COMPLETE STEP BY STEP ON HOW TO CREATE A NEW COMPANY WITH OLD FILE DATA INCLUDING PAYROLL

What QB Desktop edition and year version do you have? QB Desktop 2024 Pro Plus or else?

We are using QuickBooks Enterprise 24.0 Mfg and Wholesale with multi user

Good day, Brita2. I can certainly provide you with the complete details you need. Let's begin by creating a new company file from your existing file.

Here's how:
 

1. Open your existing company file.
2. Select the File menu and click New Company from Existing Company File.
3. Or, in the No Company File Open window, click the Create a New Company File box, then click the Other Options box and select New Company from Existing Company File.
4. Browse your .QBW old file in the Select Company File to Copy From box.
5. Enter your new company name.
6. Follow the on-screen steps, and it will automatically create your new company file and transfer data from the old file. Please note that not all data will be transferred. Only the Chart of Accounts list, Vendor list, Employee list, Other Names, Sales Rep, Item list, Price Level, Customer list, and Budget.
    

Once your new company file is created, let's proceed with moving your payroll information. Please note that there’s no option to import payroll-related details, you'll need to enter them manually into your new company.
 

Here are the steps to enter payroll information:
 

         1. From the Help menu, choose About QuickBooks.
         2. Press Ctrl + Alt + Y or Ctrl + Shift + Y to open the Setup YTD Amounts window.
         3.  enter the YTD in the Employee Summary Information, click the employees and enter the amount of their salary.
         4. Select Next until you reach the Enter prior payments section.

         5. In the Enter Prior Payments window, click Create Payment to input all prior payroll tax and non-tax payroll liability payments you’ve made during the current or previous years.

         6. Enter the Payment Date and For Period Ending date accordingly (in many cases, these dates will be the same).

         7. In the Taxes and Liabilities field, choose the payroll tax item that you’ve already paid and want to record in QuickBooks Desktop. Enter the amount. You can add a memo to remind you what the payment is for (Payments for prior quarters are entered as lump sums, and current 
          quarter payments are entered per payroll).

          8. Select the Accounts Affected button to choose how you want the payment to impact your Chart of Accounts (COA):

• Do not affect accounts: Use this option if your QuickBooks accounts have correct balances. Choosing this will cause the prior payment to not appear in the bank register.
• Affect liability accounts but not the bank account: Use this option if your checking account has the correct balance. This will prevent the prior payment from showing up in the bank register.
• Affect liability and bank accounts: Use this option if none of the account balances are correct. This will cause the prior payment to appear in the bank register
  9. After completing your first payment, Hit Next Payment. Repeat this process until all payments are entered. Then click Done to save your work.
  10. Select Finish to close the window.

However, If you're only concerned about the company file size, you can follow the steps in this article to reduce it: Create new company files from existing ones in QuickBooks Desktop. Please note that this process will not create a new company file from scratch, it will only reduce and create a unique copy of your original file.

If you have specific questions about transferring your payroll subscription to the new company file, I recommend contacting our QuickBooks Desktop Payroll Live Support team. They have the tools and expertise to securely process the transfer in the system and provide you with suitable options.

Please don't hesitate to leave us a response if you have other questions or concerns.

@Brita2 

Have you tried using the Condense Data utility?

https://quickbooks.intuit.com/learn-support/en-us/help-article/data-utilities/use-condense-data-util...

Yes, our current file is corrupt and cannot be rebuilt due to size of 1.63G.  Therefore, I need step by step instructions as we are starting our NEW Company file as of 01/01/2026 and only entering opening balances from 12/31/2026 from current company file. 

You can purchase a 3rd party service to fix your company file and condense it. Contact @Fiat Lux - ASIA directly via email and they can help you resolve this issue.

We do not want to have the file rebuilt by a 3rd party.  I would like the step by step instructions on how to proceed with new file creation from opening balances, as i stated above.

Can I also get instructions on how to handle uncleared checks, deposits, and credit card charges/credits with starting a new company from open balances?

Sure thing, Brita2!

I'm happy to help you manage uncleared checks, deposits, and credit card charges or credits when starting a new company based on open balances. Let’s break it down.

First, you'll need to determine the accurate opening balances for your bank and credit card accounts before entering any uncleared checks, deposits, or charges. Review your previous accounting records or bank statements to identify what should carry over to your new file.

Once you have the opening balances, here’s how to create your bank or credit card account and enter those balances:

1. Go to the Company menu and then select Chart of Accounts.
2. Right-click anywhere on your Chart of Accounts and select New.
3. Select Bank or Credit Card for the account type. Then select Continue.
4. Give your account a name. If you have multiple accounts of the same type or at the same bank, give them unique names so they're easy to tell apart.
5. Fill out the rest of the data fields.
6. Select Enter Opening Balance. Later on, if you need to edit your opening balance, the button will be Change Opening Balance. 
7. select Save & Close.

Now you’re ready to record uncleared checks, deposits, and credit card transactions. Here’s how:

To enter uncleared checks:

1. Go to the Banking menu at the top, choose Write checks.
2. Select a BANK ACCOUNT from the dropdown menu from which the funds will be withdrawn.
3. Select the payee's name from the PAY TO THE ORDER OF dropdown.
4. Choose the Expenses tab to enter shipping charges, liabilities (for payments related to loans), and any other expenses not tied to specific items in QuickBooks.
5. Or, the Items tab to select the appropriate item from the dropdown list.
6. Fill in any other necessary information.
7. Once you're done, click Save & Close or Save & New.

To enter uncleared deposits:

1. On the Homepage, select Record Deposits / Make Deposits.
2. In the Make Deposits window, select the account you want to put the deposit into from the Deposit to dropdown.
3. Check the deposit total. 
4. Enter the date you made the deposit at your bank.
5. Add a memo as needed.
6. When you're done, select Save & Close.

To enter credit card charges/credit:

1. From the Banking menu, select Enter Credit Card Charges.
2. Select the credit card account from the Credit Card ▼ dropdown.
3. Purchase/Charge is the default. If you want to record a credit or refund you received through the credit card, select the Refund/Credit instead.
4. Select the vendor from the Purchased From ▼ dropdown.
5. Select the date.
6. (Optional) Enter a memo explaining the charge or refund.
7. Select the Expenses or Items tab and enter the expenses/items you want to track.
8. Select Save & Close.

Once you do your first reconciliation, the opening balance in the reconciliation window should match your statement beginning balance. For the uncleared transactions you entered, only check off the items that appear on that month’s statement.

For future guidance on reconciling your account, check out this article: Reconcile an account in QuickBooks Desktop.

To ensure your books are audit-ready, I recommend reaching out to your accountant. They can perform a professional review to maintain the integrity of your financial records and ensure your opening balances are perfectly aligned.

If you have any other questions, don’t hesitate to visit the Community again. We’re here to help.