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Experienced Member

Starting a new company file

We use Enterprise Desktop for Contractors. We job cost. We have a HUGE company file that has been accumulating for 10 years. We want to start an new company file and start the accumulation over. Has anyone done this? Can you give me some wisdom? I understand I can bring over lists and manually enter balances. What about estimates, POs, invoices and the like that are in  progress when we switch over? Can we import them as well even though they are attached to old and new transactions?  We are thinking about making the change Jan. 1 2018 for tax purposes. Is there anything we need to make sure we do before starting over? Do we need to do anything special with Payroll?

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Best answer 09-15-2017

Accepted Solutions
Established Community Backer ***

Re: Starting a new company file

"I have heard that the condense utility can actually end up losing the information all together. A QB rep told me that they see that a lot."

 

I cannot speak to what Others see. I can tell you what I have done and know. It is not for the Faint-hearted, but I have used it fine. This is a relational database. As long as you do the housekeeping and keep a backup, you can run utilities, confirm if they worked or not, read the log messages, etc.

 

"So the ES accountant works how?"

 

It has the Period Copy function, which Does Remove data, instead of condensing it. That means you will need to Put Back missing info to be on track financially.

 

Period Copy = Subset.

 

"Are you saying we could pull out the last 3-4 years and transfer it into a new company file with ES Accountant?"

 

You can do that Now, with the Condense tool.

 

I am telling you about 3 different options:

Condense Utility and then select its DELETE transactions option, and set this for, from a date you specify and earlier. That is the Same as Period Copy, if you are keeping up to Current. Or, Condense and Keep all data, but some historic dated have no longer got Details = transactions are Condensed into Generic Journal entries.

20 Comments
Established Community Backer ***

Re: Starting a new company file

QB for US has a Condense Utility. You select, for example: from Dec 31, 2013 and older, and it makes Generic JE as monthly, and this removes Transactions, releases Names, Items and Accounts from being in use, if you want the program to delete them once they are no longer needed. There is some housekeping to do, for it to be Efficient.

 

You also can use ES Accountant to make a Period Copy, = pull out only 2014 to Current.

 

It really depends on the lifecycle of your projects. My custom log home projects that last 2-3 years means I always keep the most current 5 years, doing any Condense.

 

Yes, whatever you use, you need to confirm all balances and payroll data is intact.

Experienced Member

Re: Starting a new company file

Thank you! I have heard that the condense utility can actually end up losing the information all together. A QB rep told me that they see that a lot. So the ES accountant works how? Are you saying we could pull out the last 3-4 years and transfer it into a new company file with ES Accountant?

ProAdvisor

Re: Starting a new company file

Checkout Q2Q utilities. They can help you create a new file.

 

http://www.q2q.us/indexutilities.htm

 

I am am not affiliated with them nor do I receive a commission from them.

Established Community Backer ***

Re: Starting a new company file

"I have heard that the condense utility can actually end up losing the information all together. A QB rep told me that they see that a lot."

 

I cannot speak to what Others see. I can tell you what I have done and know. It is not for the Faint-hearted, but I have used it fine. This is a relational database. As long as you do the housekeeping and keep a backup, you can run utilities, confirm if they worked or not, read the log messages, etc.

 

"So the ES accountant works how?"

 

It has the Period Copy function, which Does Remove data, instead of condensing it. That means you will need to Put Back missing info to be on track financially.

 

Period Copy = Subset.

 

"Are you saying we could pull out the last 3-4 years and transfer it into a new company file with ES Accountant?"

 

You can do that Now, with the Condense tool.

 

I am telling you about 3 different options:

Condense Utility and then select its DELETE transactions option, and set this for, from a date you specify and earlier. That is the Same as Period Copy, if you are keeping up to Current. Or, Condense and Keep all data, but some historic dated have no longer got Details = transactions are Condensed into Generic Journal entries.

Experienced Member

Re: Starting a new company file

Great! Thank you so much for your information!

Experienced Member

Re: Starting a new company file

Thank you!

Established Member

Re: Starting a new company file

We are looking at doing the same thing - also using desktop/contractor version with enhanced payroll services.  We will start the new company file on 1/1/2018.  I have a concern about payroll.   Our  first payroll in 2018 will cover two weeks starting 12/23/17.  Will I be able to upload the timesheets for 12/23/17 thru 12/29/17 into the new file if I use 1/1/2018 as the new start date?    

Established Community Backer ***

Re: Starting a new company file

"I have a concern about payroll."

 

Any carry-over liabilities are Just liabilities and not part of the new year's payroll.

 

"Our  first payroll in 2018 will cover two weeks starting 12/23/17."

 

Pay Date drives payroll; you are asking about Pay Period.

 

"Will I be able to upload the timesheets for 12/23/17 thru 12/29/17 into the new file if I use 1/1/2018 as the new start date?"

 

Yes, for Desktop QB. It never locks you out by "start date" at all.  

Experienced Member

Re: Starting a new company file

Are you going to do the condensed file option? We are thinking about doing a back up onto an external hard drive so we have the detail we need, but then we plan to condense our company file from 12/31/17 back. I am wondering if there are any glitches with that plan. Does anyone know if we will have issues opening up our back up from the external hard drive? And is there a way to keep detail for like 1/1/15 to 12/31/17 and condense prior to 1/1/15?

Experienced Member

Re: Starting a new company file

Good question about PR! Thank you for asking that. And thank you for the answer to that. I may have thought of that in January and paniced. How long does this New Company File take to do? Are we talking a whole day or a few hours?

Established Community Backer ***

Re: Starting a new company file

Are you Condensing or New File?

 

"but then we plan to condense our company file from 12/31/17 back."

 

I would never do this; I would keep at least the most recent 3-5 years in detail. You will lose a Lot of reporting ability, when you condense. If you have any jobs ongoing across the year end, you will make a bit of a mess with Condense to that most recent year end, as well.

 

"I am wondering if there are any glitches with that plan. Does anyone know if we will have issues opening up our back up from the external hard drive? And is there a way to keep detail for like 1/1/15 to 12/31/17 and condense prior to 1/1/15?"

 

You set the date for the condense; you can also Delete everything from a specific date, back, and then repopulate the missing Balance Sheet data.

 

Starting a new file might take .5 - 2 hours to get up and running, then you will need to start making data entries (transactions) and you build on the complexity as you go. This is a Transition task, as if you are new to using QB. I have only recommended a new file once or twice on 20 years of using and supporting QB.

 

The majority of my clients use the Job Tracking functions. Unless you consider your file structure, chart of accounts and items list a Friggin' mess that cnanot be resolved, starting a new file is sort of like a frontal lobotomy for your financial tracking and reporting.

Experienced Member

Re: Starting a new company file

Okay so I guess I am not clear on the difference. I kinda thought they were one in the same. So yes I would like to condense detail from like 1.1.14 and prior. I don't like the idea of deleting prior info at all, but if I backed it up before deleting it (it being like 2004-2014) would I be able to open it later? It seems like it would have to be opened with a compatable version of QB, which may not be available at the time we need to open it back up. Have you experienced this concern before or am I an information pack rat that is worried about losing something I will not need anyway?

And yes we have a TON of information on vendor lists and estimates that we haven't used and will never need but can not be deleted becasue they have been used at some point in the last 15 years. This has made our company file ginormous, and takes up all the space on our server. 

Experienced Member

Re: Starting a new company file

You set the date for the condense; you can also Delete everything from a specific date, back, and then repopulate the missing Balance Sheet data.

 

Does QB have a wizzard that will walk me thru what needs to be repopulated once I do this condensing back to like 2014?

Established Community Backer ***

Re: Starting a new company file

"Does QB have a wizzard that will walk me thru what needs to be repopulated once I do this condensing back to like 2014?"

 

Run your reports and keep them for reference. Make a backup of the current file and keep it for reference.

 

After you do any housekeeping, rerun reports to see what is changed. That is what you would need to Repopulate, in the case of Deleting. The Condense function isn't quite that bad, but there is a lot of housekeeping to be done, to make that work well.

Established Member

Re: Starting a new company file

Is there a service that can do this for me in MN? We have a large company file with about 40,000 PO's and Invoices each year and thousands of vendors (1.75 gig company file) and I would like to start a new company file containing only the last 18 months +/-. I would obviously make a copy of the company file first so we have a back up. I'm sure a QB Guru could do this in a fraction of the time it would take me...

 

We use QB assisted payroll for Employees.

 

Any guidance is appreciated!

QuickBooks Team

Re: Starting a new company file

Hey there, @CHansen1.

 

You've come to the right place for help. I have some resources here that will give you some insight into starting a new company file. I also have a link that will take you to a search for Proadvisors. Proadvisors are Intuit-certified QuickBooks accountants and bookkeepers all across the nation. By putting in your general location, this site will get you into contact with someone in your area. That link is here: https://quickbooks.intuit.com/find-an-accountant/

 

Down below, you will find additional links that cover starting a new company file. This way you will have an idea of what it takes to start a new file before you start working with someone. If you have any questions for me about this process, feel free to leave a comment.

Established Member

Re: Starting a new company file

Starting a new file isn't necessarily the tough part; its compressing the old data and carrying forward all the data for the periods needed without messing things up. Like I mentioned we have 40,000+ PO's, 40,000+ invoices each year with thousands of vendors and open PO's and customer balances that need to be carried over to the new file as well.

 

I will look into the links and hope to find a local (MN) expert

ProAdvisor

Re: Starting a new company file

Actually, Q2Q has some excellent programs you can use to create a new file. I’ve used them a number of times in the past for some of my clients. It took the better part of a weekend end to do but the programs just ran. 

 

You need Access to be installed on your computer though at that time.

Established Member

Re: Starting a new company file

I think I would want an in-house professional contractor to do this; any QB pro's in the Minneapolis, MN area you can recommend?

ProAdvisor

Re: Starting a new company file

I don’t know of any. It will take some time to do. It will not be quick. I’ve done like 6 in the past. Very time consuming.

 

thats Q2Q website. I’m not affiliated nor do I get a commission. 

 

http://q2q-us.com/q2qwiki/Q2Q_QuickBooks_Integrated_Software