In QuickBooks company file contains all the tasks that need to be performed in a managed way. However, the data expansion increases the errors which in turn affect the system performance. To tackle this scenario there is a need occurs to “create a new company file from an existing one in QuickBooks“. The below write-up will help you to get the relevant information to proceed with a new company file to replace the previous one.
- 1 Why did you Need to Create a New Company File to Replace the Existing file?
- 2 Points Need to Consider During QuickBooks Data Export from One Company to Another:
- 3 How to Create a New Company in QuickBooks Desktop?
- 4 Begin a new QuickBooks Company file and then transfer the old data in desired QuickBooks version like QuickBooks Premier, Enterprise, and Accountant
- 5 Frequently Asked Questions
- 5.1 Que: What items saved in a Backup of company files?
- 5.2 Que: How can I Restore a Backup of the Company File?
- 5.3 Que: What if I am also using the payroll, so how can I transfer my QB Payroll to the New Company file?
- 5.4 Que: What is the Procedure to Export Lists from the old Company File into a New Company File?
Why did you Need to Create a New Company File to Replace the Existing file?
QuickBooks Performance Decrease
There are many cases that occur when you have tried all the basic troubleshooting methods to run QuickBooks smoothly. But you still face the degraded performance. In this scenario updating a new version might not be the best decision so there requirement arises to create a new company file.
Reached List Limits
There is by default a standard limit set on the number of elements in the lists. When users have crossed that limit that it is recommended to create a new company file in an older one in QuickBooks Desktop.
Start or Pause Tracking Inventory:
The majority of the time it’s a better decision to create a new company file instead of setting up new items in the older company. This decision is beneficial because of tax implications affecting the inventory tracking method. It is impossible to modify the inventory items to non-inventory items and not permitted to switch non-inventory items to inventory items.
When your company files becomes corrupted and no troubleshooting method can fix it and unfortunately you have not backup your company file. The only solution left is you can start creating a new company file.
When you are tracking two components in different company files then they need to be tracked with one company file through classes. So make a new company file and after that import the lists from previous to a new one. The setting up the opening balances and classes for the components in a new company file.
Points Need to Consider During QuickBooks Data Export from One Company to Another:
- The expanding of data is a general issue found as the company grows. It might create many vulnerable problems and glitches. It is a great step to proceed with the process of creating a new company file in QuickBooks if the file becomes more enormous.
- The new company files do not contain the historical information as present in the older company file. So you have to export the QuickBooks lists like customers, chart of Accounts, Vendors, etc from the old company to the new one. This process is time-saving!
- It is recommended to consider a physical inventory to start to create creating a new file. Ensure that there is an updated Quantity on Hand.
- The process of creating a new company file is challenging so you need to apply the steps more carefully. It will help you to avoid future data corruption challenges and data loss
How to Create a New Company in QuickBooks Desktop?
Below mentioned is the list of steps you need to follow to create a new company in QuickBooks Desktop:
Total Time: 25 minutes
Step 1: Create a Copy of the Existing Company File
Go with the below instructions:
🔹 Open your QuickBooks Desktop
🔹 Now open the company file which you require to create a copy
🔹 After this press the F2 button from the keyboard
🔹 It will display the Product Information Window
🔹 Locate the file information button to view the location of the company file on the system
🔹 You have to take a backup of the company file
🔹 So use the backup you have created to restore the company file and then rename it
🔹 Now a copy of the actual file creates
Step 2: Clear Transactions that are Copied into the Company File Copy
When you restore the backup; now you have the same accounts, templates, lists, and preferences. To proceed with is this, simply delete the copied transactions. Here are the steps:
🔹 Open the new company file to verify it
🔹 After this, you have to go to the File option and then click on the Utilities option
🔹 Select Condense Data
🔹 It will display a prompt asking you to remove the budget data
🔹 Choose Yes option
🔹 Click on All Transactions and then hit on Next button
🔹 Go with on-screen instructions to delete the copied transactions
Step 3: Make sure your Accounts are Totally Empty
Now you have already condensed the data now the next step is to remove the transactions from the file. To verify that accounts are totally empty then you have to execute a Transaction list through the Date report. Follow the steps:
🔹 Locate the Reports option
🔹 Select the Reports Center
🔹 Now find the Accounts and Taxes button
🔹 Use the Date report to open the Transaction list
🔹 You need to set the date range to proceed before the previous transactions in the company file were copied
🔹 The list does not contain any transaction; if found any transactions then you can edit and delete them
Begin a new QuickBooks Company file and then transfer the old data in desired QuickBooks version like QuickBooks Premier, Enterprise, and Accountant
Steps for QuickBooks Accountant and Enterprise users to start a new QuickBooks Company file and old data transfer:
- Firstly locate the File option
- Select New Company from Existing Company file
- Now you have to give a click on the file button and then hit on Open
- Give a suitable name to the company file copy
- After this choose to create a company
Hopefully, the above guide to create a New Company File from an Existing One in QuickBooks is beneficial for you! If you still have any questions then feel free to connect to QuickBooks Support Phone Number. A hub of professionals is there for you to assist you with relevant resolutions. Meanwhile, you can use the live chat feature if you do not want to talk over the phone. Also, drop an email with your questions and clear your all doubts as it is necessary to prevent the big mistakes.
Frequently Asked Questions
Que: What items saved in a Backup of company files?
● The backup files contain all the elements needed to re-create the company file.
● It contains letters, logos, templates, and images associated with the company files.
● Moreover, you can save the cash flow projector, Loan manager files, The QuickBooks Statement Writer, and Business planner.
● Make sure the extension of the backup files is .qbb.
Que: How can I Restore a Backup of the Company File?
● Open your QuickBooks
● Locate File option
● Click on Open or Restore Company
● Now hit on Next button
● Choose Local Backup and then select the Next option
● Give your desired location to the backup file
● After this choose the backup file listed in the folder
● Hit on the Open button and then click on the Next option
● Discover the Save in the drop-down
● Choose the location from where you need to save the restored file
● Give a name to file and choose the Save option
Que: What if I am also using the payroll, so how can I transfer my QB Payroll to the New Company file?
● Firstly make a new bank account
● Give a name as Old payroll
● Now issue the payroll checks to the employee and pay the liability
● Write a deposit to Old payroll through Open Balance Equity
● After this zero out your old Payroll
● Now set it inactive
Que: What is the Procedure to Export Lists from the old Company File into a New Company File?
● Open your QuickBooks
● Discover File option
● Give a click the button which says Utilities
● Choose Export and then hit on Lists to IIF Files
● After this, select the desired list you need to export and then hit on OK button
● Once done search the location in which you need to save the file
● Afterward hit on the Save button