We have business aac in QB as Sole Tader. Now, we became Pty Ltd comp. How do we close the Sole Trader buz acc in QB from 20-Mar & add a new Pty Ltd Buz acc in QB online?

We're glad you've posted here in our Community forum, Satish. Please know that I appreciate you for reaching out to us here in the Community space.

To ensure we are aligned, can you provide more specific details about the help you need in closing the Sole Trader business account? Do you want to close your QuickBooks Online account, close your books, or change the business industry within your account? We'll greatly appreciate any additional information or screenshots that help us provide accurate information and resolutions.

We're looking forward to hearing from you. Have a great day!

Do you want to close your QuickBooks Online account, close your books, or change the business industry within your account?

We converted our company Grava from Sole Trader to Pty Ltd. Thus, close all activities and transactions in QB online for Grava Sole Traders by 20-March-2024. Then, create a new account in QB online to capture all transactions and activities for Grava Pty Ltd from 21-March-2024 onwards.

Thanks for getting back to us, Satish.

If the ABN number for the Pty Ltd business did not change, you can still use the same QuickBooks Online subscription. However, if you've been assigned a new ABN number for the new business type, you'll have to sign up for a new QuickBooks Online subscription.

To change the company type:

1. Log in as admin in your QuickBooks Online account.
2. Go to Settings ⚙, then choose Account and settings.
3. Select Company tab,
4. In the Company type section, click on the Edit ✎ icon.
5. Select the appropriate Tax form and Industry type for your new business structure.
6. Once done, hit Save.

If you wanted to create a new QBO file for the new business type, I recommend exporting list and reports for the existing company file and then cancel the account later on to avoid duplicate charges.

If you require further assistance, I recommend contacting our Customer Care Team through Chat or Phone by clicking on the Help icon in QBO and click on Contact Us.

Feel free to post again in the Community if you have further concerns. 

Hi,

Thank you for the reply, it gives some clarity. However, there are still unanswered questions. I tried to chat few times but it is not working in QBO. 

ABN changed when we moved from Sole Trader to Pty Ltd. Please suggest on following

1. We have not closed business account for Sole Trader in QBO and have NOT started business account for Pty Ltd in QBO. What will happen to transactions that are done in between closing business account for Sole Trader in QBO and starting business account for Pty Ltd in QBO? For example, I got my business cards printed on 28 March after the Pty Ltd was formed in 21-Mar?

2. How to close the business account for Sole Trader in QBO? Do we need to cancel subscription or some other steps? If required. how we can access data after closing?

3. How GST will be balanced between transactions during business account for Sole Trader in QBO and transactions in business account for Pty Ltd in QBO?

4.  GST was registered at the time of business account for Sole Trader, will it continue same for Pty Ltd even though Sole Trader and Pty Ltd have different ABNs?

Appreciate your inputs.

Regards,

Satish

Thanks for getting back to us, Satish.

With regards to what will happen to the transactions that are done between closing the business account, you can record or add the transaction to the business structure you want it to be recorded. If you are not sure how to record the transaction that happened in between dates, it would be best to consult your accountant for this.

To close the sole trader QuickBooks Online account, you can cancel the subscription when you've exported or downloaded the reports and list. Here's how to:

1. Log in to QuickBooks Online using a web browser.
2. Click on Settings icon.
3. Click on Billing & Subscription.
4. Find the product you wanted to cancel, then click on Cancel subscription.
5. Fill out the survey and click on Continue cancel.
6. Click on Got it.

After cancelling your QuickBooks Online subscription, your data will remain available in read-only access for 12 months from the cancellation date, as long as you log in once every few months. It's best to export all reports and list prior to cancelling the account.

As for balancing GST, since you'll sign up for a new QBO file for the new business type make sure you recorded the transactions occurred for this account and apply correct GST code to track them in your BAS. Since it is a new QBO file, you will have to set up GST an enable e-lodgment with the ATO once more. Again, it is best to contact your accountant for any accounting advised to make sure you are recording your books correctly.

To find an accountant check this link https://quickbooks.intuit.com/au/find-a-proadvisor/ and click on Find a ProAdvisor.

Post again in the Community if you have questions about QuickBooks Online. 

asdfas

Thanks for reaching out to the Community, satish.

I would love to help you, but I need some information about your concern. Could you please provide more details regarding your concern?

Any additional info or a screenshot of the interface will be greatly appreciated. We are looking forward to your reply. Have a good one!

We have business account in QB online as Sole Tader. Now, we have became a Pty Ltd company. How do we close the Sole Trader business account in QB online from 20-Mar & add a new Pty Ltd company Business account from 21-March in QB online?

ABN changed when we moved from Sole Trader to Pty Ltd. Please suggest on following

1. We have not closed business account for Sole Trader in QBO and have NOT started business account for Pty Ltd in QBO. What will happen to transactions that are done in between closing business account for Sole Trader in QBO and starting business account for Pty Ltd in QBO? For example, I got my business cards printed on 28 March after the Pty Ltd was formed in 21-Mar?

2. How to close the business account for Sole Trader in QBO? Do we need to cancel subscription or some other steps? If required. how we can access data after closing?

3. How GST will be balanced between transactions during business account for Sole Trader in QBO and transactions in business account for Pty Ltd in QBO?

4.  GST was registered at the time of business account for Sole Trader, will it continue same for Pty Ltd even though Sole Trader and Pty Ltd have different ABNs?

Hi Satish,

With regards to what will happen to the transactions that are done between closing the business account, you can record or add the transaction to the business structure you want it to be recorded. If you are not sure how to record the transaction that happened in between dates, it would be best to consult your accountant for this.

To close the sole trader QuickBooks Online account, you can cancel the subscription when you've exported or downloaded the reports and list. Here's how to:

1. Log in to QuickBooks Online using a web browser.
2. Click on Settings icon.
3. Click on Billing & Subscription.
4. Find the product you wanted to cancel, then click on Cancel subscription.
5. Fill out the survey and click on Continue cancel.
6. Click on Got it.
    

After cancelling your QuickBooks Online subscription, your data will remain available in read-only access for 12 months from the cancellation date, as long as you log in once every few months. It's best to export all reports and list prior to cancelling the account.

As for balancing GST, since you'll sign up for a new QBO file for the new business type make sure you recorded the transactions occurred for this account and apply correct GST code to track them in your BAS. Since it is a new QBO file, you will have to set up GST an enable e-lodgment with the ATO once more. Again, it is best to contact your accountant for any accounting advised to make sure you are recording your books correctly.

To find an accountant check this link https://quickbooks.intuit.com/au/find-a-proadvisor/ and click on Find a ProAdvisor.

Post again in the Community if you have questions about QuickBooks Online.