I started new company on QB and i made errors and all my balances on bank account and a/p are incorrect. Can I wipe everything and start over ?

Yes, you can wipe out your data and start over in QuickBooks Online (QBO), nitabethmoore. I’ll explain this further.

Deleting data in QBO can help you correct errors or reorganize financial information. This process allows you to start fresh and can benefit your organization. However, you should think carefully before doing this. Ensure your actions meet the specific needs of your business.

Thus, if your company file is less than 60 days old you can follow these steps to delete your company data.

1. Sign in to your QuickBooks Online account as an admin.
2. If you're already signed in, make sure it's the company you want to purge.
3. Once you're signed in, open this link. Alternatively, you can go to the following web address: https://app.qbo.intuit.com/app/purgecompany
4. To confirm you want to delete your company data, enter Yes, then select OK.
5. Choose your industry from the dropdown menu.
6. Click Create accounts based on my industry. This helps QuickBooks set up your chart of accounts after your data is wiped. Don't click on the Create an empty chart of accounts unless you've checked with your accountant first.
7. Once done, select Wipe data.

Meanwhile, if your company file is 60 days old or older and you wish to avoid canceling and starting over, you'll need to manually correct your financial records. If you're uncertain about how to proceed or if your financial data is complex, it's a good idea to consult an accountant for assistance.

For more information, you can check out this article: Delete your data and start over in QuickBooks Online.

Moreover, in QBO, you can view your account in two ways: Business View and Accountant View. Your default view is set when you first set up QuickBooks. You can easily switch between these views whenever you want. Changing your view will not affect your accounts or data.

Finally, whether you need expert guidance, assistance with organizing your books for tax time, or a dedicated bookkeeper to manage your accounts, QuickBooks Live Expert Assisted is here to help.

I’m here to help ensure everything is set up correctly for your business needs. Just count me in if you need more help with handling your company file.