Hello, sunnyvaleassist!
Welcome to the QuickBooks Community! Let me share information about restarting your company for 2021. But first, we'll talk about the thing you can do with your existing QuickBooks.
If you no longer use your existing QuickBooks, you can cancel it to stop the system from taking charges from your account. You will still be able to access your QBO company for 1 year, but you can't make changes to it unless you re-subscribe. After that time, the system will wipe out your data, so it’s best to download a copy of your financial reports before canceling your subscription.
To cancel your subscription:
- Click on the Gear icon and choose Accounts and Settings.
- Choose Billing & Subscription.
- In the QuickBooks section, select Cancel subscription or Cancel online.
- Follow the on-screen steps to finish the cancelation.
Regarding the restart for 2021, this can be achieved by signing up for a new QBO plan. Then, you can enter the opening balances of your accounts for this year. Example: To enter the Accounts Receivable's opening balance, you would want to enter each customer's opening balance or create a lumpsum invoice for each of them.
If you will be using your existing list of accounts, names, etc., you can export them from your existing QBO and import them to the new QBO. Please refer to this article: Move your lists to QuickBooks Online.
I'm just right here if you need further assistance along the way, but I'm very much positive that you can do this with ease. Just remember that we are available 24/7, so you can visit us back anytime.
