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JudeD
Level 1

Best way to split one company file into two - originally used for personal but now used for personal and business

Hi.  I'm looking for the best way to split one company file into two.  I originally set up QBD for my own personal use but then started doing some independent contracting and wound up entering business information in my personal file (I set up Business accounts in the COA.)  Now, I'd like to completely separate them and am wondering the best way to do this.

7 Comments 7
Mark_R
QuickBooks Team

Best way to split one company file into two - originally used for personal but now used for personal and business

It's a good practice to separate personal and business transactions in QuickBooks, @JudeD.

 

In QuickBooks Desktop (QBDT), you have the option to create a new company file so you can work separately from your personal company file. Please be guided by the steps below to set it up.

 

  1. Restart your QuickBooks Desktop.
  2. In the No Company Open window, select Create a new company.
  3. Select Express Start or Start Setup, then fill out your business information and click Create Company File.
  4. Follow the onscreen instruction to finish the setup.
  5. Click Start Working.

 

Once done, you can now start working on your business company file separately from your personal file. 

 

However, since you already entered your business information on your personal company file, you also have the option to create a new company file from your existing file without starting from scratch. But this option is only available for the QuickBooks Desktop Enterprise version. If you have this version, feel free to read this article for the detailed steps and information: Create new company files from existing ones in QuickBooks Desktop.

 

Should you need any assistance getting your new company file up and running, I'm available here to help any time!

Fiat Lux - ASIA
Level 15

Best way to split one company file into two - originally used for personal but now used for personal and business

camillec
Level 1

Best way to split one company file into two - originally used for personal but now used for personal and business

I have been tracking two companies in one file.  My accountant wants me to separate now.  I have separate bank accounts and separate chart of accounts for each. I run QB Desktop Pro 2019.  What is the best way to do this?  Is there a way to move the data into the new company file?

camillec
Level 1

Best way to split one company file into two - originally used for personal but now used for personal and business

I started a company file in QB Desktop Pro 2019 originally and added a second company with different bank accounts and chart of accounts.  My accountant wants me to now separate them into 2 files.  How can I do this?

Fiat Lux - ASIA
Level 15

Best way to split one company file into two - originally used for personal but now used for personal and business

@camillec 

How do you register or find data for a specific company? Are you using the Class feature?

camillec
Level 1

Best way to split one company file into two - originally used for personal but now used for personal and business

I have separate account names in expenses/income, separate bank accounts.

Fiat Lux - ASIA
Level 15

Best way to split one company file into two - originally used for personal but now used for personal and business

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