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4 helpful votes

Start a new company file

Learn how to start a new company file with QuickBooks Desktop Pro or Premiere.

QuickBooks enables you to create a new company file each year so that the data entry required during the initial file setup is eliminated. Although closing a company file at year end is not required, many customers find that the volume of transactions over the course of a year results in increasingly larger data files and deteriorating computer performance.

Creating a new company file helps alleviate these symptoms. It also provides an extra measure of security against accidental changes to data for a previous tax-reporting period. It can be used to clean up or restructure your current data by removing unused items, names, and accounts. (An alternative to creating a new company file is to clean up company data.)

We show you how to create a new company file.

Note: You must have a Basic, Standard, or Enhanced payroll subscription. If you have an Assisted payroll subscription, contact 888.712.9702 for additional help.

Before you start a new company file

Print the following reports dated December 31st of the closing year.

You need these reports to re-create the accounts receivable (A/R) and accounts payable (A/P) year-end balances in the new company file. And to create the opening balances for all balance sheet accounts. You also need to manually enter inventory value, stock status, and any outstanding banking transactions.

Customer Balance Detail report

  1. Select the Reports menu.
  2. Select Customer & Receivables and then select Customer Balance Detail.

Vendor Balance Detail report

  1. Select the Reports menu.
  2. Select Vendors & Payables and then select Vendor Balance Detail.

Standard Balance Sheet

  1. Select the Reports menu.
  2. Select Company & Financial and then select Balance Sheet Standard.

Start a new company file

To start a new company file in QuickBooks Pro and Premier

  1. Select the File menu, choose Utilities, then Clean Up Company Data.Your new company file retains your lists, preferences, and service subscriptions, but no transactions. You can enter opening balances for balance sheet accounts by choosing Make General Journal Entries from the QuickBooks Company menu.
  2. Rebuild the outstanding balances in accounts receivable by either creating balance forward invoices for a lump sum customer balance or re-creating individual invoices.
  3. Recreate vendor balances from the Vendors menu with the Enter Bills option, charging these bills directly to the Uncategorized Expense account, as opposed to individual expense accounts.
  • Due to critical payroll information contained within payroll files, this feature isn't available to payroll users.
  • Due to security and time related data from the financial institution, this feature isn't available to QuickBooks Online Banking users.
  • You won't be able to run comparative annual reports if you choose to create a new company file for every new year.
  1. Choose File, then New Company.
  2. From the EasyStep Interview window, select Start Interview.
  3. Follow the on-screen instructions to enter the information for your new company file.

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