Hello!
The company I work for has multiple entities each with its own set of books in QB. One of the entities is now going to split into two. In preparation I created a second set of GLs in the Chart of Accounts with the prefix "02" for one of the entity's transactions. The books were created in November of 2018 and only has a few hundred transactions total. No payroll at all. I am trying to decide the best way to create two companies from the one set of books.
My first inclination is to duplicate the original file twice, so that I have the Combined Books file, and then Entity 1 file, and Entity 2 file. Then remove Entity 2 transactions from Entity 1 file and remove Entity 1 transactions from Entity 2. That way I still have the full set of Combined Books to balance back to.
The second challenge I have is that all of the payments made in Combined Books were made straight from the checking account. Previous accountant did not enter bills, and use bill pay. I would like to correct that also, while I am setting up the new entities.
This is the first time I have attempted to split books. I don't know if it would be easier to just create the two new sets of books from scratch.
Any suggestions, cautions or direction would be appreciated!
