Zero out all balances

HI there, 

We did teh same thing last year, we went from a Sole Prop to Inc. I was reccomended to start a whole new QBO account. both the old account and the new are still available to me when I log in. I choose which one I need. It allowed me to start fresh as a new compnay since it technically is and still have the history. 

@Jeanette

Starting a new file is a requirement, the s-corp is a legal entity, with an FEIN, state registration, new sales tax account, and payroll, in addition to other things.

The sole-p should file a final schedule C, closing the business. And if you have sales tax, then you need to close that too and get a fully paid statement from the state.

I may just save the entries in an excel format and clear out everything. I would need to have the backup for all of the previous years so could have it in the entries in the journals. If I close the one account it may not be available for very long, so I am concerned about getting a new account.

I know it is a separate entity, and the easy part is closing all of the sole proprietor accounts.  Here in Canada our tax laws are more complicated and different when closing accounts etc.  I may just download the journals of everything and wipe it clean then start anew. But thanks for the help