My Company

Good day, Eve2019.

I'm here to share some information about when you've made changes to your company entity.

Yes, you'll have to open a new company file since it has a different way of processing taxes.

Each entity change is different and has its own unique set of circumstances. Every employer can handle it differently. 

To open a new company file, you can follow these steps:

1. Open QuickBooks Desktop.
2. In the No Company Open window, select Create a new company.
3. Select how you'll want to set up the new file.
4. Continue with the on-screen instructions. 

Just a tip, you can give the new file a different name to differentiate it from the existing one.

Afterward, you're good to set up sales tax in the system. I've added this reference as your guide: Set up sales tax.

Keep me posted if you need assistance in setting up taxes. I'll be happy to lend a hand!

@Eve2019 

A corporation is a new business entity and, since it will file its own tax return, you should definitely start a new company file.   

Thank you... Am I able to transfer all of the below to the new company?

Customers

vendors

existing credit cards

loans 

I appreciate you for getting back to us, @Eve2019.

Yes, you can transfer your data to your new company by importing them. I'd be delighted to guide you through the steps.

Here's how in your QuickBooks Desktop (QBDT):

1. Go to the File menu.
2. Select Utilities then Import.
3. Click Excel Files.
4. If you get the Add/Edit Multiple List Entries window, click No.
5. Follow the wizard in importing files to finish the process.

You can also see this article for the complete process and other ways to import your data: Import and export data in QuickBooks Desktop.

Let me also add this resource that can help you on how to back up your data in case you run into some issues: Back up your QuickBooks Desktop company file.

I'm all ears if you need more help importing your data in QBDT. Keep me in the loop by leaving the details in your reply. Have a great week ahead!