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A
awogie
January 31, 2023
Question

Splitting companies

  • January 31, 2023
  • 1 reply
  • 0 views

I restructured from sole prop to incorporated mid year and just updated my BN and name in QBO. I now realize I should’ve started a new company so I need to split my QB from the date of incorporation. 
After creating a new company subscription, what steps would I take?

journal entries for transaction totals? Due to/from new company? 

What about bank accounts? 

1 reply

J
JamesM4
January 31, 2023

Hi awogie,

 

Congrats on incorporating your business. It's great to learn you're using QuickBooks to help streamline your work. Rest assured, I'll be happy to share more info and help steer you in the right direction. 

 

Based on what you've described above, you'll have to manually migrate your data from one account to the other. QuickBooks Online allows you to export your some of your data. Here's a helpful article that shows you how to export some of your data: https://quickbooks.intuit.com/learn-support/en-ca/import-or-export-data-files/export-data-out-of-quickbooks-online/00/262091. For importing your data to the other account, I encourage you to check out this helpful article as it shows you how to import your data into QuickBooks Online: https://quickbooks.intuit.com/learn-support/en-ca/help-article/import-export-files/common-questions-importing-data-quickbooks-online/L4OYJRFdj_CA_en_CA.

 

 You're also more than welcome to look into third-party migration apps on our app store by visiting http://www.apps.com. I recommend choosing an app that suits your business need based on the app description and reviews.

 

Feel free to ask other questions, I'm here to help guide you in the right direction. 

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