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Established Member

Company designation

I set up a new company in QuickBooks Pro Desktop as a non-profit and now want to change that designation to sole proprietor. How do I do that? The organization is very small, with no payroll and just simple and infrequent donations and expenses.

5 Comments
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QuickBooks Team

Re: Company designation

Hi there, marty54.

 

You can go to the company settings window and change the information. Here's how:

 

  1. Click the Company menu and select My Company or Company Information
  2. Click the Pencil icon in the upper-right hand corner. 
  3. Proceed to the Report Information tab.
  4. Click the drop-down list for Income Tax Form Used and select Form 1040 ( Sole Proprietor).
  5. Click OK

Although, changing the information in the company settings will not affect your Chart of Accounts. You will still need to delete or inactivate accounts that aren't used for  Sole Proprietor type of companies.

 

You also have the option to create another company file without extra charge. Then, select the correct type of business. Please see this link for more details: https://community.intuit.com/articles/1763152.

 

Let me know if you have other questions. 

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Established Member

Re: Company designation

Hello JenoP,

     Thank you for your reply, but I did that already and it didn't do what I wanted, which was to change the set-up designation from one type of company to another, namely from non-profit to sole proprietor, and just changing the the tax form doesn't do that. QuickBooks shows a particular Chart of Accounts and task bar after set-up depending on the designation.
     I finally talked to a phone representative from Intuit and was told there is no way to change designations after set-up. My only solution was to delete the company from my computer and start over setting up the company with a different designation.
 
Thank you,
marty54
QuickBooks Team

Re: Company designation

Thanks for coming back to us, @marty54.


Yes, you’re right. You can start a new file and export the vendor and customer list from the old one, then import them over.


Here’s how:

  1. Click the File menu on your QuickBooks Desktop.
  2. Choose Utilities, then Export and select Lists to IIF Files.
  3. Select the list you want to export and hit OK. (Don’t include the Chart of Accounts.)
  4. Save the file to a location you can easily remember.

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Take a look at the following articles for reference:

Make sure to set up the Sole Proprietor file first before deleting the Non-Profit company. Print all the reports needed to re-create the AR and AP year-end balances. For more information about the process, check out this article: Start a new company file.


That should get you pointed in the right direction. 


Let me know how this goes by leaving a comment below. Thanks for dropping by and take care!
 

Established Member

Re: Company designation

KhimG,

     Okay, I understand all that, but fortunately don't need to do any of that saving and exporting because I didn't enter any data or set up anything further once I realized the Chart of Accounts was not what I wanted. I just deleted the company and started over and now am starting to populate the new company.

 

Thank you,

marty54

Moderator

Re: Company designation

Thanks for sharing the troubleshooting you've tried, @marty54.

 

I can add some insights on how changing the company designation works in QuickBooks Desktop.

 

Based on the information you've provided, it seems like you're referring to the Industry Type after installing QuickBooks. If so, we can reinstall the program using a clean install to toggle to a different edition. Please make sure to back up the company file before doing this.

 

Once done, you'll be given the option to choose an edition when you open the program for the first time. Just make sure to select the correct one (general, contractor, manufacturing & wholesale, nonprofit, professional services or retail). Lastly, restore your backup company file.

 

On the other hand, QuickBooks Desktop Premier, Accountant, Enterprise Solutions Accountant, and QuickBooks Enterprise Solutions have the toggle feature. This enables them to change the QuickBooks edition from a specific industry to another.

 

That should do the trick.

 

Keep me posted on your success after following these steps. I'll be around should you need any assistance. Have a great day.