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How do I copy a previous owners company file and insert it into my new company file with out altering the original company file?

I recently purchased a retail business from my family.  I would like to keep all the accounts receivable data and accounts payable intact. Basically all the charts of accounts. I would like to copy the whole company file and insert it into MY NEW company file. That way I will have all the data I need and I can delete data that I don't need and still have the old company file for a backup or reference. 

The previous owners did not keep up with the chart of accounts very well and some of it is a complete mess. But all the information and accounts are there and I want to utilize that information.

 I'm creating my own LLC and keeping the business intact I can go in and delete anything prior of my purchase date and start fresh so the mistakes from the previous owners failed attempts in keeping the books straight won't be a burden on my new company.

Thanks in advance! I really hope I made my situation clear without over complicating it!

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Best answer 12-10-2018

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You bought a business, assuming it was not taxed as a cor...

You bought a business, assuming it was not taxed as a corporation, that means you have a new business, with a new set of books.  Those books should not have the previous owners transactions in it.

in the old QB company file use menu file>utilities>export>lists to iif and select the lists you want to move to the new company, save.  You can open that list in excel and delete anything you do not want moved to the new file (I would delete the equity accounts and later in the chart of account create your specific accounts at the minimum), save and then in the new company file use the same menu tree but import.  Those are name lists with no transactions

Then you enter opening balances for the balance sheet accounts, including any bills or invoices that come with the new business.  And if there is inventory you create the inventory item with starting qty and value using the inventory valuation summary from the old business, you never post directly to inventory asset.

I recommend you have the following for owner/partner equity accounts  (one set for each partner if a partnership)

[name] Equity (do not post to this account it is a summing account)
>> Equity
>> Equity Drawing - you record value you take from the business here
>> Equity Investment - record value you put into the business here

View solution in original post

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Highlighted
Established Community Backer ***

You bought a business, assuming it was not taxed as a cor...

You bought a business, assuming it was not taxed as a corporation, that means you have a new business, with a new set of books.  Those books should not have the previous owners transactions in it.

in the old QB company file use menu file>utilities>export>lists to iif and select the lists you want to move to the new company, save.  You can open that list in excel and delete anything you do not want moved to the new file (I would delete the equity accounts and later in the chart of account create your specific accounts at the minimum), save and then in the new company file use the same menu tree but import.  Those are name lists with no transactions

Then you enter opening balances for the balance sheet accounts, including any bills or invoices that come with the new business.  And if there is inventory you create the inventory item with starting qty and value using the inventory valuation summary from the old business, you never post directly to inventory asset.

I recommend you have the following for owner/partner equity accounts  (one set for each partner if a partnership)

[name] Equity (do not post to this account it is a summing account)
>> Equity
>> Equity Drawing - you record value you take from the business here
>> Equity Investment - record value you put into the business here

View solution in original post

Established Community Backer ***

Also, it matters if you bought a Business as their Entity...

Also, it matters if you bought a Business as their Entity, or you bought the Assets and Liabilities.

No one on the Internet can guide you for how the tax rules apply to what you are asking. You will need to meet with a CPA and bring the buy/sell paperwork with you.

There are third party program to merge data from two data files. QB doesn't have this function. But first, find out if that is the right thing to do.

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I bought out a 70% partner in a company.  Nothing else ha...

I bought out a 70% partner in a company.  Nothing else has changed and want to use QBO for accounting.  How do I bring in the previous balances and transactions?

Established Community Backer ***

@lauralgallagher "Nothing else has changed" Are you Sur...

@lauralgallagher

"Nothing else has changed"

Are you Sure? A multi-member LLC with only one of you Has Changed the entity. Or, a Corporation = you bought out that shareholder and Nothing has changed for the corporation. It is no different than me selling you my Ford Motor Company shares; it doesn't impact Ford at all.

You should meet with your own CPA to review everything you are asking about and need to do.

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