Entering expenses in QuickBooks helps you to verify how you invest cash and where the costs can be managed. It also simplifies the process of filing taxes. You need to set up an expense account in the Chart of Accounts to create expenses. Here, you’ll learn how you make this done at ease.
QuickBooks: Create A New Company File From An Existing One
The QuickBooks software enables you to easily make a new company file from your existing file you can simply copy your previous file, list, accounts, and preferences. Also, you can delete all the previous transactions with the help of the condensed data utility.
It gives you an advantage by saving you time as you do not have to create the file from scratch the copied file will include all the lists, items, customers, accounts, etc.
If you use the Payroll services for the QuickBooks Desktop and also you make use of the E-pay and E-file options then ensure that the Payroll subscription is activated in only one company.
How to Create A New Company File From An Existing One
Step One
First of all, open your QuickBooks desktop software and make a copy of the company file that you are using.
Then you need to make a backup of the company file for the backup follow the steps given below:
- Firstly you need to navigate to the File menu and select the single user mode option.
- Then choose the Backup Company option and next you need to create the Local Backup for future use.
- After that go to Create a Backup window choose the Local Backup tab and tap on the Options button.
- Now you will see a backup options window has appeared on the screen, on the right side of the window tap on the browse button and choose the location where you want the backup to be copied.
- Further, click on the OK button and select the checkboxes that you wish.
- And then click on the Next button.
- Now you will have to select options either the save your backup now or schedule future backups. Also, you can choose both options.
Step Two
Next, you will have to restore the backup of the company file and make sure you keep the backup on the location where you have kept the new company file and then rename your company file.
To make a backup follow the instructions given below:
- Open your QuickBooks Desktop software and on the QuickBooks window navigate to the File menu and click on the Open or Restore Company option.
- Once you click on the Open or Restore Company option Open or Restore Company window appears.
- Next, click on the Restore backup copy option and then click on the Next button.
- After that choose the Local Backup option and click on the Next button.
- Now select the location for the backup file in the Lookup drop-down list.
- Then choose the backup file with the .qbb extension.
- Next, select the Open button and tap on the Next button.
- Further you need to select the location where the file is to be saved.
- At last click on the save and close button.
Step Three
After performing these steps you need to delete the previous transactions from the company file that was copied by you.
To remove the transactions follow the steps given below:
- First of all, navigate to the File menu and select the utility group.
- Next click on the condense data option, as soon as you get a message about deleting the budget data then click on the yes button.
- Further, choose the all transactions option from the condensed data window.
- At last tap on the Next button and go with the instructions that are provided on the screen for removing the transactions.
Issues Faced By User While Creating A New Company File From An Existing One
- At times the user encounters the error message saying the primary key for table "abmc_account_user" is not unique. Primary key value ("1").
- Error while transferring the QuickBooks file. To solve this kind of issue, you can contact our SMB Professionals.
Frequently Asked Questions
What are the key features of entering expenses in QuickBooks?
If you record expenses of your business in QuickBooks then it makes sure that you have accurate which ultimately helps you in diminishing your tax liabilities and other hidden costs. It has the Enter Bill feature that helps you to enter all the expenses and assignments of the business for better results.
How do I enter expenses in QuickBooks?
To begin with, click the (+) menu and select Expenses under vendors. Next, select payee under the Expenses tab. Now, enter the name in the required field and then click the Add button. If the payee is new and needs to add more information then click + symbols to add more details. Select the revenue source. If you’re using a debit card then you have to use a checking account.
How do I edit the QuickBooks expenses?
Initially, go to the left menu and select Expenses. Choose the expense that you wish to edit within the Expense Transactions window. Update the transaction and then select Save followed by Close.
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