QuickBooks accounting software is well-known for your accounting work for small and medium-sized businesses that allows us to start a new company file with data from your existing file. The new company file can be created every year so that it will delete all the data entry automatically required at the time of the initial file setup. If you are setting up a new company file then it is not so important to delete or close the previous file.
At the end of the year, you will realize that you have a large amount of pf data that is affecting your performance. Then look at the benefit of setting up a new company file is that you can start a new company file with an extra security level that provides you better protection from viruses, bugs, and other errors. You will get the extra benefit that you can delete the unwanted items and remove cache in order to clean your computer and organize them.
Steps to follow to Set Up a New Company File in QuickBooks:
If you want to set up a new company file then you can clean all your company data from QuickBooks 2006 and the latest version. It will help you to create a new company account. Now the next step will be to subscribe.
In this process, it is very important to note that if you are an assisted payroll customer, then you cant start a new company file. For this work, you need to get help from an assisted payroll representative. This will be done to ensure the only payroll is being entered into the file before any other information.
Important points that you should keep in mind before creating a new company file:
There are some important points that you should keep in mind before creating a new company file.
The following reports will be required:
- Customer Balance Detail Report
- Vendor Balance Detail Report
- Standard Balance Sheet
Some Steps to Start a New Company File in QuickBooks Pro and Premier:
- First, you need to go to the ‘File’ menu, select Utilities, and then click on ‘Clean Up Company Data’
- Now recreate all the pending balances in the account receivable either by re-creating separate invoices or you can make a balance forward invoices for a lump sum customer balance.
- You need to recreate all the vendor balance along with the enter bills option from the Vendors Menu.
- Now you need to charge these bills directly to the ‘Uncategorized Expense Account‘.
- Because of critical payroll data in payroll files this feature will not be available for users.
- Due to security and time-related data from institutions this feature is not available to QuickBooks online banking users.
Further steps are as below:
- Select the File > New Company
- Press on the Start Interview in the window of EasyStep Interview.
- Now follow all the instructions shows on-screen and enter the information for your new company file.
Some Steps to Start a New QuickBooks Desktop Company file from Scratch:
- First, open QuickBooks Desktop.
- Then On the No Company Open window, and then you need to press on ‘Create a new company‘.
- Now you have to Click on ‘Detailed Start’.
- Then go to Next, now you need to Fill out the Easy Step Interview screen and then click on ‘Next‘.
- After that, you need to Select your Industry and click ‘Next‘.
- Then Next, Identify, and fill out your type of Business Entity and then click ‘Next‘
- After that, you need to Set your Fiscal year for which you want to create a company file and click on ‘Next‘.
- Now you have to Set up your QuickBooks Administrator password and click on the ‘Next‘.
- Then you have to ‘Choose the location‘ where you will save your company file and then click on the ‘Save‘.
- Finally while saving your company file you can make some changes in your QuickBooks by clicking Next or if you want to do it later the click on Leave.
We hope you understand that how to start a new company file with data from your existing file as we have explained it step by step. So read this article thoroughly to avoid any mistake while creating a new company file.