Business purchased and now moving to QuickBooks Online

Hi there, @Kayefpee.

Thanks for us here joining in the Community. I'd be happy to provide you options on what are the best things to do in your company.

You can export your data into QuickBooks Online Plus. This allows you to transfer your transactions from desktop to online. Before converting your company file, you need to determine if your system meets all the requirements and if QuickBooks Online is the right fit for your business. To guide you all throughout the process please refer to this article: Convert from QuickBooks Desktop to QuickBooks Online.

However, there are features that can't be imported into QuickBooks Online. To know what are those features please check out this article: What data doesn't convert from QuickBooks Desktop to QuickBooks Online?  

I got here some articles that will surely guide you all throughout the procedure:

• FAQs about importing data to QuickBooks Online.
• What data doesn't convert from QuickBooks Desktop to QuickBooks Online?
• Convert QuickBooks Desktop file to QuickBooks Online.

Lastly, you may wish to consider contacting the Phone Support Team. This team can pull up your account in a secure environment and has specialized tools to assist with this process. Here's how you can reach them: Get help with QuickBooks Online.

Don't hesitate to let me know if I can be of additional assistance. Cheering your business to continued prosperity.

Right, it's a new set of books with no history, and a new EIN. 

The value of the assets being purchased should be raised on the start date. It's probably the tax value in the previous company.  The offset is equity, or maybe the new owner will contribute cash into the new bank account, to pay for the assets.

Goodwill asset, for the difference between total asset value, and purchase price.

What are the assets being purchased?  Depreciable assets I see, so the tax book value would be easiest, unless you want to have different book and tax values.

You need a CPA to discuss this with.

It's good if the start date is 1/1 as that will make payroll set up much easier, as there will be no YTD to enter

"Should we create the new company and import the lists/COA using QBO, or instead using QB Desktop then exporting to QBO?"

First export from desktop to Excel. Then import into QBO from Excel, after ensuring the data layout is correct, and deleting the dormant records.  There is a sample file in the QBO import screen, to show you how the data should look.

Another option is to create a copy of the file in desktop, without any transactional data, and use the conversion tool to create a new QBO file. So you will have the lists of customers,vendors, items, and accounts.  There is no batch delete in QBO, so you wont be able to clean the lists, unless you can do that in desktop.

"Will we be able to export custom invoice templates from QB Desktop, complete with logo and formatting?"

No

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@Malcolm Ziman wrote:
Another option is to create a copy of the file in desktop, without any transactional data, and use the conversion tool to create a new QBO file. So you will have the lists of customers,vendors, items, and accounts.  There is no batch delete in QBO, so you wont be able to clean the lists, unless you can do that in desktop.

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So it turns out, while we don't want balances or pending receivables/payable to come over, we DO want history that would indicate pricing extended to customers, perhaps the ability to copy wording from existing invoices to new ones, and vendor records (when purchased, at what price, etc.).

That would point to modifying a spin-off of an existing company to remove balances and pending items then exporting to QBO using the Desktop utility set.

Am I asking for too much of QBO? The alternative would be to refer back to QB Desktop as needed for history. Recall that the old company is going to use QB Desktop to close out pending obligations and payments incurred while they owned the company. The same staff will be performing the function.

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@Kayefpee wrote: 

Am I asking for too much of QBO? The alternative would be to refer back to QB Desktop as needed for history. 

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I don't think any accounting program will create transactions with zero impact on the books, but with all the details.  So yes, I think you will have to refer back to QB Desktop, for any customer history.