We are considering opening up a second (new) online QuickBooks file as of January 1, 2022. Will be making significant changes to chart of accounts (structure and numbering); and using classes instead of locations. The new file will be set up with Balance Sheet account amounts as of 12/31/2021.
We will leave the current online file open temporarily as of 12/31/21 since we will be making closing entries during the beginning months of 2022.
Would you recommend starting from scratch with a new company file; or attempting to adjust the current company file with changes listed above?
Thank you in advance for any suggestions.
Thank you for joining us here in the Community, @Bph21601.
Let me share some insights about adding a new company file in QuickBooks Online.
To decide what's best for your business, whether adding a new company file or not, I recommend consulting an accountant. They are the best people to ask for assistance for your business to succeed.
When you decide to add a new company file, you can check this article to learn more about it: Create or add another company file to QuickBooks Online.
Let me know if you have additional questions about adding a new company file. I'm always here to help.
I would recommend opening a new blank QBO account to start a new fiscal year.
https://quickbooks.grsm.io/us-promo
then utilize a migration tool if required to speed the process up, including migrating your beginning balance as Journal Entries.
https://transactionpro.grsm.io/qbo
As an additional option, utilize the trial period for a backup restore app for your new account. You don't have to purge your account later to fix your error and restarting from scratch again.
https://rewindio.grsm.io/quickbooks
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