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amber39
January 11, 2022
Question

I want to close my business as of August 2021 but I still want to use Quickbooks for my personal use. How do I do that?

  • January 11, 2022
  • 1 reply
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1 reply

P
Pete_Mc
January 11, 2022

Simplest way would be to just open a new QBO Account and pay for both for a few months.

 

The other option might be to Export your Company data to a QB Desktop File (maybe your Accountant can help) so you have an archive copy.  I'd also print (to PDF) as many reports and Account Registers, Client list, Vendor list, etc., etc. so that you have as much data as possible to quickly reference.   Worse case would be to take the copy of you data to your Accountant to open the files again.  (But if you needed to do that, you'd probably need an Accountant anyway....)

 

Then you can totally reset your QBO Account.

  • Sign into your QBO Account
  • Edit the URL up in the address bar by removing everything after the "app/" and enter purgecompany  (e.g. https://...qbo.intuit.com/app/purgecompany)
  • Click Yes to confirm the action

 

Then follow the remaining prompt so create a new account and just put in your personal accounts.

 

Just be sure EVERYTHING has been done with your company and the Accountant confirms everything that needs to be filed has been done before you pull the plug.

 

AlexV
AlexV
January 11, 2022

Hi amber39!

 

Thanks for posting here. Allow me to assist you in using QuickBooks Self-Employed for personal use.

 

You can categorize the transactions in QuickBooks Self-Employed (QBSE) as Personal. You can do this if you'd like to continue using the same QBSE account for your personal use. Check this article to know more on how to organize your transactions: Categorize transactions in QuickBooks Self-Employed.

 

You can also export the transactions and reports in QuickBooks Self-Employed. Here's the link for the steps: Export transactions and get reports in QuickBooks Self-Employed.

 

If you'd like to start from scratch, you can cancel your current subscription and set up a new account for your personal use. Note that your data will be kept for one year before it gets deleted.

 

Lastly, I added this article if you haven't filed your taxes yet: QuickBooks Self-Employed annual tax guide.

 

I'll be here if you need more help with this. Take care!

P
Pete_Mc
January 11, 2022

Actually...  I believe he means to keep his Personal Finances, not just a personal transaction entered into a Company Account. 

 

I would not recommend he keep using the Company File of a closed business for his Personal Finances.  Reports could potentially have both business and personal information combined.  And it can get really messy in an audit if he chooses to add personal bank accounts and records for last year (or even further back) where both company and personal information overlaps. 

 

Much better to start fresh, whether it's a new QBO account or just resetting the existing one.

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