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hn10
Level 1

I am ending my corporation in one state and starting a new one in another state.

I am ending my corporation in one state and starting new in another state. My bank account is the same as I have the same EIN number with the IRS. How do I close out my company financially in one state and then move the money left to the new quickbooks company file?

3 Comments 3
SashaMC
Moderator

I am ending my corporation in one state and starting a new one in another state.

Good morning hn10,

 

Welcome to the QuickBooks Community! I will be more than delighted to assist you here! Before we get started, could you share which product you are using? This will help in pointing you in the right direction! I will be on the lookout for your response. See you soon! 

 

 

hn10
Level 1

I am ending my corporation in one state and starting a new one in another state.

Thank you. I am using QB Desktop Pro 2020

LieraMarie_A
QuickBooks Team

I am ending my corporation in one state and starting a new one in another state.

Hello again, @hn10. Thank you for the additional information.

 

You can close your books in QuickBooks Desktop (QBDT) to prevent any accidental changes that will affect your reports. Doing this will require a password for any changes made to your past books.

 

Here's how:

 

  1. From the Company menu, select Set Closing Date.
  2. Select Set Date/Password.
  3. Enter a Closing Date and Closing Date Password.
  4. Select OK to close the window.

 

However, closing a corporation may imply tax/financial reporting to the IRS. I recommend seeking professional advice from your accountant about this. They can help you properly close out your company. If you don't have one, you can visit the ProAdvisor site to find an accountant near you. 

 

Once done, you can create a new company file from scratch or carry over data from your existing file.

 

Fill me in if you need a hand running your business in QBDT. I'm always here to ensure your success.

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