I'm a new user to the QuickBooks app during set up I chose the wrong settings for payees, expenses and income. How do I clear my data and start over?

Hi there, 

Welcome to the QuickBooks family! I'll be happy to guide you in the right direction so you can use the program with ease. 

Your assumption about the your data being online/cloud is correct. This means you'll have to go through the account purging process in order to achieve the goal you've reached out about. QB Online allows you to delete the data on your account only if your account is under 60 days of usage since the date you started your subscription. If your account is within 60 days, please follow the steps below to delete your data:
 

Important note: This process will delete all the data in the company file. Once you delete it, you can’t restore it.

1. Log in to your QuickBooks Online Company.
2. Change the URL to include /purgecompany
   Example: Change https://sg.qbo.intuit.com/app/homepage to https://sg.qbo.intuit.com/app/purgecompany
3. The next screen will provide a summary of the items to delete. Type YES to delete the data, then select OK.

Here's an helpful article with more info about starting over and what to do if your account is over 60 days. 

Feel free to ask other questions. I'm here to help you achieve your QuickBooks goals.