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Hello. My company underwent a legal name change and we want to start a new set of accounts for the new name. I would like to transfer the closing balances from the old company as opening balances to the new company as of January 1st 2021. What's the best way to do this?
Hello there, @jward2.
You can set up the close the books feature with the old name. By doing this, your accounts' balance under the old name will be locked as of December 31, 2021. Once completed, you can update the account's name and it will retain the balance after closing your books. I can guide you in doing so.
Let's start by reviewing each customer and supplier accounts. You can run the Transaction List by Customer report and the Transaction List by Supplier reports. It displays all the transactions grouped by customers and by suppliers. Here's how:
Once completed, let's review each account in your chart of accounts. Let's make sure that everything looks good and balanced up to closing date. You can read through this article for the step-by-step instructions: Reconcile an account in QuickBooks Online.
Now, you can close your books. Here's how:
Once everything is set you can now update your business name.
However, if you have set up a new QuickBooks account under the new business name, you can export the chart of accounts from the old QuickBooks. Here's how:
Now, you can import it to the new account. This way, you don't have to enter manually recreate each account and enter its balance.
Lastly, I'd recommend consulting with your accountant so you'd guided accurately. You can also refer to this article for more insights: Change your business name.
Keep me posted if you have other questions or concerns about managing your business information in QuickBooks. I'm always here to help.
You should open a new blank QBO account
then you may utilize a tool to migrate CoA, Lists, and any outstanding transactions (or ending/beginning balances).
https://transactionpro.grsm.io/qbo
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