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Hi there, @eah1.

 

Welcome and thanks for posting your concern here in the Community. I'm here to provide some information about the process of changing a business entity in QuickBooks Desktop (QBDT).

 

You can create a new company file by copying the existing one. The copy will keep your accounts, lists (customers, vendors, items, etc.), templates, and preferences from the original company. Then use the Condense Data utility to remove all transactions.

 

To copy an existing QBDT company file, here's how:

 

1. Back up, then Restore your file.
2. Save the backup to a folder where you want to keep it, then rename the file.
3. Review the new company file.

 

After that, here's how to use the Condense Data utility:

 

1. On your new company file, go to File menu at the top, then pick Utilities on the drop-down.
2. Choose Condense Data, then select All Transactions.
3. Click Next, then follow the onscreen instructions to remove the transactions.

 

 

For your reference, you may check out this article for more information: Create a new company with lists, templates, preferences, and accounts (empty) from an existing one.

 

Once done, edit the entity type to S corp. Here's how:

 

1. Go to Company menu at the top, then pick My Company on the drop-down.
2. Click the Pencil icon, then choose Report Information on the left panel.
3. On the Income Tax Form Used drop-down, select Form 1120S ( S Corporation), then OK.

 

You can also visit this article for more information about changing your business entity in QBDT. After that, you may now set up a new checking account. For further guidance, please refer to this article: Set up account for Bank Feeds.

 

That should do it! Please let me know how it goes or if you have any follow-up questions about the process. I'm always here to help. Take care always!

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