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kc1972
Level 1

Starting a new QBO account but not delete the old data

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!

2 Comments 2
JessT
Moderator

Starting a new QBO account but not delete the old data

Hi kc1972,

 

It’s a good idea to start fresh with a new QBO subscription and only gather data from January this year. This process is achievable. However, if you'll cancel your existing/old subscription, our system will only keep your data for 1 year. After that, everything will be wiped out from the system.

 

Here are the things you can do:

 

 

Sign up for a new QBO using your existing credentials and connect your bank accounts to get the transactions starting January.

 

For the A/P and A/R balances, you can enter the balances of each vendor and customer as you create their profiles, or enter the unpaid bills and invoices, respectively. The latter is way better than just entering the balances because you can track your items.

 

Feel free to reach back out if you have other questions in mind.

Fiat Lux - ASIA
Level 15

Starting a new QBO account but not delete the old data

@kc1972 

I would recommend opening a new blank QBO account to start fresh from 2022.

https://quickbooks.grsm.io/US

https://quickbooks.grsm.io/us-promo

 

then migrate the trial balance from your old account and import them as beginning balance into your new QBO account. Utilize the migration tool to help you or purchase a 3rd party migration service.

https://transactionpro.grsm.io/qbo

 

Last step, migrate your data from old QBO account to QBD file format for your archive before cancelling it.

   

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