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J
jdoles214
October 19, 2020
Question

new company profit and loss reporting after acquiring an old company

  • October 19, 2020
  • 2 replies
  • 6 views

Hi All,

I acquired the assets of an existing company who used QB in Sept 2020.  I already setup my new company file in QB.   What I don't have is the old company's historical Profit & Loss data, which I am hoping to somehow import so that I can run Year Over Year and MOM type reports.  For instance, I want to see how  office expense in the new company in 2020 compares to the old company's office expense from 2019.

Is there a way to do this within QB itself so I can run the QB reports without having to do things manually in excel to compare?

2 replies

MaryLandT
MaryLandT
Level 10
October 19, 2020

I can provide the steps so you can run the report and compare your data in QuickBooks Desktop, jdoles214.

 

You need to import transactions from the old company using the Intuit Interchange Format (.IIF) files. Check out this page for the kit, sample files, and headers: IIF Overview.

 

Once you have the file ready, here's how to import them to QuickBooks:

 

  1. Sign in to your company file as an admin.
  2. Go to File and select Switch to Single-user Mode.
  3. Make a backup of your company file. This way you can restore it if the data doesn't import the way you expected.
  4. Go to the File menu and select Utilities then Import. Select Import IIF Files.
  5. Browse to your IIF file.
  6. Select it, then click Open.
  7. Click OK to confirm your data was imported.

You can also visit this Export, import, and edit IIF files for more details about the steps above.

 

After that, you can run the Profit and Loss report. Then, customize it to get your monthly or yearly office expense statements. 

 

Let me show you how to run the report:

 

  1. Go to Reports menu at the top.
  2. Pick Company & Financial and Profit & Loss Detail.
  3. Click Customize Report to filter the data depending on your business needs.
  4. Select OK.

Feel free to comment below if you have follow-up questions. I'm always around to provide the steps you need.

J
jdoles214Author
October 20, 2020

Thank you, Mary, follow up question:

- If I follow these steps, will it import transactions that would affect customer receivable agings, etc?  I don't want that, I just want P&L data (income, cogs, expense), no balance sheet data, no other things.

- Can I do this by time frame, for instance if I only want to import P&L data from the old company from 2018 and 2019 only?

Fiat Lux - ASIA
Fiat Lux - ASIA
Level 14
October 20, 2020

@jdoles214 

If you are not familiar with IIF, you may utilize one of these migration tools

https:// transactionpro.grsm.io/qbd

https:// partners.saasant.com/affiliate/idevaffiliate.php?id=5051_2

 

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