When downgrading the quickbooks package from plus to essentials it says I will lose data - what exactly does this mean? All the accounting data?

Opening: Hello Elaine39, thanks for reaching out! I understand how important it is to ensure that your data in QuickBooks Online remains unaffected when downgrading your subscription from Plus to Essentials. Let me clarify this for you.

The answer is no, you won’t lose your core accounting data, such as transactions, invoices, or records. However, some features specific to the Plus plan, like inventory tracking, will no longer be accessible after the downgrade. For example, if you have inventory items and switch to QuickBooks Online Essentials, your inventory items will be marked as inactive and will no longer appear in your Product and Services list. While existing transactions that used those inventory items will still reflect accurate data, you won’t be able to use inventory-related fields in future transactions.

Essentially, the features tied to specific subscriptions will still show their effects on previous transactions, but they won’t be available moving forward in the Essentials subscription.

To protect your data, we recommend exporting your reports and lists into an Excel file. This way, you’ll have an additional backup for future reference. You can check out this article for detailed steps: Export your data from QuickBooks.

For more details on the specific features available in each plan, and which data needs to be turned off, removed, or deactivated to downgrade, please refer to this resource: Upgrade or change your subscription.

I hope this helps ease any concerns you had! If you have more questions, whether it's about subscriptions or anything else related to QuickBooks, don't hesitate to reach out. My goal is to make sure your experience with QuickBooks is smooth and hassle-free, and I'm always here to help.