Closing the books in a way that sets balance sheet accounts to zero.

Yes, it is possible to close your books, @Sweetunda.

Thank you for joining us here in the Community. I'll be more than happy to help walk you through the steps on how to close your books in QuickBooks Online. 

To close the books, it requires a master admin or company admin access. Please make sure to review any outstanding invoices, expenses, and payments. Also, you'll have to reconcile your accounts. This ensures everything is accurate before performing the steps below. 

1. Go to the Gear icon ⚙ on the upper right side. 
2. Select Account and Settings. 
3. Choose Advance, then click the Edit button in the Accounting section.
4. Put a checkmark in the Close the books box.
5. Pick a closing date on the calendar. 
6. Click the drop-down arrow below the date and choose either of the two. 

• Allow changes after viewing a warning and entering a password- if you want to require a password before editing the closed books.
• Allow changes after viewing a warning- without a password when editing the books. 

      7. Hit Save and close. 

Your company name represents your brand. It appears in your sales form and purchase order. With this, I suggest consulting your accounting. They can determine the proper company name you'll need to use for each financial year. Once verified, proceed with the steps below.

1. Go to the Settings ⚙, then choose Account and Settings. 
2. Click Company located on the upper left pane. 
3. Hit the Pencil icon beside the Company name. 
4. Modify the name and tap Save. 
5. Click Done. 

For more information about changing company information, please visit this article: Change your business name, contact info, or EIN in QuickBooks Online.

Please check out this article: Edit your closed books. This link guides you on how to change your closing date and password you use to lock the books. Also, you'll learn more about how to access reports to see any changes made after you close the books.

Feel free to leave a comment by clicking the Reply button below if you have follow-up questions. I'm always here to help. 

Thanks so much @Michelle_b! This is the process I followed last year and now I think this is exactly what we need to do. My accountant is more familiar with QB desktop - maybe that has differently functionality around creating a separate database for each year.  Thanks again. 

You're most welcome, @Sweetunda. 

Good to hear that you already know the process in closing the books.

Please know that you're free to post any concerns or questions regarding QuickBooks. I'm always here to help. Have a nice day ahead, Sweetunda.

Hi i am wondering if i were to close the book to restart the account all over, will the items/product code and all the data will be wiped off or will remain as it is?

Hi there, natashamysgp. 

I have the information that will clear everything up about closing books in QuickBooks Online.

The details of your items/products won't be affected by closing your books. This effectively resets the balance of your accounts to zero. This process will also lock your accounting data for the financial period to prevent unwanted changes before you file your taxes. 

Use this as a resource to learn more about this process: Close your books in QuickBooks Online.

You can also refer to this article for assistance with your year-end tasks: QuickBooks Online year-end guide and checklist.

Return to this thread if you require assistance or have further questions. I'd be glad to help.