Downgrading from one version to another is currently not possible. This is because of the feature differences between plans.If you require a downgraded version, you’ll need to cancel your current subscription. Then, sign up for a new one. However, you can import and export data and transfer it to your other account.
You can import the following: Bank Data, Customers, Suppliers, Products and Services, Charts of accounts. For reports, you need to manually export each and import to your other account.
You can read this article for further information: Can I downgrade to QuickBooks Online Essentials, Simple Start, or Easy Start?
Here at Intuit QuickBooks, we are committed to building products and services that really meet your needs. I encourage submitting a feedback about downgrading QuickBooks version. Simply go to the Gear icon and select Feedback. Our product developers will check on it, and may consider adding it in our future updates.
You can drop a comment below if I can do anything else for you.
I found elsewhere on the QB site that you CAN downgrade the online version without going through the steps you list below - here is the link https://quickbooks.intuit.com/learn-support/en-us/account-management/what-happens-when-i-downgrade-f.... I was concerned with the conflicting information, and called QB Accountant Support, and they also said that the steps you listed below are incorrect. The link I show in this response shows what happens when a downgrade is selected.
I am not sure whether the downgrade option is applicable to QBO ZA version. As a workaround, consider this option:
1. Explore and utilize the trial period of this tool to copy your data between QBO accounts
2. Once you are ready to proceed, open a new account