You will need to move all completed transactions for the child to history.
Any non-completed transactions will either need to be completed or voided.
Removed history for the child so there is no transactional history for the child.
If the parent has transactions information, this will need to be removed as well.
Once all transactional information is gone, you can remove the link from the National Accounts window.
Option 2:
You could use the Customer Modifier/Combiner tool and combine it into a new customer, so the national account no longer exists. The national account relationship should be removed and this way the transactions are maintained as well.
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