I am looking for some advice on the best method for likely needing to close out a company file that has been used since 2002 and starting a new file that retains all balance sheet information, employee information, etc. I am using QuickBooks Premier NonProfit Edition 2020.
Specifically here is more of the situation: I work for a private school who has used various methods of customer invoicing over the years. Whether QuickBooks directly or an outside program that syncs with QuickBooks, all customer information (every invoice, payment, etc.) for 18 years is in this set of books. We are migrating to a new Student Management Software that will do all of our billing but will no longer sync with QuickBooks. I will do general entries each month showing the total amount charged in various categories and total amount of money deposited into the bank. All of the customer history from time of transfer forward will be tracked within the new SMS. I need to keep access to all of the previous 18 years of information, but there are countless vendors, payroll items, classes, accounts, customers, assets, etc. that are no longer active.
I would ideally like to start with a fresh set of books that only retains current balance sheet information, employee information for 2020, active vendors and active accounts. I need to somehow close out all the active customers whose accounts will now be billed by the new system and yet retain a few inactive accounts that I am still collecting debt from (and will do so manually through QuickBooks til paid)
My initial thought is to close out the current set of books with the 6/30/20 fiscal year, create a copy and then do the massive changes to the copy. I would then have the current file to refer back to as needed. I would love input if there is a better way to start -- and then any suggestions on how to do the changes to the copy to start with a clean set of books.
Thank you for any input!
