Easiest way to create a new company file for new year of under QuickBooks software, is by copying the old company file to another location (preferably where the new company file will be saved). The benefits accorded by this is that all the needed lists, templates, transactions and preferences are saved as and when is needed by the user. However, the details not required had to be individually and manually removed by the user. (Important: In case the user is employing tools and features like Direct Deposits, E-pay and E-file then only one company file should be used for all new ones.)
In case the user do not want to take the hassle of removing data manually, then the obvious course of action is to create a new file and import-export all the required lists from the old company file to a new one. User can also export-import templates as well, with the exception of only one being selected at one time. (Important: In case the old company file which is being copied do not consist of any transactions that are even closely related to the current year software process, then they can get rid of all unneeded transaction by employing use of Clean Up Company Data Utility.)
It is expected that after following instructions users will be able to create new QuickBooks Company file from an old one.
It is assumed that the user is operating an active subscription of QuickBooks Desktop software.
In order to copy an old company file of QuickBooks Desktop version:
- First and foremost, user needs to create and save a backup of the old company file they wish to copy.
- Save the backed up file in the location where the new company file will be created. Now rename the backup file to the one ‘New Company File’ will be saved as. This turns the backed up file of old existing company file with a new name.
- Now go to main menu bar and click on ‘File’ tab, followed by selecting the option called ‘Open . Restore Company. After this process the user can make further changes within the company file.
Next set of details is regarding removing copied transactions in the current year’s company file which are not related to present company file’s year:
- Go to menu bar, select file option and then click on ‘Utilities’ tab.
- Next is to select the option stating ‘Choose Clean Up Company Data’. User will be prompted that data of budget will also be removed, select ‘Yes’ option.
- Under new screen of Clean Up Company Data, highlight and select the option ‘Remove all Transactions’.
- Lastly click on the tab ‘Next’ and complete the process of removing unwanted transactions by following the instructions on screen.
If there is any problem in creating a new file then the contact QuickBooks customer support team proficient in solving all types of QuickBooks issues and provide round the clock service.