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Good day,
Due to previous errors, our company has decided to close it's previous records prior to 2020 on quick books online and start again from 2020 using the audited financials of 2019 for the opening balances.
How do we go about this?
I would recommend these steps:
1. Export all of your report from current QBO account for archive.
2. You are unable to purge your current account. So you have to open a new QBO account
3. Set the opening balance of each account start Jan 1, 2020
4. Prepare any data for this year to be imported into your new QBO account. Utilize a 3rd party tool for certain transaction types if required (e.g sales receipt).
https://transactionpro.grsm.io/qbo
5. Don't forget to cancel your old QBO account.
Good luck!
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