history tracking

Bank Switches When moving all accounts to a new bank:

• Transfer funds to new bank first

• Wait for all transactions to clear

• Mark old institution as closed

• Preserves records at old bank

Seasonal Accounts Some users mark seasonal accounts (like holiday clubs) as closed during off-seasons, though this requires recreating the connection annually.

Managing Closed Accounts

Visibility Options

Closed accounts remain visible but can be:

• Hidden from the main Accounts List

• Excluded from Reports and Spending Plan

• Filtered out of views when needed

Finding Closed Accounts

• Look for "Closed" status in Settings → Accounts

• Use filters to show/hide closed accounts

• Search transactions across all accounts including closed

Using Historical Data

Even though closed, you can still:

• View all transactions

• Export transaction history

• Include in date-ranged reports

• Reference for taxes or records

Best Practices

Before Marking Closed

• Ensure all pending transactions have cleared

• Verify the final balance is actually $0

• Export transactions if needed for external records

• Consider if you might reopen the account

Organization Tips

• Use consistent naming like "CLOSED - Chase Visa"

• Review closed accounts annually

• Consider deleting very old closed accounts with no tax relevance

• Keep documentation about why accounts were closed

Tax Considerations

• Keep closed accounts with tax-relevant transactions

• Don't mark investment accounts closed during tax season

• Preserve business account history for required periods

The Bottom Line

Marking accounts as closed in Quicken Simplifi provides the perfect balance between maintaining historical records and keeping your active finances organized. Use this feature instead of deletion when you want to preserve transaction history.

As Ashley says, "I mark it closed if there's any chance I'll need the history. You can always delete later, but you can't get deleted data back."

Hint: Create a simple spreadsheet listing your closed accounts with closure dates and reasons. Ashley keeps one with columns for Account Name, Close Date, Final Statement, and Reason Closed. This external record helps during tax prep and when you need to remember which old account had that specific transaction from three years ago. It's especially helpful since closed accounts can't be reopened in Simplifi.