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jward2
Level 1

Closing company with old name and opening with new name and transferring the balances.

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? 

2 Comments 2
IamjuViel
QuickBooks Team

Closing company with old name and opening with new name and transferring the balances.

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:

  1. Go to the Reports menu.
  2. From the Search box, enter Transaction List by Customer report and the Transaction List by Supplier report one at a time.
  3. Review each transaction recorded per customer and per supplier.
  4. Enter any outstanding invoices, expenses, and payments.

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:

  1. Go to the Gear icon ⚙.
  2. Choose Accounts and Settings.
  3. Select the Advanced tab.
  4. From the Accounting section, click Edit ✎.
  5. Toggle on the Close the books radio button.
  6. Enter a closing date.
    • You shouldn't need to edit any transactions before this date. Your new bookkeeping work will start after this point.
  7. Select the Allow changes after viewing a warning and entering a password option from the drop-down menu if you want to require a password before editing your closed books
  8. Click Save and then Done.

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:

  1. Go to the Reports menu.
  2. Scroll down to the For my Accountant section.
  3. Choose the Account list.
  4. Click the Export icon.
  5. Select Export to Excel.

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.

 

  1. Hover to the Gear icon ⚙.
  2. Choose Import Data.
  3. Select Chart of Accounts.
  4. Click the Browse button.
  5. Find and select the downloaded file you saved.
  6. Click Next.
  7. Match your spreadsheet fields to QuickBooks fields.
  8. Uncheck any account you don’t want to save.
  9. Once everything looks good, select Import.

 

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. 

Fiat Lux - ASIA
Level 15

Closing company with old name and opening with new name and transferring the balances.

@jward2 

You should open a new blank QBO account

https://quickbooks.grsm.io/EU

 

then you may utilize a tool to migrate CoA, Lists, and any outstanding transactions (or ending/beginning balances).

https://transactionpro.grsm.io/qbo