If your business requirements require you to create the new company files in QuickBooks it is quite easy to start from scratch. Here you can easily make a new company file from the existing company file. To get started you need to copy and then use the lists, accounts, preferences, and templates from the previous company file to generate a new one. The below write-up will teach you how to copy the QuickBooks company file to a new company to create a basic framework for the new file.Read More: How to Edit Company Information on QuickBooks?
How to create a new company file from an existing file in QuickBooks Desktop?
It is necessary to copy the existing file to a new company file to create a new company file in QuickBooks. The initial thing is to condense the file to delete all the transactions. It will generate a basic framework to use for the new company file. Hence before getting started make sure you follow the below-mentioned pointers:
- First of all check, you have an active subscription for one company
- QuickBooks will not allow you to delete all the transactions with payroll data for the active year.
Here is the list of steps for creating a new company file using existing file in QuickBooks Desktop:
Step 1- Generate a copy of the existing company file:
- Initially launch your QuickBooks
- Now open the company file you need to copy
- Hit F2 button
- It will display the Product Information Page
- Locate the File information button
- Search for the location on the system with the company file
- Now take a backup of the company file to avoid data loss
- Next, restore the company file with the backup file
- Now provide a name to the file during file restore and save it to a unique folder
- Create a QuickBooks company file copy and then move to the further step to generate a new company file using the existing one in QuickBooks Desktop
Read More: How to fix when you unable to open QuickBooks company file?
Step 2- Delete transaction from the copied file:
The restored backup of the company file contains a new company file with the same accounts, templates, lists, and preferences. For a new start, you require deleting the copied transactions in the restored company file. Here are the instructions:
- Firstly open the newly created company file
- Check the file
- Locate File option
- Click Utilities tab
- Choose Condense Data
- It will prompt a message with removing budget data
- Click Yes button
- It will display the condensed data window
- Choose All Transactions
- Hit Next button
- Next, follow the instructions on the screen to remove the transactions that you have copied.
Read More: How to Delete a Company in QuickBooks?
Step 3- Verify the accounts:
This is the last step includes setting up a new company file in QuickBooks
Next, follow the below-mentioned instructions to create a new company file using the existing one in QuickBooks:
- Click Reports option
- Hit Reports Center tab
- Search section named Account & Taxes button
- Now open the date report for a Transaction list
- Change the date range so that it begins before the earlier copied transaction
- Now make sure that list does not contain the transactions however if there you can easily edit or delete it.
Hopefully, the steps mentioned in the above post helped you to copy the QuickBooks company file to a new company file. However in case of any difficulty take the expert’s assistance using a live chat, phone number, or email.
Most asked questions related to create a copy of new company file from existing in QuickBooks desktop
How would I create company file templates in QuickBooks Desktop?
- Locate File option
- Choose New company from Existing company file
- Click Browse button
- Discover the company file you need to copy
- Choose the file
- Click Open
- Provide the company file copy
- Once you are prepared choose the “Create Company” tab
What if I need to back up my company file manually?
- Open the QuickBooks
- Locate File button
- Choose Switch to single-user mode tab
- Click File option
- Hit Backup company
- Choose create a local backup
- Now choose Local Backup in the window
- Hit Next tab
- Now click the Browse option in the section named local backup only
- Choose where you need to save the backup company file
- Now set the backup numbers
- Next click Save it now
- Hit Next button
- Click OK
Can I change the backup preferences in QuickBooks Desktop?
- Choose the File
- Click Backup Company
- Choose “Create local backup” tab
- Click Options
- Apply the changes
- Click OK button
How would I restore the company file in QuickBooks?
- Click File menu
- Choose Open/Restore Company
- Hit Restore a backup copy
- Click Next tab
- Hit Local Backup option
- Click Next tab
- Search the computer for the company file backup
- Find the folder with the restored company file
- Choose Open
- Click Save tab
Few More Reads:
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