If you have Essentials (or higher) plan and your account has been active for 60 days or less, you can wipe out your company data file and also create a new chart of accounts at the same time if you want.
To wipe the data and create a new COA from your QuickBooks Online account:
- Log in to your QuickBooks Online Company.
- Change the URL to include /purgecompany.
Example: URL shows https://qbo.intuit.com/c28/app/homepage
- change to: https://qbo.intuit.com/c28/app/purgecompany
- The next screen will provide a summary of the items to be deleted. Type the word yes if you want the data deleted, then select OK.
- Select “Create an empty chart of accounts (select only with the advice of an accountant)” under Create accounts based on my industry tab. (THIS IS ONLY IF YOU WANT TO WIPE OUT EXISTING CHART OF ACCOUNTS AND CREATE A NEW COA). QBO will leave with few defaults accounts only.
- Select “Wipe Data” once your selections are complete.
When the deletion is complete, you’ll be rerouted to your home page.
Warning: Please keep in mind that this process will delete all data entered into the company. Once the data is deleted, it can’t be restored or reversed.