Free QuickBooks Support

QuickBooks enables you to create a new company file each year; thus, eliminating the data entry required during the initial file setup. Creating a new company file provides an extra measure of security against accidental changes to data for a previous tax-reporting period. It can also be used to clean up or restructure your current data by removing unused items, names, and accounts.

Please be aware of the following limitations:

• Due to critical payroll information contained within payroll files, this feature is not available to payroll users. Time entries (like timesheets and individual time activities) will not be removed from a data file by condensing/cleaning up data, either.
• Due to security and time related data from the financial institution, this feature is not available to QuickBooks Online Banking users.
• You will not be able to run comparative annual reports if you choose to create a new company file for every new year.

  Prior to starting a new company file, print the following reports, dated December 31st of the closing year:

Customer Balance Detail report:

1. Select the Reports menu.
2. Select Customer & Receivables and select Customer Balance Detail.
3. Click OK.
4. Click Print.

Vendor Balance Detail report:

1. Select the Reports menu.
2. Select Vendors & Payables and select Vendor Balance Detail.
3. Click OK.
4. Click Print.

Standard Balance Sheet:

1. Select the Reports menu.
2. Select Company & Financial and then select Balance Sheet Standard.
3. Click OK.
4. Click Print.

Note: You will need these reports to recreate the Accounts Receivable (A/R) and Accounts Payable (A/P) year-end balances in the new company file, as well as the opening balances for all balance sheet accounts. You will also need to manually enter inventory Quantities on Hand and value, Asset Values, stock status, outstanding Sales Tax Liabilities, open Sales Orders, open Purchase Orders, and any outstanding banking transactions.