Question

How to open a new set of books for a company?

Forum|Forum|6 years ago
June 8, 2020
5 replies
34 views

Hello,

A client wants to start over with a new set of books. Is there a way to open a completely new chart of accounts without having to pay for a second license and opening a "new company"?

The company has been using QuickBooks for many years and wants to keep history until 2019 as it is. However, from 2020 they want to continue with a completely new chart of accounts.

What are the options?

Thank you.

QuickBooks Online

C

continea

Level 5

Thank you for reaching out to the QuickBooks Community, tomas___. The only option to have a completely new chart of accounts or a new set of books would be to get another online subscription with us. Currently, QuickBooks Online doesn't offer the ability to create a "new company" file.

If you would like to proceed and get a new subscription, this link includes all the plans that we offer and their features.

If you have any other concerns or questions, please let me know. I will be more than happy to answer them. Keep in mind that the Community and I are always here to help at any time. Keep me posted.

C

catbax2545

Has this option changed? We have a new list/organization of our line items as well. We'd like to keep our history if possible.

DivinaMercy_N

Moderator

Hi there, @catbax2545.

I've come to provide information about your concern.

In QuickBooks Online (QBO), you can add multiple companies under the same account. However, each company is equivalent to one subscription. As per my colleague discussed above, getting another QBO subscription will allow you to enter a new list or organization for your books.

Also, in case you decide to create a new company file and cancel the previous one, you can still keep your history by exporting your data and saving it to your computer’s folder or to a hard drive.

In QBO, the chart of accounts is the foundation of your accounting processes, this is the program's backbone whose main function is to track your financial data. When you create a QBO company, it's best to understand it and set it up correctly. For more details, see this link: Learn about the chart of accounts in QuickBooks Online.

You can always count on me if you have any other questions about creating a QBO company file. Please leave a comment below. Wishing your business never-ending success.