Greetings, @jenn-reid2013.
You can delete all your online data and start from scratch. This feature is available to QuickBooks Online Plus or Essentials subscriptions. Let me guide you on how this works.
- Log into your QBO account.
- Change the URL to include /purgecompany.
- Confirm you want to delete your company data, type Yes.
- Click OK.
- Choose Wipe Data.
Just a heads-up, you can do this for accounts that are less than 60 days from the day it is created and is irreversible. However, for accounts that are more than 60 days, you'd want to cancel your current account and start a new one. You can check this article for more detailed instructions: Delete your data and start over in QuickBooks Online.
The other option is for you to close your books for last year. By doing this, the expenses and revenue will be zeroed out and will go to their respective account at the end of the year. Here's how:
- Go to the Gear icon.
- Select Account and Settings.
- Go to the Advanced tab,
- Under the Accounting section, put a checkmark in the Close the books box.
- Enter the Closing date.
- Set whether or not a password is needed to change closed transactions.
- Hit Save.
- Click Done.
You can read through these articles for more detailed insights:
Lastly, you can create a journal entry to force your 2020 books to balance in specific ways. Once completed, you can follow the steps above to close your books and start a clean slate for this year. I'd recommend consulting your accountant so you'd be guided on the accurate path to take in managing your data.
Feel free to visit us here if you have other questions or concerns. I want to make sure that everything works well for you.
