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Frequent Explorer **

absorb one company file into another?

I am a Managing Member and acting CEO of an LLC.  We are about to purchase another company and need to import that company's QB records into our QB file.  Are there step-by-step instructions on the best way to export/import lists.  This company will include customers and sales, chart of accounts, vendors/purchases, employees and payroll data, etc..

 

Any help would be greatly appreciated.

 

Thank you,

 

Tim

Solved
Best answer 12-19-2018

Accepted Solutions
Established Community Backer ***

Re: absorb one company file into another?

It seems you are not Buying the Business Entity. You told us you formed a new Entity = the LLC, which as its own FEIN.

 

And unless you intend to submit paperwork to the IRS to be treated as an S Corp, there is no Payroll. Any payroll from the old entity is not yours, no matter what.

 

You need to separate your concept from "Absorb" to Transition. You set up for the new entity properly, using, for instance, the Tax form your new entity will file as the reference for the chart of accounts. Not the Old Company, but your New Company.

 

For this, "We will be purchasing virtually all of the assets of the business, including financial records."

 

You don't buy Records. You take on Assets, valued under the terms of the buy/sell. You agree to assume Liabilities. You address open AR and AP as part of this. But Not Payroll.

 

"My only question is how to export/import lists and data"

 

Their financial data is Not Yours. Yes, you can export the lists, such as Customer and vendor records, Items list.

 

Then you populate with Your Financial records, not theirs. Their data has nothing to do with how you are starting this business.

 

"but need some step-by-step instructions on the moving of the company asset records in QB to another company file?"

 

They are not Your Values. You just bought all of this, so your basis is New, and Now. Not their basis and not their depreciation.

10 Comments
Established Community Backer ***

Re: absorb one company file into another?

There is no merge company function in QB.

LLC doesn't mean much, the tax entity type of each business controls whether when you bought the company whether or not you get to keep the financial history as part of the acquiring company.

You need to work with a tax accountant on this one

Frequent Explorer **

Re: absorb one company file into another?

Thank you for replying so quickly.  Maybe I needed to provide more background information on the acquisition.  The LLC was formed from a group of employees at the business we are acquiring.  The boss is wanting to sell it to the employee group.  I am currently the VP of Operations and have worked for the company for almost 17 years so I am fully aware of the business. We will be purchasing virtually all of the assets of the business, including financial records.  My only question is how to export/import lists and data from one QB company file to another and in what order? I am in close contact with a CPA in regards to the purchase, but need some step-by-step instructions on the moving of the company asset records in QB to another company file?

 

Thank you,

BRC
Established Community Backer ***

Re: absorb one company file into another?

Yes, there's no merge in QB.  But you can copy transactions from one file to another using our BRC Transaction Copier .  It will help you pull copies of transactions from one QB file and create a file you can import into another QB company file.

Frequent Explorer **

Re: absorb one company file into another?

We are purchasing virtually all of the financial records and lists including employees and payroll.  I don't mind purchasing a 3rd party software to help with this process, but I need to make sure it will accomplish what I want.  I am wanting EVERYTHING copied from one QB company file to another? Not just transactions but lists, assets, equity, chart of accounts, etc.?

 

Thank you,

QuickBooks Team

Re: absorb one company file into another?

Hello tmullins,

 

Thanks for posting in the Community. I'm here to assist you with copying data from one company file to another.

 

You can import the lists and transactions using an IIF file in QuickBooks Desktop. However, you're only able to import supported data using this feature.

 

For more information about using IIF files, you can visit this article: IIF Overview: import kit, sample files, and headers.

 

If you want to export and import MS Excel files into your QuickBooks Company file, you can also check the outlined steps in this article:

 

Import or export MS Excel files.

 

Since you need to import everything from the other company file, you can also check for any third party app with the process. You can try searching them through our Intuit Marketplace website.

 

Please don't hesitate to reach out if you have further questions concerning QuickBooks Desktop. The Community team is always here whenever you need assistance.

BRC
Established Community Backer ***

Re: absorb one company file into another?

RE: I am wanting EVERYTHING copied from one QB company file to another? Not just transactions but lists, assets, equity, chart of accounts, etc.?

 

Unfortunately that is not possible. QB has limits to what it will import.   It will not, for example, import any payroll transactions like paycheck and tax payment checks.

 

You can export and import lists like customers and vendors and accounts using the built in IIF export / import feature.  But that is only for lists.

 

You can use our app (BRC Transaction Copier ) to transfer most types of transactions.

 

But there will not be any app or process that will copy "EVERYTHING".  It can't exist because QuickBooks won't import every kind of data.

Frequent Explorer **

Re: absorb one company file into another?

Re: You can use our app (BRC Transaction Copier ) to transfer most types of transactions.

 

What is not included?  You say "most types of transactions."

QuickBooks Team

Re: absorb one company file into another?

Hi again, tmullins.

 

Thanks for getting back to us on this thread. I'd be delighted to lend a hand with copying transactions from one company file to another.

 

In addition to what @BRC said, the ability to copy all the data from a different company file is unavailable at the moment. If you want to know more about the BRC Transaction Copier app, you can also check out his website.

 

For more information about the type of transactions you can import using IIF files through this article: IIF Overview: import kit, sample files, and headers.

 

Feel free to post a comment below if you have further questions. We'll be around for you.

Established Community Backer ***

Re: absorb one company file into another?

It seems you are not Buying the Business Entity. You told us you formed a new Entity = the LLC, which as its own FEIN.

 

And unless you intend to submit paperwork to the IRS to be treated as an S Corp, there is no Payroll. Any payroll from the old entity is not yours, no matter what.

 

You need to separate your concept from "Absorb" to Transition. You set up for the new entity properly, using, for instance, the Tax form your new entity will file as the reference for the chart of accounts. Not the Old Company, but your New Company.

 

For this, "We will be purchasing virtually all of the assets of the business, including financial records."

 

You don't buy Records. You take on Assets, valued under the terms of the buy/sell. You agree to assume Liabilities. You address open AR and AP as part of this. But Not Payroll.

 

"My only question is how to export/import lists and data"

 

Their financial data is Not Yours. Yes, you can export the lists, such as Customer and vendor records, Items list.

 

Then you populate with Your Financial records, not theirs. Their data has nothing to do with how you are starting this business.

 

"but need some step-by-step instructions on the moving of the company asset records in QB to another company file?"

 

They are not Your Values. You just bought all of this, so your basis is New, and Now. Not their basis and not their depreciation.

Highlighted
Frequent Explorer **

Re: absorb one company file into another?

Thank you both for your help in thinking through this transition.  I think I will need to consult with my CPA before knowing exactly how to proceed.

 

Thank you again.