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Bph21601
Level 1
posted
‎December 02, 2021 01:57 PM
last updated ‎December 02, 2021 1:57 PM

Additional company online file

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.  

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2 Comments 2
Ethel_A
QuickBooks Team
QuickBooks Team
‎December 02, 2021 04:02 PM

Additional company online file

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.

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Fiat Lux - ASIA
Level 15
‎December 02, 2021 06:35 PM

Additional company online file

@Bph21601 

I would recommend opening a new blank QBO account to start a new fiscal year.

https://quickbooks.grsm.io/US

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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