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Level 1

Starting a new company and importing 2020 data

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?

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Moderator

Starting a new company and importing 2020 data

Let's get this sorted out to see what we can do with your company file, Isa1.

 

There are different ways to create a new company file with all the lists and transactions from the older one. We can do either of the following:

  • Create a new company from the existing one.
  • Create a copy of the company file.

The first option will give you the basic framework of your company file. You can see the details in this link: Create new company files from existing ones in QuickBooks Desktop.

Here's how to create a new company from the existing one:

  1. Open the company file you received from your bookkeeper.
  2. Click File at the top menu and select New Company From Existing Company File....
  3. Select a location to save the company file and enter the new company name.
  4. 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.

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Level 1

Starting a new company and importing 2020 data

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.

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QuickBooks Team

Starting a new company and importing 2020 data

You can remove the transactions manually after creating a new company file, Isa1.

 

Although, I'd suggest using the condense data utility. This tool lets you remove the transactions from your company file.

 

I'll share the steps:

  1. Click File.
  2. Go to Utilities.
  3. Click Condense Data.
  4. Select Remove the transactions you select from your company file.
  5. Click Next.
  6. Select Close once it's done.

For more information, please check this reference on how to use the Condense Data utility

 

Visit the Community if you have other concerns. We're just around to lend a hand. 

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Level 1

Starting a new company and importing 2020 data

Thank you for your feedback.  It is exactly what I needed.  All worked well!

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QuickBooks Team

Starting a new company and importing 2020 data

Hey there, @lsa1

 

Thanks for following up with removing transactions manually after creating your new company file. 

 

I'm glad to hear that the information my colleague @Kristine Mae provided did the trick. 

 

If you have any more questions or concerns, don't hesitate to comment below. Have a safe and productive rest of your day!

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