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Matteo_S
October 20, 2023
Question

Reset chart of accounts and start from clean slate

  • October 20, 2023
  • 1 reply
  • 0 views

Hello,

 

My company is transitioning to quickbooks, we're currently setting up the envrionment and will start using it next year.

We already decided exactly which accounts we'll want to create in the chart of accounts and what to call them, basing our deicsion off the setup in the previous software.

 

Unfortunatly quickbooks filled the chart of accounts upon first log-in, and it seems that the only way to get rid of them is to make them inactive.

 

Is there a way to delete all the data in the chart of accounts and create them from scratch maually?

 

Thanks

    1 reply

    MariaSoledadG
    MariaSoledadG
    October 20, 2023

    Let me share a few details with your QuickBooks chart of accounts so you'll know the closest option on how to handle your issue, Matteo.

     

    The chart of accounts provides an overview of your business and how the different financial parts are performing. When you create your company file, QuickBooks Online (QBO) automatically sets up standard accounts and gives you additional ones based on your business entity. Keeping them organized will help you especially when it's time to file your taxes.

     

    Currently, inactivating accounts is the only option that you can do instead of deleting them. However, you can still add more accounts anytime if you need to track other types of transactions. To do so, follow the outlined steps below:

     

      1. Go to Settings ⚙ and select Chart of accounts.
      2. Select New. Depending on your account view, you’ll either see a panel labeled New account or New category. Select the option you see below for next steps.

     

    To learn more about the next process when creating a new account, you may want to check this out for guidance: Add An Account To Your Chart Of Accounts In QuickBooks Online.

     

    Furthermore, consider reading this article to know how to review and categorize transactions once downloaded from your bank: Categorize Online Bank Transactions In QuickBooks Online.

     

    You can always post your reply below if you have additional questions about the chart of accounts. We're here to get you covered. 

    M
    Matteo_SAuthor
    October 20, 2023

    Hi, thanks for your answer

     

    I just created the company so it's not an issue to purge it and start from zero, is there a way to avoid quickbooks creating any accounts after the purging process?

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