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lcarden
Level 1

Can I use my current version of QB online if we sold our company in a stock sale? I need to create an opening balance sheet on the effective date of the sale.

Stock sale on 11/13. I'm staying and will continue to use same vendors/clients. Do I need to setup a new instance of QuickBooks or can I get the G/L and Trial Balance correct for the opening balance sheet using current version?
1 Comment 1
AldritchM
QuickBooks Team

Can I use my current version of QB online if we sold our company in a stock sale? I need to create an opening balance sheet on the effective date of the sale.

Hi there, @lcarden.

 

Yes, you can still use your QuickBooks Online (QBO) even if you sold your company in a stock sale. If there are no changes in your company's data you can still utilize the reports. You may also consult your accountant about this for a better option.

 

However, if you plan to purchase a new QBO plan you can migrate the vendors and clients data. 

 

First, you'll need to export your list reports to Excel:

 

  1. Login to the account that has your lists.
  2. Choose Reports.
  3. Depending on what list you need to export, look for and access the Account List, Customer Contact List, Vendor Contact List, or Product/Service List report.
  4. Edit or customize the list report's column.
  5. Once saved, export it.
  6. Access the exported report in Excel.
  7. Erase rows 1-4 to delete your company name and report title from the sheet.
  8. Save the report once more as Excel or CSV.

 

After that, you'll now have to import your lists to QuickBooks Online.

 

If you'd like to manually enter the transactions. You consult your accountant about other choices. They understand which is the best option.

 

Furthermore, if the old QBO account is under the accountant's QBOA account, you can transfer the account billing to the new one.

 

I'll be around if you have other questions about managing your QuickBooks account. Let me know in the comment section below and I'll make sure to get back to you. Take care!

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