If you remove the money, you would post the money to the bank account(debit) and credit this account. Once you have cleared the balance, it will not show. 

Go to Options Tab > global options  - and turn on 2 line display.  It will help you immensely. 

We would advise you to speak with your CPA prior to making any adjusting entries to remove the balance from its existing account. Once your CPA advises you as to which G/L Account they want the adjusting entry posted to, you can make a General Journal Entry to effect both accounts.

Thank you for your answer. We aren't removing the money in the line of credit. We are closing the line and I no longer need it to show as an account. However, the $100,000 credit line that is available still shows on the balance sheet.

Unfortunately, my CPA was diagnosed with cancer a few months ago and is unreachable. I need to get a new one, but in the meantime, I really need to figure this out.