On Jan 1, 2020 I took over the books for a company. I received the quickbooks file from the previous bookkeeper and discovered the books had always been reconciled manually on paper. I have checks dating back to 2004 in the check register. I am wanting to create a new company and import all vendors, payroll info and chart of accounts PLUS import all transactions from Jan 1, 2020. I would like to input the ending balance as of Dec 31st. Can I do this?
Here's how to create a new company from the existing one:
Open the company file you received from your bookkeeper.
Click File at the top menu and select New Company From Existing Company File....
Select a location to save the company file and enter the new company name.
Click Create Company.
The second option is like creating a backup copy of your existing company. From there, you'll have to update the company file name. You can check out this link for the detailed steps: Back up your QuickBooks Desktop company file.
Once you have the new file ready, you can start reconciling the account. With this, you'll be able to enter the ending balance for December 31st. It'd be best to follow the steps when reconciling the account: Reconcile an account in QuickBooks Desktop.
It's also recommended to consult your accountant. They can give you the best options or course of action to correct your data.
We'll be right here to assist you more if you have additional queries.
Thank you for your reply. I want to verify that if I create a new company file from the existing one and I remove transactions, can I select to remove transactions prior to December 31st? I would like to keep all transactions from January 1st to current as I do have payroll and payables entered in this fiscal year that I would like to maintain. I have E-pay set up that I would also like to maintain.