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  #1  
Old 12-04-2006, 11:00 AM
alert alert is offline
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Starting New Company from Old QB Co

Hi,
I'm sure others out there have had to do this. I have a customer who is starting a new QB file for 2007, has been using for years. Is there a checklist of what to make sure you do to make this easier? I have the worst time figuring out what to do with outstanding checks when importing.
I'm OK with importing lists, just put in customer balances as of the start date. Do you put in outstanding bills or just the vendor balances. Problem I have is with the trial balance if the customer isn't keeping it up to date.
Payroll is easy, just import the employee lists.

Anyone have an easy checklist of how to do this - I have to do it for my own file too!

THANKS!
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  #2  
Old 12-04-2006, 11:13 AM
scouse scouse is offline
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I ma in the middle of doing this and below is the procedure I have developed, still a work in process, if you see any glitches I would welcome the feedback.

Len

Starting a New Company


Use this procedure for starting a new company when your file has got too big:

1. Clean up the old company files
a. Inactivate Customer, Vendor, Chart of Accounts, Items and all other lists that are no longer used
b. Bring all accounts to their correct balances, using Journal Entries where necessary
c. Reconcile bank and credit card accounts to the end of the year (the new company should start at the beginning of the company’s financial year

2. Export all lists to your desktop
a. FILE/Export/Lists to IIF Files
b. Select the list to export, one at a time, click OK
c. Save as .IIF file with a name easily recognizable
d. Click SAVE
e. Repeat for all lists

3.Open Excel
a. FILE/Open/Browse to the list on the desk top and click open
b. Find the column headed HIDDEN, there will be Y or N
c. Highlight data below the Headers and click SORT
d. Sort by the Hidden column
e. Delete all rows that have a Y in the hidden column, this erases all inactive entries in the list
f. Save and close the sheet
g. Repeat for all exported lists

4.Create a new QuickBooks Company
a. FILE/New Company
b. Go through the interview until the file is created and saved. Leave the interview. DO NOT SET UP A CHART OF ACCOUNTS

5. Import Lists
a. FILE/Import/IIF Files
b. Import in this order
i. Chart of Account
ii. Employees
iii. Customer Type
iv. Sales Rep
v. Others except those below
vi. Customer
vii. Vendor
viii. Item
6. Update accounts
a. Accounts Receivable…set up a Balance Forward invoice for all customers with an open balance as of the date of the new file. In the Description field identify all open invoices from the previous year that make up the balance
b. Accounts Payable…set up a Balance Forward purchase order, In the description field enter the open PO’s. Receive the PO in Full and enter a bill, with the correct due date
c. Enter Sales Tax payable using a mew account, Sales Tax from Previous Year, enter the amount due
d. Update Bank Accounts by entering all checks that are still open from the reconciliation. Enter them exactly as they were in the old company, date etc.
e. Update Credit card accounts to show the open balance as of the start of the new company, entering all transactions not reconciled.
f. Set up all Bank Accounts for Electronic Banking as required

7. Item List
a. Enter quantity on hand (it does not import) from your physical inventory count
b. Note the inventory valuation for the new company and the old one, make a journal entry in the old company to balance the physical inventory value against the one carried in the new company

8. Customer List
a. Enter payment information


8. Payroll
a. Recreate Payroll Items as they do not import
b.

9. Other Accounts
a. Check the ending Balance Sheet for the old company against the new one and make sure they are the same
b. Make adjustments in the accounts as necessary

10. Multiple User
a. Create your user list from the COMPANY menu

11. Customize Forms
a. Recreate invoice, estimate, purchase order etc. as these do not import
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  #3  
Old 12-04-2006, 11:32 AM
suzannemead suzannemead is offline
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I would suggest entering all outstanding checks, bills, and customer invoices individually if at all possible using their original date. If you only have a few bills and invoices this is the best way so you don't lose the benefits of ageing. I you use a balance forwar it doesn't represent a very clear picture of the customer and vendor accounts.
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  #4  
Old 12-04-2006, 12:23 PM
pstoll pstoll is offline
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Additional information, please, re: new QB file for 07.

I am brand new to QB, and want to set up an entirely new company for my client so that data from 1/1/07 forward is clean and uses the appropriate functionality. Client has been using QB Pro for a few months in 06, but has not paid a lot of attention to standard procedures et al. I'll want a replica of the current company (except to change from Accrual default to cash), but I want to make changes to the Chart of Accounts (no account numbers are currently used), as well as numerous other changes. So, should I start a "new" company, my thought being I could then start with cleaner data? But I don't want to have to enter all the clients and vendors (this is a law firm) etc.

Any details and suggestions would be VERY MUCH appreciated.
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  #5  
Old 12-04-2006, 12:46 PM
suzannemead suzannemead is offline
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You can export the lists of customer, vendors, chart of accounts, and others from the old and import into the new file. You can create the new file first but dont' enter a chart of accounts. Stop there. In the old file go to File>Utilities>Export>Lists to IIF Files. When that is completed go to the new file and import by going to File>Utilities>Import>IIF Files. No transactons need to be imported, just the lists. That way you can start clean. May sure you name the new file in a way that you don't accidently open and work in the old file. You might want to rename the old file, for example - old ABC Co.
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  #6  
Old 12-04-2006, 02:41 PM
alert alert is offline
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Quote:
Originally Posted by scouse View Post
SNIPPED - I ma in the middle of doing this and below is the procedure I have developed, still a work in process, if you see any glitches I would welcome the feedback.

Len
Well!!! Thank you very much, just what I was looking for!
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  #7  
Old 12-04-2006, 02:41 PM
pstoll pstoll is offline
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Thanks

I will immediately look into this. Thank you for your quick and what ssems to be very logical, advice!
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  #8  
Old 12-05-2006, 09:34 AM
scouse scouse is offline
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Suzanne:

I agree that it is best to enter the A/R and A/P detail. The process I developed works for our company but may not work for everyone.

The biggest issue for us is the Item List and inventory. As the QOH will not import (I cannot figure out why since it does export) we will either have to enter the physical count twice (in the old and new files) or just enter in the new and plug the number in the old file so that we can use Turbo Tax.

Len
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  #9  
Old 12-05-2006, 09:50 AM
suzannemead suzannemead is offline
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Scouse - I don't disagree with your procedure at all and I'm glad you took the ime to list it all out for others to see. I just felt it best (if possibe) to enter the A/P and the A/P in detail. I've done it both ways and not having the details can be troublesome if there are problems with vendors or customers later on. I like to be able to age the invoices for collection reasons. When I just entered the balances without any detail it was a real pain to send statements or answer customer questions about their account.
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  #10  
Old 12-05-2006, 04:00 PM
rusty3200 rusty3200 is offline
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There are beginning balance tools on the Intut Marketplace that can transfer the inventory on hand from the old file to the new file. These tools can also transfer the open AR and AP.

See http://marketplace.intuit.com
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  #11  
Old 03-02-2007, 04:12 PM
sunscapes sunscapes is offline
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Quote:
Originally Posted by scouse View Post
I ma in the middle of doing this and below is the procedure I have developed, still a work in process, if you see any glitches I would welcome the feedback.

Len

Starting a New Company


Use this procedure for starting a new company when your file has got too big:

1. Clean up the old company files
a. Inactivate Customer, Vendor, Chart of Accounts, Items and all other lists that are no longer used
b. Bring all accounts to their correct balances, using Journal Entries where necessary
c. Reconcile bank and credit card accounts to the end of the year (the new company should start at the beginning of the company’s financial year

2. Export all lists to your desktop
a. FILE/Export/Lists to IIF Files
b. Select the list to export, one at a time, click OK
c. Save as .IIF file with a name easily recognizable
d. Click SAVE
e. Repeat for all lists

3.Open Excel
a. FILE/Open/Browse to the list on the desk top and click open
b. Find the column headed HIDDEN, there will be Y or N
c. Highlight data below the Headers and click SORT
d. Sort by the Hidden column
e. Delete all rows that have a Y in the hidden column, this erases all inactive entries in the list
f. Save and close the sheet
g. Repeat for all exported lists

4.Create a new QuickBooks Company
a. FILE/New Company
b. Go through the interview until the file is created and saved. Leave the interview. DO NOT SET UP A CHART OF ACCOUNTS

5. Import Lists
a. FILE/Import/IIF Files
b. Import in this order
i. Chart of Account
ii. Employees
iii. Customer Type
iv. Sales Rep
v. Others except those below
vi. Customer
vii. Vendor
viii. Item
6. Update accounts
a. Accounts Receivable…set up a Balance Forward invoice for all customers with an open balance as of the date of the new file. In the Description field identify all open invoices from the previous year that make up the balance
b. Accounts Payable…set up a Balance Forward purchase order, In the description field enter the open PO’s. Receive the PO in Full and enter a bill, with the correct due date
c. Enter Sales Tax payable using a mew account, Sales Tax from Previous Year, enter the amount due
d. Update Bank Accounts by entering all checks that are still open from the reconciliation. Enter them exactly as they were in the old company, date etc.
e. Update Credit card accounts to show the open balance as of the start of the new company, entering all transactions not reconciled.
f. Set up all Bank Accounts for Electronic Banking as required

7. Item List
a. Enter quantity on hand (it does not import) from your physical inventory count
b. Note the inventory valuation for the new company and the old one, make a journal entry in the old company to balance the physical inventory value against the one carried in the new company

8. Customer List
a. Enter payment information


8. Payroll
a. Recreate Payroll Items as they do not import
b.

9. Other Accounts
a. Check the ending Balance Sheet for the old company against the new one and make sure they are the same
b. Make adjustments in the accounts as necessary

10. Multiple User
a. Create your user list from the COMPANY menu

11. Customize Forms
a. Recreate invoice, estimate, purchase order etc. as these do not import

Len,
Nice job on the procedures, I have one thing to add...

FORMS can be exported. If you have a customized invoice or statement, etc, I will just add to your procedures if you don't mind.

11. Customized Forms
OPEN OLD VERSION
a. be sure to have that form saved with it's own name.
b. Click on LISTS - TEMPLATES
c. high light the form you want to export (this will need to be done with each form. separately)
d. Click on TEMPLATES at the bottom left, then click EXPORT.
I think it's best to save the forms in a separate FORMS folder.

e. The save window pops up to save the File. Repeat this with each form.

Open new Company and repeat the steps except hit IMPORT.

You will be back in business in a few minutes.

Hope this helps.


Frank
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  #12  
Old 01-08-2018, 11:52 AM
hwinters406 hwinters406 is offline
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Join Date: Oct 2017
Posts: 1
Creating new Quickbooks file - Vendor open balances

I have recreated our company file because the old one is from 2015 and was a mess for a long time and was soon to be corrupt and unusable. I have so far transferred everything over and manually entered the A/P from Customers but am now on the Vendor Open Balances list... there are hundreds of open balances in some Vendor Accounts... am I going to have to enter every single on of these invoices due? I do not want to do a lump sum and do an opening balance because that will not generate correct reports when running Profit and Loss reports per job. PLEASE tell me there is a way to export/import open invoices?
Thank you,

Hannah
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