Company files in QuickBooks carry essential information pertinent to your business operations. The process of creating company file in QuickBooks is an easy process. If you adhere to the contents of the article and perform the steps carefully, then we assure you that you won't need to refer to any other piece of writing related to this issue. So stick around till the end of this article to create QuickBooks desktop company file.
Limitations to keep in mind before creating the QuickBooks Company File
The following restrictions apply if you decide to create a new company file in QuickBooks.
Additionally, there are specific procedures you must follow while creating a new company filing. The File's date must be December 31 of the preceding year.
There will be a need for the following reports:
- Customer Balance Detail Report
- Vendor Balance Detail Report
- Standard Balance Sheet
Important Information: In order to produce 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 the balance sheet accounts, these three reports will be necessary. The inventory value, stock status, and any unfinished financial operations would also need to be manually entered.
Procedure to make New Company File in QuickBooks Pro and Premier
You can create a new company file in QuickBooks Pro and QuickBooks Premier by following the procedures shown below:
- Select Utilities from the File menu, then opt for Clean Up Company
- Create forward balance invoices for a lump sum customer balance or recreate individual invoices to rebuild all the outstanding balances in the accounts receivable.
- Recreate all of the vendor balances and the Enter Bills option from the Vendors
