We were keeping the books all together the last year, but since this year we needed to separate one of the accounts into an independent Company File. We started the new Company File, but the funds are still there in the old old one. Probably we did it the wrong way and we had to ask earlier, but what solution you would recommend at this situation for fixing the original Company File (basically how would you get rid of the remains of the removed account together with its old funds)?
As for your other concern, to correct amounts of the original company file, you can create a journal entry. However, before we proceed with the steps, I highly suggest consulting your accountant or accounting professional for guidance on which account is for the debit and credit side of the transaction.
To create a Journal entry, here's what you'll need to do:
Go to the Company menu at the top.
Select Make General Journal Entries.
Fill out the fields to create your journal entry. Make sure your debits equal your credits when you're done.
Click Save & Close.
Additionally, I want you to get the most out of QuickBooks for your business. You can check some articles that are designed to help you get acclimated with the software. They can be accessed at the following link: QuickBooks Tutorials.
If you require any further information, let me know by commenting below. I'm here for you. Have a great day!
If both companies have the same COA, you may migrate the transaction data to a new company file with the migration tool and delete them in bulk with the deleter tool. Otherwise, it would be easier to create a new company file for each one and separate the beginning balances.
Thank you for your answer. We are trying to do it, but it is still not clear. In our original Company File, there is still an account A, which became a separate company and there is, let's say $2,000.00, which we have to get rid of because they were entered at the time of creating a new Company File "A". Eventually, we will need to make this account A inactive in the original Company File. Now we can not do it, because it has those $2,000.00 and it is showing them in the reports anyway. So, our goal right now is to get rid of those $2,000.00. Are we on the right way at all? Or we are missing something?
Trying to create a Journal Entry in the original Company File, we say: