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September 9, 2023
Question

How do I start a new year and file with a zero balance??

  • September 9, 2023
  • 1 reply
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1 reply

DivinaMercy_N
September 9, 2023

Hello there, @khillsold. I'll share some details on how you can start new in QuickBooks Online (QBO). 

 

If you're referring to starting with a fresh QBO company file, the process depends on how long you've been using it. 

 

For QBO companies that are 60 days old or older, you can cancel it to start a new company by signing up for a new account. Here's how:

 

  1. Sign up for QBO.
  2. Next, enter your user ID and password. You can use the same user ID and password as before.
  3. Then if your previous company had payroll, make sure to add Payroll in Step 2 of the sign-up process.

 

If your books are less than 60 days old, you can purge your company to delete the data and start a new file after the process. Here's how:

 

  1. Log in to your QBO account as an admin.
  2. Once signed in, open this link. Alternatively, you can go to the following web address:
  3. Next, to confirm you want to delete your company data, enter Yes, then select OK.
  4. Then, click your industry from the dropdown.
  5. Select Create accounts based on my industry. This helps QBO set up your chart of accounts after your data is wiped. Don't select Create an empty chart of accounts unless you've checked with your accountant first.
  6. Click Wipe data.

 

For reference, check out this link: Delete your data and start over in QuickBooks Online. 

 

The program also lets you close your books to prevent unwanted changes before filing your taxes. This method locks your books so no one can edit your accounting data before the closing date.  

 

The QuickBooks Community forum is open 24/7 to promptly respond to our customer queries, so please don't hesitate to post a question again here. I'll be here ready to lend a hand to resolve your issue.