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dwynia
Level 1

Bought an established business, should I continue using their quickbooks?

My husband and I recently purchased his family's construction company. His mom backed up her existing QuickBooks then restored it onto my computer. my question is this, do I a.) keep working off of the QuickBooks she restored onto my computer or b.) Keep that for referencing and start fresh with a second business account? For some background info we did take over their current business bank account, which I am now regretting and wishing we would have started fresh with a completely separate one. Literally any help/advice would be greatly appreciated! Thank you so much. This experience has been a living hell if I'm being completely honest.

1 Comment 1
Fiat Lux - ASIA
Level 15

Bought an established business, should I continue using their quickbooks?

I would recommend condensing the file to delete old transactions and only keep all transactions for the current fiscal year. Once you have completed this fiscal year including everything related to your tax requirements, you may consider opening a new company file to start over.

 

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