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Olashina19
August 14, 2020
Question

Recreating a company account

  • August 14, 2020
  • 1 reply
  • 0 views

Good day,

 

Due to previous errors, our company has decided to close it's previous records prior to 2020 on quick books  online and start again from 2020 using the audited financials of 2019 for the opening balances.

 

How do we go about this?

1 reply

Fiat Lux - ASIA
Fiat Lux - ASIA
August 14, 2020

I would recommend these steps:

1. Export all of your report from current QBO account for archive.

 

2. You are unable to purge your current account. So you have to open a new QBO account

https://quickbooks.grsm.io/EU

 

3. Set the opening balance of each account start Jan 1, 2020

https://quickbooks.intuit.com/learn-support/global/getting-started/what-s-an-opening-balance/01/383093#M77

 

4. Prepare any data for this year to be imported into your new QBO account. Utilize a 3rd party tool for certain transaction types if required (e.g sales receipt).

https://transactionpro.grsm.io/qbo

 

5. Don't forget to cancel your old QBO account.

 

Good luck! 

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