before you do condense suggested by Red, print out the P&L and balance sheet, after condense compare the condensed version of the P&L and balance sheet to what you printed, they MUST be identical, if not (and that is a high % of the time) it did not work and you need to restore from back up.
The accountant version has one other tool, called period copy, but it has the same problems as condense
IMO the best way to start a new file is to buy the utilities from www.q2q.us click the "More utilities here" button and number 1 &2 is what you need
"QB itself does not have such a function - its just keeps all details forever"
That is true for QB for Canada. However, QB for US has the function Condense. You can condense from Before a specific date; or Remove all transactions before that date. You also get to select if you want Inventory summarized or keep transactions where inventory was involved. It removes transaction details and also can remove unneeded names, items, accounts, etc from lists, once there are no transactions associated to them.
As long as you do the housekeeping that makes this work, it give good results.
The Accountant Edition also includes the Period Copy = a subset of the data file, such as Only 2013-2014.
QB itself does not have such a function - its just keeps all details forever
your choices are to go with a QB add-on program (there is more than one but they're not free)
or start a new data file at the next year-end (you can transfer the chart of accounts and all the 'lists' via export-import)
I have tried to condense my file by choosing to "remove the audit trail info" to date option on a file that is about 484 mb large. I then get an error message that says there is not enough memory to complete the operation. I am assuming that there is a backup file done first. I have already done that through my normal backup operation to a Dropbox file. Is there a way to bypass that, or change the file location for the backup file step QB wants to perform?
Hi there, @beesrvresort.
Let me sort things out for you. You can save the backup copy to a different location and proceed with condensing your file. Please ensure there's enough memory where you'll save the backup copy.
Take note that Condensing is not reversible.
For additional information, you can refer to this article: Use the Condense Data utility.
You can always visit our help website for articles that can guide you if you have a concern in managing your QuickBooks account: QuickBooks Support.
Don't hesitate to get back to us if you have confusion. We're here to assist you. Have a great day!