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I selected one of the industry options and QBO set up all these accounts. I thought I knew what to record as income and expense but I had no idea about those balance sheet entries except for the bank accounts. When a QuickBooks Online subscription is within 60 days of activation it is pretty easy for you to start over from scratch, so long as you are using either QuickBooks Online Essentials or QuickBooks Online Plus.
If you are using QuickBooks Online Simple Start and wish to start over, you must actually cancel your current subscription and then start over with an entirely a new subscription.
It will purge, delete completely, all of your data that has been entered into your QuickBooks Online subscription. Once you have purged this data, the deleted data cannot be restored, nor can this process be reversed once you have confirmed that you want your data deleted see the confirmation step below Steps to Purge your QuickBooks Online Data: Step 1 - Log in to your QuickBooks Online Company normally and make certain you are on the homepage.
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Since you mentioned that you thought some of the accounts QBO set-up the first time might not be right for your actual business, you have the option on this screen to select a different industry type you think is more appropriate for your business. If you don't want QBO to create any accounts based on the new industry selection, you have the option to start over with an empty chart of accounts so that you can then create accounts as you need them.
Step 6 - Once you have made your selections, click the blue Wipe Data button. When the deletion is complete you will be re-routed to your new QuickBooks Online home page.
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That pretty well is it, you can start over and hopefully this time you can get your accounts and data set-up just the way that is right for you.