Create a New Company File from an Existing One in QuickBooks Desktop

The below write-up will help you to get the relevant information on how to create a new company file from an existing one in QuickBooks Desktop. 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 proceed with a create a new company file from an existing one in QuickBooks.

A Detailed Walkthrough on Create a New Company File From an Existing One in QuickBooks Desktop

Steps to Begin a New QuickBooks Company File and Transfer the Old Data in Desired QuickBooks

Steps for QuickBooks Premier, Enterprise, and Accountant users to start a new QuickBooks Company file and old data transfer.

• Firstly locate the File option.
• Select New Company from the Existing Company file.
• Now you have to give 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.

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 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.

Damaged Data

When your company files become 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.

Link ‘Multiple Companies’ Data into a Single 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 the 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 expansion 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.

Hopefully, the above guide to creating a new company file from an existing one in QuickBooks is beneficial for you! A hub of professionals is there for you to assist you with relevant resolutions. Meanwhile.

Frequently Asked Questions