Our nonprofit recently went through a transition where the CEO left the company. The bulk of the work that he did had to do with hosting large conference events. The accounting that was set up for the main QBO account that handled the allocation of finances for both the Events as well as a Film Library and other standard line items was not set up in an organized fashion.
With him leaving, I am feeling like the easiest thing to do, especially with starting "fresh" in 2022, is to have the current account end at December 31, 2021, and start a fresh new account starting January 1, 2022. This would allow us to set up a whole new Chart of Accounts that accurately reflects the finances of the company moving forward.
The one caveat: We cannot lose that data, especially as the accountant is reviewing the transactions and any discrepancies that require resolution. Thus, I am wondering if it would be possible to have the bank transactions for 2022 be turned off for the current account, and then to create a new account linked to the bank moving forward, where the starting balance would be on January 1, 2022? If the old account itself cannot be kept "open" - how best to export the data in order to preserve it?
Thanks!
