cancel
Showing results for 
Search instead for 
Did you mean: 
SallyA
Level 1

Can Duplicate Company File for Testing Pull in Actual Bank Feed Transactions?

Hello,

I have two questions:

 

1.  We are looking to change from cash basis to accrual basis.  I know we can duplicate the company file for testing.  We use the Bank Feeds to download transactions in our actual company file.  We'd like to do the same thing in our Test Company File.  Is this possible?

 

2.  If after running the Test Company File for some time and we determine we'd like to make it our new, actual company file, how do we do that?  And can we make a copy of the old company file for record keeping?

 

Thanks!

7 Comments
Rubielyn_J
QuickBooks Team

Can Duplicate Company File for Testing Pull in Actual Bank Feed Transactions?

Thanks for the detailed info of your concern, @SallyA.

 

Let me share with you some info about downloading transactions using bank feeds in your test company file.

 

To answer your first question, using the Bank Feeds feature in your test file isn't possible. Once you set this up in your sample file, you'll receive a notification that Bank Feeds is only applicable in your actual company file. See the screenshot below for your reference.

error.PNG

 

Also, a sample file will auto-revert even if you make some changes. If you want, you can create a backup copy of the old file for record-keeping.

 

Otherwise, you can create a new company file from existing ones in QuickBooks Desktop. You have an option to copy and use accounts, lists (customers, vendors, items, etc.), templates, and preferences from an existing company file to get started. For more info, feel free to review this article:  Use an existing company file.

 

Additionally, you can open this link to guide you to restore a company file in QuickBooks Desktop. 

 

Finally, I'll be sharing this resource to help manage and use the Bank Feeds feature in QuickBooks: Get started with Bank Feeds for QuickBooks Desktop.

 

Keep me posted if you have additional questions about managing company files in QuickBooks Desktop. I'll get back to you as soon as I can. Have a nice day.

john-pero
Community Champion

Can Duplicate Company File for Testing Pull in Actual Bank Feed Transactions?

There is no need to test or change or duplicate anything, QBDT and even all of QBO is  by nature and default, ACCRUAL, with the option to view reports as CASH.This is so, despite what you might choose or have chosen in your cpany settings when you started with QB.

 

Simply run reports and make sure you select Accrual rather than Cash  or run a set of both to compare.

 

The IRS allows you to change reporting but unless you plan on issuing half year forms (which I guarantee they won't understand) ypu should only change from one type to another at fiscal year rollover. 

 

There is a limit with the IRS on how often you can change back and forth - you cannot change just because one set of numbers in a certain year results in lower taxes.

 

So of you are satisfied with accrual reports from your existing company file just edit the company settings to change to accrual. That itself does not change a dime in transactions. But it will check the box for 2021 forms that you ate now accrual

SallyA
Level 1

Can Duplicate Company File for Testing Pull in Actual Bank Feed Transactions?

Thanks for info. Just to clarify,  I wasn’t going to use sample files for testing.  I was going to make a copy of our existing company file, then rename it Test Company.  We want to start using the AP and AR functions in the Test Company, including getting daily Bank Feeds and then run comparison reports to our actual company file to see impact on financial statements and to check for accuracy.

SallyA
Level 1

Can Duplicate Company File for Testing Pull in Actual Bank Feed Transactions?

Thank you for info.  We do plan on converting at the end of fiscal year and notifying the IRS prior.  But before we do that, we want to do some what ifs and analyze the differences. We thought we could take existing company cash basis file, duplicate it as a Test and then change 2021 transactions as though they were on accrual basis.  Because the company has always been on a cash basis, so we don’t currently use the AP or AR functions.  If I started using them in actual file, we’ll start having accrual entries that record revenue in month earned and expenses in month incurred with A/P and A/R balances in balance sheet.  Are you saying I could do that and then just toggle between cash and accrual for reports I want to run?

AbegailS_
QuickBooks Team

Can Duplicate Company File for Testing Pull in Actual Bank Feed Transactions?

Thanks for getting back to us, Sally. 

 

Yes, in QuickBooks Desktop you can set the report of your transaction to cash and accrual anytime, as it will allow you to view the respective results.

 

I can provide you the steps on how to change the accounting method in the report. Let me show you how to do that. 

 

  1. In the report, click the Customize Report.
  2. Under the Report Basis section, select Cash.
  3. Click OK.

 

Additionally, you can speak to an accountant about which method is most appropriate for your company.

 

See this article for more information:: Differentiate Cash and Accrual basis

 

You can also check out this article as an additional reference:  Understand reports. 

 

Let me know if you need further clarifications about your accounting preference. I'm always around to provide answers. Have a great day ahead and take care.

Fiat Lux - ASIA
Level 15

Can Duplicate Company File for Testing Pull in Actual Bank Feed Transactions?


@SallyA wrote:

Are you saying I could do that and then just toggle between cash and accrual for reports I want to run?


 

@SallyA 

Which QB Desktop year version do you have? If you are using QBD 2018 or later, you may switch the toggle of Report Basis easily in Reports.

SallyA
Level 1

Can Duplicate Company File for Testing Pull in Actual Bank Feed Transactions?

Thanks for reply.  We are using Desktop Pro 2021.  Just confirming that I can start using the AP and AR modules, which will record accrual entries in income and expense accounts and create AP & AR balance sheet accounts.  However, if I want to switch (toggle) to Cash basis to run reports, those income and expense entries will be adjusted to the date they were received or paid and the AP and AR balance sheet accounts will go to zero?

Sign in for the best experience
Ask questions, get answers, and join our large community of QuickBooks users.
Sign In / Sign Up

Need to get in touch?

Contact us