Creating a new Company file in QuickBooks from the scratch can be an arduous task for some users. However, QuickBooks users can follow an easy approach wherein they canHow to create a new company file in QuickBooks Desktop?. The process has been simplified by our experts and a lucid enumeration of the same has been unraveled in this article. So, keep reading to know how to create a new Company file in QuickBooks from an existing one.

When should a new Company file be created in QuickBooks from an existing one?

There can be several factors that embolden the user to go for the creation of a new company file in QuickBooks to replace the old one. These include:

• Corrupted company file, which may install a fear of permanent data loss in the user’s mind.
• Unsatisfactory and unacceptably slow performance of QuickBooks, especially when opening or modifying the company file.
• Reaching the list Limits
• Inventory tracking issues in QuickBooks.

Procedure to Create a New QuickBooks Company file in Enterprise Solutions, Enterprise Accountant, or Premier Accountant

Users you are using QuickBooks Desktop Enterprise, Enterprise Accountant, or Premier Accountant then you can use a feature to quickly create new company files from existing ones. The below given steps need to be followed to create the company file templates:

• At first, you would have to move to the File menu and select New company from existing company file.

• After that you need to select the Browse tab and find the company file to be copied. 

• Choose the file and pick the Open tab. 
• Assign a name to the copy of the company file. 
• You should select the Create Company option.

QuickBooks shall copy the preferences, memorized reports, chart of accounts, and other data to the new company file. [Note: Bank accounts and credit card accounts cannot be transferred. Also, information which is sensitive like the EIN number cannot be transferred due to security reasons].

Steps to Create New QuickBooks Company File From an Existing One

Perform the following steps in order to create a new company file from an existing one. 

Step 1: Save a copy of account balances 

• Run QuickBooks as you normally do, but make sure to “Run as administrator”.

• Now, access the “File” tab to “open an existing company file” whose contents you wish to copy.
• Henceforth, “press the F2 key”, and wait till this action opens the “Product Information window”.

• Observe the “File Information section” and from this section, note the company file location.
• If not taken the backup already, take a backup of this file and save it to a suitable location on the computer.
• Now, restore the backup to the original company file folder, and this action will create two files with the same contents, but with different names.

Step 2: Erase transactions from copied company file

This step involves the removal of transactions from the restored company file. The steps to achieve this are:

• The backup of the company file restored in the previous step has the same contents including the accounts, templates, lists, and preferences.
• You need to delete the transactions of this restored file.
• And after doing that, open the company file to check if the transactions got successfully removed.
• The next move is to head to the “File menu”.
• Without performing any other operation, from the File menu, open “Utilities”.

• Here, choose the option to “Condense Data”.
• Also, “click on Yes” if the message related the removal of budget data appears on the screen.
• Then, “Select all Transactions”. Now, click on “Next”.

Summing Up!

This article laid emphasis on the creation of a new QuickBooks company file from an existing one. If you face any obstacles, just give our QuickBooks desktop support  team a call at 1-800-615-2347.

You may also see: How to Resolve QuickBooks Status Code 3180?