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SMBakerBooks
March 13, 2023
Question

Need to start a new company file using data from a current file

  • March 13, 2023
  • 2 replies
  • 0 views

I need to start a new company file due to the current working file being too large and having some corrupt data. I have 9 employees working within the current company file. I'd like the new company file to start 4/1/2023 with the 2023 1st quarter balances. I need to do this and have my employees working at the same time. Any advice on the best way to accomplish this would be appreciated.

2 replies

C
ChristieAnn 11
March 13, 2023

Hi there, SMBakerBooks.

 

Thank you for visiting the QuickBooks Community. I'll be sharing steps to make sure you can start a new company file.

 

To start with, create a copy of an existing company file and condense the file to remove all the transactions. This gives you a basic framework to use for your new company file. 

 

Here's how:

 

  1. Go to the File menu and select New Company from Existing Company File.
  2. Select Browse and find the company file you want to copy.
  3. Select the file and then Open.
  4. Give the copy company file a name.
  5. When you're ready, select Create Company.

 

QuickBooks copies your preferences, sales tax items, memorized report, and chart of accounts to the new company file. However, please know that it doesn't bring over bank or credit card accounts. It also doesn't copy sensitive info, like Employer Identification Number (EIN) or payroll.

 

Once done, you can now delete entries from the copied company file. The backup you restored creates a new company file with the same accounts, lists, templates, and preferences. To start fresh, remove the transactions QuickBooks also copied over. You can open this article to see further details and how to complete the process so you can begin a new company file using data from a current file: Create new company files from existing ones in QuickBooks Desktop.

 

After that, install and configure QuickBooks Desktop on a server so that computers on your network can access your company files. This is known as enabling multi-user mode and it ensures that your employees can work with the new company file.

 

Lastly, you may refer to this article to view different solutions on how you can fix general problems when your company file won't open: Can't open your company file in QuickBooks Desktop.

 

Don't hesitate to leave a comment below if you still have concerns about QuickBooks or additional questions about setting up a new company file. I'll get back to help you the best that I can, SMBakerBooks. Have a great day!

S
SMBakerBooksAuthor
March 13, 2023

While I do appreciate the response, it's vague and not really helpful. I understand the concept of creating a new company file, however, I'm looking for the best possible solution for my specific set of needs.

DivinaMercy_N
DivinaMercy_N
March 14, 2023

Hello there, @SMBakerBooks. I want to help you start a new company file using data from a current file in QuickBooks Desktop (QBDT).

 

Thanks for getting back here and sharing your insights about the recommendation of my colleague. The steps provided are to use the Condense Data tool to create a new company file from the existing one. In this method, you'll need to delete the transactions in the existing file to start fresh.

 

As another option, you can also create a new company file and carry over the data you need from the existing file. I'll guide you on how. 

 

To start, let's keep a copy of your account balances (2023 1st quarter balances) for 4/1/2023. This will be used to enter your beginning balances. Here's how:

 

  1. Ensure your books are up to date. Then, go to the Reports menu.
  2. Next, select the report you want to keep a copy of:
    • Account balances: Select Company & Financial, then Balance Sheet Detail.
    • Customer balances: Select Customers & Receivables, then Customer Balance Detail.
    • Vendor balances: Select Vendors & Payables, then Vendor Balance Detail.
  3. You can also customize the reports and set the correct date. 
  4. On the report window, select the Print dropdown.

 

After that, you can now export your lists to avoid entering them manually. The data from your old company file will be carried over to your new one.

 

Next, create a new company file.

 

Once done, import your lists and enter the beginning balances. 

 

When finished, you can re-set up your QuickBooks features and services to help you manage your books. For reference, check out this article: Start a new company file with data from your existing file. 

 

I'm just around the corner if you have any other concerns about managing your company file. 

R
Rob5935
May 17, 2023

When the new company file is created, do the purchase orders get copied to the new company file as well as the other data or is this done differently?

R
RoseJillB
May 17, 2023

Hi there, @Rob5935.

 

Let me share insights about copying your data to a new company file in QuickBooks Desktop (QBDT).

 

If you already have an existing company file, then you won't need to start from scratch to start a new one. That said, you can copy and use some of your previous data such as the accounts, lists (customers, vendors, items, etc.), templates, and preferences.

 

To start, let's copy an existing file and condense this to remove all the transactions. This option will give you a basic framework to use for your new company file. 

 

If you use Enterprise or Accountant, you can make use of a function that lets you quickly create new company files from older ones. Consider it a method of producing corporate file templates.

 

Here's how:

 

  1. Go to the File menu and select New Company from Existing Company File.
  2. Click Browse and locate the company file you want to copy.
  3. Click the file and Open it.
  4. Name the file. Then, when ready, select Create Company.

 

After the process, QuickBooks will copy your preferences, sales tax items, memorized reports, and chart of accounts. However, you'll want to take note that it doesn't bring over your bank or credit card accounts. These include sensitive information such as Employer Identification Number (EIN) or payroll.

 

Moreover, I added this article for your reference and other options appropriate to the other versions you have: Create new company files from existing ones in QuickBooks Desktop.

 

Keep me posted if you have other concerns related to QuickBooks. I'm always here to help. Have a good one!

R
Rob5935
May 17, 2023

We are using Premier Plus Contractor desktop edition 2023. We had come across the link you sent and are looking at it. I am not sure if it does mention the ability to have purchase orders copied over or not. This is an area that we have not found much specifically about, the information usually references other data. As the purchasing manager I am trying to support or accounting team to see if we can avoid re-entering all of the purchase orders if we can.

If there is anything additional you can offer for guidance we would definitely appreciate it.

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