Selling business - need to give copy of QB company file without some financials

JT85 · ‎November 06, 2023

How can I create a copy of my QB (online) company file and then delete some accounts from the Chart of Accounts and give to new owner with invoices in place, etc.??

Rainflurry · ‎November 06, 2023

@JT85

"Basically I want to fully copy our existing QBO Company file. Once I have the copy, I will delete some specific accounts under the Chart of Accounts. Then I want to give this file to the new owner so they can use going forward. All previous invoices, bills, etc. need to stay in place for old Company file and new Company file. Since we are not closing the existing Company, we do not want to just have them use the same file."

That's not really an option. You can't delete accounts from the COA if they contain transactions. They can be made inactive, but they can be made active again by the new owners. You can delete the transactions in the accounts but that changes the financials, obviously.

I'm sure you're aware of this, so forgive me if that's the case, but if this was an asset sale, your books are not theirs and they should be starting their own. If this was a stock sale, then you should not be amending the COA. Why not export the data you want to give them and then have them upload that to their own QB company?

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4Gal · ‎November 06, 2023

@JT85

Convert your data to QB Desktop. Use the trial version and you can change anything in the company file. Then you will share the modified company file with another party. Let them decide for themselves to buy QB Desktop or convert it to QB Online.

View solution in original post

4Gal · ‎November 06, 2023

Why do you need to remove those accounts?

JamaicaA · ‎November 06, 2023

It's nice seeing a new face here, @JT85. Let's make a copy of your company file without a Chart of accounts by downloading your data from QuickBooks Online.

You can export reports and lists into individual Excel files that include invoices and other posting transactions. I'll show you how:

Go to the Gear icon, then select Export data.
On the Reports tab, set the date range.
Add or remove items from the Reports by switching them on or off.
Press Export to Excel.

Here's an article that can guide you in getting the data for the non-posting transactions and attachments: Export reports, lists, and other data from QuickBooks Online.

Don't hesitate to add more questions in the thread about managing your data. It'll be my pleasure to help you. Have a great day!

JT85 · ‎November 06, 2023

Sorry, that is not what I'm looking to do. Basically I want to fully copy our existing QBO Company file. Once I have the copy, I will delete some specific accounts under the Chart of Accounts. Then I want to give this file to the new owner so they can use going forward. All previous invoices, bills, etc. need to stay in place for old Company file and new Company file. Since we are not closing the existing Company, we do not want to just have them use the same file.

Rainflurry · ‎November 06, 2023

@JT85

"Basically I want to fully copy our existing QBO Company file. Once I have the copy, I will delete some specific accounts under the Chart of Accounts. Then I want to give this file to the new owner so they can use going forward. All previous invoices, bills, etc. need to stay in place for old Company file and new Company file. Since we are not closing the existing Company, we do not want to just have them use the same file."

That's not really an option. You can't delete accounts from the COA if they contain transactions. They can be made inactive, but they can be made active again by the new owners. You can delete the transactions in the accounts but that changes the financials, obviously.

I'm sure you're aware of this, so forgive me if that's the case, but if this was an asset sale, your books are not theirs and they should be starting their own. If this was a stock sale, then you should not be amending the COA. Why not export the data you want to give them and then have them upload that to their own QB company?

4Gal · ‎November 06, 2023

@JT85

Convert your data to QB Desktop. Use the trial version and you can change anything in the company file. Then you will share the modified company file with another party. Let them decide for themselves to buy QB Desktop or convert it to QB Online.

JT85 · ‎November 07, 2023

Thanks. I think this is what we're having to do. Trying to save them hours entering in invoices that went to customers after the date of sale but I guess that's not my issue as the former bookkeeper!

AlcaeusF · ‎November 14, 2023

Hello everyone,

Thank you for sharing your input to help address the issue. We love to see members supporting one another. Have a great day.

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Selling business - need to give copy of QB company file without some financials