cancel
Showing results for 
Search instead for 
Did you mean: 

Reply to message

View discussion in a popup

Replying to:
QuickBooks Team

Reply to message

You came to the right place, johnjarrell.

 

I'm here to provide an overview about the process of changing business entity in QuickBooks Desktop. 

 

You can opt to create a new company file to operate your business under S corp. This helps the program recognize that there are changes with your tax forms and still have access to the C corp data come tax time. 

 

Refer to the steps below:

  1. Go to File at the top menu bar, choose Create a new company.
  2. Select Express Start or Detailed Start
  3. Fill out necessary information, like business name and industry. 
  4. Select S-Corporation as the company type and click Continue
  5. Follow the prompt to save the new details. 

Here's an article for more information:

 

Create QuickBooks Desktop company file

 

Once done, export all the lists (Chart of accounts, vendors, customers, employees, etc) from the old business's QuickBooks file and import them into the new one. Please note to consult with an accountant to ensure all your transactions balances, such as the fixed assets and equity section are set up correctly. 

 

I've added an article with a quick view about the file types and formats you can bring in to or out of the program:

 

Import/export overview 

 

These steps and resources can help you with the setting up of your new account. 

 

The Community is a great avenue to connect with accountants and other QuickBooks users. If you have other concerns, feel free to drop a comment below. I'll be around. 

Need to get in touch?

Contact us