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Upgrade from QuickBooks Sole Trader to QuickBooks Online

by Intuit Updated 2 months ago

Is your business growing rapidly? Congratulations on your success! As your operations expand, you might be looking for a more comprehensive accounting solution. Learn how to seamlessly switch from QuickBooks Sole Trader to QuickBooks Online to better manage your finances and support your business growth.

Things to note before you upgrade

Once you upgrade to QuickBooks, it's not possible to downgrade back to QuickBooks Sole Trader. After upgrading, you'll have flexibility to edit your chart of accounts. However, your chart of accounts will no longer be automatically mapped to your tax form. You'll need to manually map your accounts to your tax form. If you wish to return to QuickBooks Sole Trader, this will require a brand new subscription. 

You can only upgrade through the web browser at this time. Make sure to sign out and sign back into the QuickBooks mobile app to see the new experience after upgrading.

QuickBooks Online doesn't support goal setting. If you've added goals in QuickBooks Sole Trader, they won't appear in your new QuickBooks Online file.

Bank transactions that were imported to QuickBooks Sole Trader won’t be visible on the Bank transactions page of QuickBooks Online. However, because all QuickBooks Solopreneur banking transactions have been categorised, they’ll remain in your books as deposits or expenses. You can view and edit them through other centres, such as Expenses (Take me there), All sales (Take me there), and Invoices (Take me there).

You won’t need to reconnect any bank accounts that you connected while on QuickBooks Sole Trader. Once upgraded, new bank transactions will begin to import into your Bank transactions page as they become available.

It’s possible that duplicate bank transactions may appear in the For review table of the Bank transactions page once you upgrade. Learn how to exclude duplicate bank transactions from your books.

Upgrade your subscription

Step 1: Choose a new plan

Check out the available pricing plans to see which subscription level is right for you.

Step 2: Upgrade your subscription

  1. Sign in to your QuickBooks Sole Trader Account 
  2. Go to Settings Settings gear icon. and select Subscriptions and billing.
  3. Make sure your payment info is up to date.
  4. In the QuickBooks section, select Upgrade your plan.
  5. Review the available plans and then select Choose plan.
  6. Follow the on-screen steps to upgrade your plan.

Visit our Upgrade or downgrade your QuickBooks Online article, for more information on updating your QuickBooks Online product.

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