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Experienced Member

Sold old business, bought new one. Same bank account. Need guidance!

Hi,

Running QB Desktop 2019.  Just sold our old business and bought new one.  I'm planning on using the same bank account (or accounts - had a payroll acccount also, which I may not need now).  On QB Desktop, how do I close out the old business account and then open the new account, again using the same bank account number?  Will have new account categories and suppliers.  And what if some remaining payments or deposits come in on the old business...how do I handle that?  Thank you.  Maybe not an easy answer...?

 

Mark

13 Comments
Moderator

Re: Sold old business, bought new one. Same bank account. Need guidance!

Good day, Jetrocker!

 

I'd be glad to guide you on how to handle the situation you're having.

 

In QuickBooks Desktop, the system will automatically closed books. Therefore, there's nothing that you'll do in closing out your old business. As for creating your new company file for your new business account, here's what you'll need to do:

  1. Open QuickBooks Desktop.
  2. In the No Company Open window, select Create a new company.
  3. At this point, you have two setup options:
    1. Select Express Start if you want to get started right away. You only need to enter your business name, industry, and business type to create your company file. You can enter this info later on.
    2. Select Detailed Start if you want to do a complete setup so all of your info is in from the start.
  4. Follow the onscreen steps to finish the setup. 

Please keep in mind that if you have an existing company file in QuickBooks, give your new one a unique name. This prevents QuickBooks from accidentally overwriting your data.

 

Once done, you can connect your bank account to the new company file. If there were transactions downloaded from the old business, then, delete the transaction.

 

To give you more of an idea about this process, you can refer below articles:

This should help you move forward, Jetrocker. If there's anything else I can do for you, please let me know by commenting below. I'd be more than happy to further assist.

Experienced Member

Re: Sold old business, bought new one. Same bank account. Need guidance!

Thanks very much for your help!  If I run the bank feed for the new business and get charges from the old one, is there a way to transfer those to the old one?  Also, visa versa...I've got a few that were downloaded via bank feed already to the old account that need to be transferred to the new one.

Thx again, Mark

Experienced Member

Re: Sold old business, bought new one. Same bank account. Need guidance!

Also wondering if the "opening balance" I'd put in the new account would be the ending balance in the old one?  And finally, when I do a bank feed for the first time in the new account, I'm assuming that it would download only new transactions that had not been downloaded before to the old account, correct?  This is a bit scary, so sorry if the questions are basic knowledge type stuff..

 

Mark

Anonymous
Not applicable

Re: Sold old business, bought new one. Same bank account. Need guidance!

Welcome back to the Community, @Jetrocker

 

Definitely! There are multiple ways to move funds between accounts in QuickBooks Desktop, such as using a transfer, check or journal entry.

 

To transfer:

 

  1. Go to the Banking tab then select Transfer Funds.
  2. Choose the correct accounts on the Transfer Funds From and Transfer Funds To.
  3. Enter all necessary information.
  4. Click Save & close when done.

To create a journal entry:

 

  1. Click the Company menu.
  2. Choose Make General Journal Entry.
  3. In the Make General Journal Entries window, update the Date and Entry No fields if necessary.
  4. Add the amounts in the Debit or Credit columns. You may refer to an accounting professional for guidance on what accounts to use.
  5. Hit Save.

Additionally, the opening balance should be available funds in the company's account at the beginning of a new financial period, year-end or ending balance from the previous reconciliation.

 

Lastly, regarding your banking question, when you connect your bank into Quickbooks, the system downloads up to the last 90 days of transactions. If you need to fetch older items for your online banking, you have the option to upload them manually using a .QBO file. Here's how:

 

  1. Click the File menu, then go to Utilities.
  2. Click Import, then choose Web Connect Files.
  3. Choose the QBO file, then click Open.
  4. When prompted to choose bank account, choose Use an existing QuickBooks account if the account is already set up or Create a new QuickBooks account if it's not yet added.
  5. Click Continue.
  6. When you see a window telling you that the data has been successfully read, click OK.

I've attached here an article to guide you with the process: Download Bank Feed transactions.

 

If you have any questions or need anything, please let me know. I'll be right here to help. Wishing you well. 

Experienced Member

Re: Sold old business, bought new one. Same bank account. Need guidance!

Jen

 

I have QuickBooks 2019 Desktop, not Online....

Experienced Member

Re: Sold old business, bought new one. Same bank account. Need guidance!

Hi Jen,

 

I have QB 2019 Desktop, not online.  Also, I don't want to download the last 90 days worth of transactions into my new company account.  This again is a NEW company file and the last 90 days of transactions are almost all the OLD company transactions.  I want to start out fresh with this company file and have just transactions from my existing checking account that are ones going forward...

 

Thx

Mark

QuickBooks Team

Re: Sold old business, bought new one. Same bank account. Need guidance!

Hello, @Jetrocker.

 

By default, you can download 30-90 days worth of transactions from your bank into QuickBooks. However, this totally depends on the amount of data shared by your bank.  

 

To set up your bank account, here's how:

  1. Go to Banking menu at the top.
  2. Choose Bank Feeds, then click Set up Bank Feeds for an Account.
  3. In the Enter your Bank’s name field, enter the name of your bank.
  4. Connect Bank account.
  5. On the Link your Accounts screen, choose which bank account/s to add to QuickBooks.

Once your bank is connected, you can ignore the transactions you don't want to include.

  1. Go to the Banking menu.
  2. Select Bank Feeds.
  3. Click Bank Feeds Center.
  4. Choose the bank accounts.
  5. Click the Transaction List button.
  6. Select the TYPE of transactions.
  7. Filter the date range.
  8. Click the Batch Actions drop-down, and then select Ignore.

You can also delete transaction individually- select the item, and then in the ACTION column, select Ignore.

 

 

To help you get started with your bank feeds, you can read this article: 

Feel free to leave your comments below if you have other questions. I'm always here to help.

Experienced Member

Re: Sold old business, bought new one. Same bank account. Need guidance!

Thank you.  Again, need to ask...are these instructions, to BOTH transfer transactions between company files and to set up and filter bank feeds, based on the DESKTOP version of QuickBooks and not the online version?

 

Regards,

Mark

QuickBooks Team

Re: Sold old business, bought new one. Same bank account. Need guidance!

The instructions to create a new company and set up bank feeds are based on the Desktop version, Mark.

 

In transferring transactions, you can copy multiple of them from one company file to another. Although, you can only do it if you're using QuickBooks 2017 or newer (Premier Accountant Edition or Enterprise Account Edition). 

 

If you're not using the Accountant versions, you can either enter the transactions manually or follow juVielL's suggestion. 

 

This will help you start fresh. We're just right here if you have additional questions. 

Experienced Member

Re: Sold old business, bought new one. Same bank account. Need guidance!

Thank you!  One more please....some of the transactions that I would manually delete from the old company file (and then manually input into the new company file) already have "lightning bolts" in the cleared column in the old file.  Is this a problem?

Moderator

Re: Sold old business, bought new one. Same bank account. Need guidance!

Thanks for getting back to us, Jetrocker.

 

You're referring to the lightning bolt beside the bank account's name in the Chart of Accounts, correct? If so, this means that the Bank Feeds (online banking) is still active for that account.

 

That shouldn't be a problem! But since you already input all the transactions to the new company file, you can deactivate it in the old one.

 

Here's how:

 

  1. In the Chart of Accounts, right-click the bank's name and choose Edit Account454.PNG
  2. Go to the Bank Settings tab, and select the Deactivate all online services radio button. 455.PNG
  3. Hit OK, then Save & Close.

 

For additional information, refer to this article: Disconnect Bank Feeds for an account in QuickBooks Desktop.

 

Reach out to me in the comment section if you have any other issues or concerns. I'm always here to assist. Have a great day!

Experienced Member

Re: Sold old business, bought new one. Same bank account. Need guidance!

Thank you all for the great help!

Experienced Member

Re: Sold old business, bought new one. Same bank account. Need guidance!

Thank you for all the great help!

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