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 can create a new QuickBooks Company file from an existing one. 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.

 

See also: How to Resolve QuickBooks Status Code 3180?

If you are seeking the procedure to create and open portable company file in QuickBooks desktop, then the guidelines provided in this article will definitely assist you. Through this article, readers shall be enlightened with a lucid process for creating Portable File in QuickBooks Desktop. A portable company file is a compacted version of a company file that can be easily shared via email or stored on portable storage devices such as USB drives or hard drives. With QuickBooks, generating portable files is a simple process, allowing you to transfer them effortlessly to various devices and quickly open or recover them when needed.

 

What is a Portable Company File in QuickBooks?

A Portable Company File is a specific type of file format in QuickBooks that allows you to easily and securely transfer company data between different computers or send it to your accountant. It contains a compressed version of your company file, including all your financial data, transactions, and settings.

 

Points to note before creating a Portable Company File in QuickBooks Desktop

Before proceeding with the creation of your portable Company file, it is essential to ensure that you fulfill the following prerequisites:

• Make sure that QuickBooks is updated to the latest version.
• Always log in to QuickBooks as an ‘Admin.’
• Be aware that if you share a copy of the portable file with someone else, they will have complete access to QuickBooks, including the ability to add/modify transactions and change the Administrator password.
• If you have attempted to resolve any data issues, take care not to overwrite the original file when restoring the portable copy. It is recommended to rename the original file before restoring the portable company file.
• If you need to send the company file to an accountant, use the accountant’s copy feature.

 

Procedure to create Portable Company File in QuickBooks Desktop

To create and open a portable company file in QuickBooks Desktop, follow the walkthrough given as under:

Step 1: Update QuickBooks Desktop

Ensure that you have the latest version of QuickBooks Desktop installed by following these steps:

• Run QuickBooks as an admin.
• Click on the “Help”
• Select “Update QuickBooks Desktop.”

• Click on “Update Now” and then select the “Reset Update”
• Hit on “Get Updates” and wait for QuickBooks to download and install the updates.

• Restart QuickBooks to complete the update process.

 

Step 2: Create a backup file

To create a backup file of your company data, follow these steps:

• Run QuickBooks.
• Thereafter, switch to the Single User mode. This is possible by clicking on the “File” menu and then clicking on “Switch to Single-user Mode”
• Now, hit on the “File”
• Then, click on the option to “Create Backup.”
• Opt for “Local Backup”

• Now, click on “Next.”
• Browse to the location where you want to save the backup file.
• Hit on “Save”.
• Now, tap on “Next” to start the backup process.

 

Step 3: Creation of portable company file

To create a portable company file, follow the directions given as under:

• Log in to QuickBooks as an administrator.
• Go to the “File”
• Click on “Create Copy.”
• Choose “Portable Company File”.

• Now, click on “Next.”
• Name the Company file and select a location to save it.
• Hit on “Save”.
• Now, click on “OK.”

 

How to Open the Portable Company File?

After creating the portable company file, follow these steps to open it:

• Start off by running QuickBooks.
• Now, log in as an administrator.
• Hit on the “File”
• After that, click on the option to “Open or Restore Company.”

• Choose “Restore a Portable File”.
• Then, click on “Next.”
• Select the portable company file.
• Now, click on “Open.”
• It is important to avoid using the same name for the portable company file as your regular company file. If they are saved in the same folder, the portable file may overwrite the regular file. Consider renaming the portable company file or saving it in a different folder.
• Click “Next” and hit on “Save.”
• QuickBooks will automatically re-index the data when you open the file.

 

We hope this walkthrough for creating and opening a portable company file in QuickBooks Desktop was helpful. For answers to any questions, users can reach us out at the helpline 1-800-615-2347.

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