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jgilbe4
Level 1

Splitting one company into two

As I started taking over the books, I noticed that the previous people set up a company incorrectly. They set up two companies as one company. So they have been reconciling the bank accounts under this one company. Now I have been told that we need to split the company or rather start over from day one. The company right now is doing the accounting on a cash basis so I would just need to pull the data related to the bank accounts. What is the best way to split the companies? Is it possible to bring the data from one company into another?

2 Comments 2
DivinaMercy_N
Moderator

Splitting one company into two

I appreciate you sharing detailed info about your concern, @jgilbe4. I've got here some steps to help you move data from one company to another in QuickBooks Online (QBO).

 

The option to split one QBO company file into two is unavailable. As a workaround, you can export the bank data from the other company and import it to the correct one. 

 

If you haven't created one yet, you'll need to sign up for a separate QBO subscription. This is equivalent to one company file. 

 

Once done, you're now ready to export the banking data. Here's how:

 

  1. In your QBO account, select the Settings icon.
  2. Then, choose Export Data under Tools. 
  3. From the Reports tab, set the correct date range.
  4. Next, in the Reports and Lists tabs, add or remove items by toggling the slider.
  5. Once finished, click Export to Excel.

 

For reference, check out this article: Export reports, lists, and other data from QuickBooks Online.

 

After that, your next step is to import the banking data into the correct QBO company. Please visit these articles for detailed instructions: 

 

 

Please let me know how the step goes and leave a reply below. I want to ensure you'll be able to move the banking data to the correct company file. Wishing you all the best and keep safe.

Fiat Lux - ASIA
Level 15

Splitting one company into two

@jgilbe4 

You need to prepare 2 new QBO accounts for this process.

https://quickbooks.grsm.io/US

https://quickbooks.grsm.io/us-promo

 

then you may have 2 ways to proceed

1. Utilize the exporter tool for the old account and the importer tool for the new accounts.

https://transactionpro.grsm.io/qbo

 

2. If the former user was using the class-tracking and/or location feature to separate data between the companies, you might consider purchasing a third-party migration service to do the rest.

 

If you prefer to pick option #1, consider to utilize the trial version of a backup restore app during the migration to lower any risk.

https://rewindio.grsm.io/quickbooks

 

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