You will need to reenter all transactions if you will create a new QuickBooks Online account, mharvey1.
This is because there's no feature to directly transfer or import transactions from one account to another, except or invoices and banking transactions. Also, QucikBooks Online does not have a sub-item option. This feature is only available in QuickBooks Desktop.
If you're using the Desktop version (QuickBooks Premier, Enterprise, or Accountant), you can use the Inventory Assembly feature to use or set up sub-items. You can use this article as a guide: Combine Your Inventory Items To Build Finished Goods.
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