We recommend you archive accounts only where there is a $0 balance displaying.
If any of your bank accounts or credit cards have a statement balance displaying and no transactions they might have been used and never closed off in previous financial years. Before archiving these bank account/credit cards make sure you take care of your statement balances with the correct accounting transactions.
If any of your other balance sheet accounts have a statement balance in the chart of accounts then you have been posting to this account during the current or prior financial year. Add your adjusting journals making sure the balances are $0 before archiving or deleting any of them. Income and Expense accounts can be archived without any concern.
Archive or Delete a Chart of Account
- In the Accounting menu, select Advanced, then click Chart of accounts.
- Select the checkbox for the account you want to delete or archive.
- Click Delete or Archive, then click OK.
Link to Xero support article.