Wishing to create a new QuickBooks company file from an existing one? Here is the complete guide that you can follow so as to create a new QuickBooks company file from an existing one. Well, there is no need to start company files from scratch. You can simply copy and use accounts lists, templates, and preferences from an existing company file to start off with. At first, you would have to create a copy of an existing company file, and then condense the file to remove all the transactions. This will give a basic framework to make use of the new company file. Keep reading this segment to unleash the entire process to create a new QuickBooks company file from an existing one

Essential Points to Remember

Before you start with the process in creating new QuickBooks company file from an existing one, make sure to go through the below pointers one by one:

  • Just in case you wish to create a new file just because you are experiencing QuickBooks desktop performance or data issues, then we suggest you to fix the issues first 
  • You should also note that QuickBooks might not be able to remove all of the transactions, in case you are having the payroll data for the current year 
  • Another essential point can be if you use QuickBooks-assisted payroll, then we suggest you to consult some professional before starting with the steps 
  • If you are making use of QuickBooks payroll, direct deposit, e-file, or e-pay, then it is suggested to ensure that the subscription is only active for one company

Read also: Fix Backup Company File Issues in QuickBooks Desktop

For QuickBooks desktop enterprise, enterprise accountant, or premier accountant 

Just in case you are using QuickBooks enterprise or accountant, then you can use a feature to quickly create new company files from existing ones. You should consider the below steps to create company file templates:

  • At first, you would have to move to the file menu and select new company from existing company file 
  • Select browse tab and find the company file to be copied 
  • Choose the file and pick the open tab 
  • Assign a name to the copy company file 
  • You should select create company 

You should also note that QuickBooks copies the preferences, sales tax items, memorized reports, and chart of accounts to the new company file. This won’t bring over bank or credit card accounts, ad would not copy sensitive information. 

Steps to Create New QuickBooks Company File From an Existing One

You can perform the following steps to start a new company file. 

Step 1: Ensure that change is right 

  • You might have to create a new company file in some situations, including
    • The company file changed from one business type to another 
    • Or if you want to combine different company files in main file 
    • Also, so as to change the process to track inventory 

You would have to take guidance of an accountant. 

Step 2: Keep a copy of the account balances 

  • At first, you need to ensure that books are up to date 
  • Further, move to the report menu 
  • And select the report to be kept copy of
    • Account balance: Choose company and financial, then balance sheet detail 
    • Customer balance: Choose customers and receivables and then select customer balance detail 
    • For vendor balances: You need to select vendors and payables and then vendor balance detail 
  • Just in case you wish to customize the reports to better fit the needs 
  • On the report window, it is suggested to select the print drop down
    • From where, you can select print, if you want to keep a physical copy of the report 
    • Choose save as PDF, in case you wish to have a digital copy 

You may read also: Create and Open Portable Company File in QuickBooks Desktop

Step 3: Export the lists from the old company file 

You need to enter each of the lists manually. And can also export the accounts and lists from the old company file and carry it over to the new one. 

Step 4: Create a new company file

  • In this step, you need to open the QuickBooks Desktop 
  • And further, choose to create a new company in the no company open window 
No company file open windows - Screenshot
  • You will see two options:
    • Either select express start or start setup, in case you want to start straight away. You will have to enter the business name, industry, and business type to create the company file. You can enter the information later on 
    • Else, select the detailed start tab to complete setup so all of the information is in from the start 
  • You are then required to follow the prompts that appears on the screen, so as to finish setup. You should note that if you have an existing company file in QuickBooks, then a unique name should be assigned to other one 

Step 5: Import the lists and enter the beginning balances 

After you are having a new file, then you can import the lists and enter the accounts beginning balances. You are first required to import the accounts and lists. And also enter the beginning balances. 

Step 6: Set up online banking, payroll, and other services 

  • Under this, you should set up bank accounts for bank feeds 
  • Also, set up intuit data protect so as to back up the new file 
  • Further, connect the existing payments account 
  • You are then required to set up advanced inventory for QuickBooks desktop enterprise 
  • And track account balances by classes using class tracking 

That was all you needed to know so as to create a new QuickBooks company file using an existing one. For any queries, comments, or concerns, call our QB error support team at +1-800-615-2347!

Other helpful topics:
What to do when QuickBooks can’t find company file?
Can’t Open Company File in QuickBooks – How to Fix It?
How to Troubleshoot Basic QuickBooks Company File Issues?

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