Quickbooks Online is a powerful financial management software that offers businesses the ability to keep track of their finances with ease. However, sometimes, you may need to delete a company from Quickbooks Online. Such a situation may arise when you have either sold or dissolved or no longer managing a particular company or just want to clean up your Quickbooks Online files. In any case, deleting a company is a simple process but requires careful attention to avoid any data loss. In this article, we’ll walk you through the steps on how to delete a company from Quickbooks Online.
Video Tutorial:
What’s Needed
To delete a company from Quickbooks Online, you’ll need to ensure that you have the login credentials for the specific company you are looking to delete. Once you have the login credentials, ensure that you verify that you are, without a doubt, the owner of the company to be deleted.
What Requires Your Focus?
There are certain things to be mindful of when deleting a company from Quickbooks Online:
- Before deleting a company, ensure that you have a backup of all the data associated with the company. This will help you retrieve any necessary data if needed in the future.
- Ensure that you are logged into the specific company account that you want to delete
- Ensure that you are not deleting an account that is still active and being used.
Different Methods to *
There are different methods to delete a company from Quickbooks Online:
Method 1: Via the Settings
This method requires you to log in to Quickbooks Online and have the correct permissions to delete a company. Follow the steps below:
Step 1: Sign in to Quickbooks Online using your admin credentials.
Step 2: From the Dashboard, click on the “Gear” icon located in the Toolbar.
Step 3: Click on the “Account and Settings” option.
Step 4: On the left side of the page, click on “Billing & Subscription.”
Step 5: Click on “Cancel Subscription.”
Step 6: Then select “Continue to Cancel.”
Step 7: Enter your billing and alternate contact information once prompted.
Step 8: Once you fill-out all the required fields, click “Submit and Cancel Subscription.”
Pros:
- Quick and easy
- No data loss
Cons:
- You’ll need to verify that you’re canceling the correct subscription
Method 2: Via Customer Service
This method requires you to contact the Quickbooks Online Customer Service. Follow the steps below:
Step 1: Visit “Help QuickBooks Online” and click on “Contact Us.”
Step 2: Specify your concern and choose to chat or call the customer service representative.
Step 3: Verify your identity.
Step 4: Notify the customer representative that you want to delete your company account.
Step 5: The customer representative will ask you to verify your account information.
Step 6: Once the verification process is completed, the customer representative will delete your company account.
Pros:
- Easy and stress-free
- No data loss
Cons:
- You have to call or chat with customer service.
- You have to verify your account information.
Method 3: Via Accountant
This method requires the services of an accountant. Follow the steps below:
Step 1: Share the accountant access with your external accountant.
Step 2: An accountant can either remove or delete the account for you.
Pros:
- No data loss
- An extra set of hands to assist you in the process.
Cons:
- You will need to have an external accountant
- This method may take longer than the others
- You will need to have a contract with an external accountant
Why Can’t I Delete My Company in Quickbooks Online?
There are some reasons why you might not be able to delete your company in Quickbooks Online. Here are the common ones and how to fix them:
1. Wrong Credentials: Ensure that the login information for the account is correct. Log in with the correct credentials.
2. Active Subscription: Before you can delete your company account, you need to cancel your subscription first. Follow the steps listed above to cancel your subscription.
3. Your account holds and deposit balances are negative: Before deleting your company account, address any unresolved negative account balances. You cannot delete your company account if there are any unresolved negative account balances. To resolve these balances, make a deposit or enter a payment to offset the negative balance.
Implications and Recommendations
Deleting a company from Quickbooks Online can lead to data loss if not done correctly. Ensure that you have a backup of all necessary data before you proceed to delete a company.
Also, avoid deleting a company impulsively or in haste. Ensure that you’ve fully thought it through and that there’s no need to keep any data or records.
5 FAQ’s About How to Delete A Company from Quickbooks Online
Q1. Can I create a new company once I delete my old company?
A1. Yes, once you delete your old company, you can create a new company with the same login credentials.
Q2. Can I recover my data once I delete my company?
A2. No, once you delete your company, all data associated with it is permanently deleted, unless you have a recent backup.
Q3. Will I be charged any penalties or fees if I delete my company?
A3. No, you won’t be charged any penalties or fees for deleting a company.
Q4. How long does it take to delete a company?
A4. The time it takes to delete a company varies with the method you use. However, most methods take less than 24 hours.
Q5. What is the difference between deleting and canceling a subscription?
A5. Canceling a subscription means that your company is inactive, but your data is still accessible. Deleting a company removes all data associated with it permanently.
In Conclusion
Deleting a company from Quickbooks Online is easy but requires careful attention to avoid any data loss. We hope this article has given you insight into the process and the different methods available to you. Remember, before deleting a company, ensure that you back up all necessary data, and think it through thoroughly.