Create a new QuickBooks Company file from an existing one

by Sprink Davis Accounting and Bookkeeping

Creating a new Company file in QuickBooks from the scratch can be an arduous task for some users. However, QuickBooks users can follow an easy approach wherein they can Create a New QuickBooks Desktop Company File. The process has been simplified by our experts and a lucid enumeration of the same has been unraveled in this article. So, keep reading to know how to create a new Company file in QuickBooks from an existing one.

When should a new Company file be created in QuickBooks from an existing one?

There can be several factors that embolden the user to go for the creation of a new company file in QuickBooks to replace the old one. These include:

· Corrupted company file, which may install a fear of permanent data loss in the user’s mind.

· Unsatisfactory and unacceptably slow performance of QuickBooks, especially when opening or modifying the company file.

· Reaching the list Limits

· Inventory tracking issues in QuickBooks.

Procedure to Create a New QuickBooks Company file in Enterprise Solutions, Enterprise Accountant, or Premier Accountant

Users you are using QuickBooks Desktop Enterprise, Enterprise Accountant, or Premier Accountant then you can use a feature to quickly create new company files from existing ones. The below given steps need to be followed to create the company file templates:

· At first, you would have to move to the File menu and select New company from existing company file.

· After that you need to select the Browse tab and find the company file to be copied.

Choose the file and pick the Open tab.
Assign a name to the copy of the company file.
You should select the Create Company option.

QuickBooks shall copy the preferences, memorized reports, chart of accounts, and other data to the new company file. [Note: Bank accounts and credit card accounts cannot be transferred. Also, information which is sensitive like the EIN number cannot be transferred due to security reasons].

Steps to Create New QuickBooks Company File From an Existing One

Perform the following steps in order to create a new company file from an existing one.

Step 1: Save a copy of account balances

· Run QuickBooks as you normally do, but make sure to “Run as administrator”.

· Now, access the “File” tab to “open an existing company file” whose contents you wish to copy.

· Henceforth, “press the F2 key”, and wait till this action opens the “Product Information window”.

· Observe the “File Information section” and from this section, note the company file location.

· If not taken the backup already, take a backup of this file and save it to a suitable location on the computer.

· Now, restore the backup to the original company file folder, and this action will create two files with the same contents, but with different names.

Step 2: Erase transactions from copied company file

This step involves the removal of transactions from the restored company file. The steps to achieve this are:

· The backup of the company file restored in the previous step has the same contents including the accounts, templates, lists, and preferences.

· You need to delete the transactions of this restored file.

· And after doing that, open the company file to check if the transactions got successfully removed.

· The next move is to head to the “File menu”.

· Without performing any other operation, from the File menu, open “Utilities”.

· Here, choose the option to “Condense Data”.

· Also, “click on Yes” if the message related the removal of budget data appears on the screen.

· Then, “Select all Transactions”. Now, click on “Next”.

Summing Up!

This article laid emphasis on the creation of a new QuickBooks company file from an existing one. If you face any obstacles, just give our QuickBooks desktop support team a call at 1-800-615-2347.