How to Set Up a New Company File in QuickBooks

QuickBooks is a widely known and efficient accounting software which allows a user to create a new company file. This new company file can be created every year and thus, it automatically deleted all the data entry required during the initial file set up. When you work on to set up a new company file, then it is not necessary to delete or close the previous file. Moreover, at year end, many companies find that they have a large amount of data which is affecting their performance. And the benefit about new set up is that you can simply start with the new file set up that is quite beneficial as it provides you with an extra level of security which protects your data from accidental losses. You also have a benefit to remove the unwanted items and delete cache in order to clean your system and organize your data.

Steps to Set Up a New Company File in QuickBooks

To set up a new company file, you can clean up all your company data from QuickBooks 2006 and later that. This will help you set up a successful company account. The next step would be to subscribe, you can basic, standard and enhanced payroll subscription and continue with your work.
In this process, this is important to note that in case you are an assisted payroll customer, then you do not have right to start a new company file. For that, you are required to be on call with an assisted payroll representative. The same is done to ensure that payroll is being entered into the file before any other information. You can contact on 1(800)880-6389 to connect with our QuickBooks Payroll Support representative.

If you still want to create a new company file, be aware of the following limitations:

There are also some steps that you need to keep in mind while starting a new company file. The file must be dated December 31^st of the closing year.
The following reports will be required:

1. Customer Balance Detail Report
2. Vendor Balance Detail Report
3. Standard Balance Sheet

Important Note: These three reports will be required in order to create the accounts receivable (A/R) and accounts payable (A/P) year end balances in the new company file, along with the opening balances for the balance sheet accounts. Moreover, you would have to manually enter the inventory value, stock status and other outstanding banking transactions.

To Start a New Company File in QuickBooks Pro and Premier:

Below are some steps that would help you create a new company file in QuickBooks Pro and QuickBooks Premier:

• Go to ‘File’ menu, select utilities and click on ‘Clean Up Company Data’
• Rebuild all the outstanding balances in the accounts receivable either by re-creating individual invoices or you can create balance forward invoices for a lump sum customer balance.
• From the Vendors menu, recreate all the vendor balances along with the Enter Bills option.
• These bills will be directly charged to the Uncategorized Expense Accountas opposed to individual expense accounts.
• The feature will not be available to payroll users due to critical payroll information in payroll files.
• The feature is not available to QuickBooks online banking usersdue to the security and time related data from financial institution.

Further steps are as below:

• Choose File> New Company
• Click on Start Interviewin the window of Easy Step Interview.
• Follow all the instruction given on-screen and enter the information for your new company file.

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