How to Create Company File and Backup in QuickBooks Desktop?

Quickbooks Errors Solution

QB Company file obtains the financial info and data of a company, It’s necessary to keep a backup. It’s easy to create a desktop company file and develop backups in QuickBooks.  You can set reminder frequency, format each floppy disk during backup, verify data integrity & schedule backups at set intervals. You can choose to either upgrade the file or recognize if you want to start a new company file over the old file.

Creating a New QuickBooks Desktop Company File

Note: Choose different names for existing company files and for the new one company file you might be creating. If the same is used, it will override the existing company file.

By using the “Express Start” Method: 

  • Create a new company file
  • Then click on the Express Start.
  • Enter the required information in “QuickBooks Setup.
  • Select “Help me choose” to see a description for every business type. Also, you can preset chart of accounts that QB will create as per industry
  • Now, Click on Create Company.
  • Create a Chart of accounts, customers & services once you create the company file. This step can also be done later by choosing “start working” option.

By using the “Detailed Start” Method:

  • Open QB Desktop.
  • Go to the “No Company Open window.”
  • Select “Create a new company.”
  • Select “Detailed Start
  • Fill out the Easy Step Interview screen
  • Click Next.
  • Choose your Industry & click Next.
  • Identify your “Business Entity.”
  • Select Next
  • Set your Fiscal year (for which year you want to create a company file)
  • Select Next.
  • Set your QuickBooks Administrator password
  • Select Next.
  • Now, choose the location to save the company file
  • Select Save.
  • Customize your QuickBooks by selecting “Next,” or you can perform this later by choosing “Leave.”

Also Read: What to do when QuickBooks Desktop does not start?

Creating a QuickBooks Desktop Company File Backup

You either manually back up your QuickBooks company file, or you can choose to create an automatic backup procedure. Let’s discuss both of them in the following steps.

Manually Back Up Company Data File

  • Go to File menu & select Back Up.
  • Select the Back Up Company File option
  • Select the Browse button and change the filename
  • Describe the backup location.
  • Choose Save.
  • Choose other items in “Back Up Options” (optional)
  • Select OK.

In a scenario where you are unable to backup directly to a CD-R or CD-RW, for such a case, you need first to create a backup to your hard drive. After that, you can use the Windows Explorer or CD burner software to create a backup from file to a CD

Automatically Back Up Company Data File

There two methods to create an automatic back up.

First Method

You back up a file each time you close the file. A frequency will be set on how often QB creates the backup. This backup file will be stored on your hard drive in the QB Directory under the name of “Auto Backup.”

  • Go to the File menu
  • Choose Back Up.
  • Select “Schedule a Backup” option
  • Select the option “Automatically back up while closing data file.”
  • Fill in the required back up frequency.
  • Choose appropriate selections in QuickBooks Backup
  • Select OK

Second Method

In this method, you can create an “unattended backup.” Even if you are working in QuickBooks or on your PC, a backup file will be placed or stored on a local or network hard drive. However, the company file must be shut or closed during this scheduled backup.

  • Go to the File menu
  • Select Back Up.
  • Select “Schedule Backup” option and then “New” option
  • Do appropriate selections in the “Schedule Backup
  • Select OK to save the new schedule.

Thanks for reading this article. The information and steps give you a clear insight on how to create a Company File & Backup. If you feel confused in any of the above steps, talk to a technical expert at QuickBooks Desktop Support Number +1-888-300-3913.

New Company File from An Existing One In QuickBooks | Explained

If you want to get started with a new company file in the QuickBooks, you don’t need to start from scratch. You can create a new company file from an existing one in QuickBooks. To get it done, you can copy and use accounts, lists (customers, vendors, items, etc.), templates, and preferences from an existing company file to create a new one. In this post, we will discuss how to use an existing company file to create a basic framework for the new file in simple steps. 

QuickBooks Desktop: Create A New Company File From An Existing One

To create a new company file from an existing one in QuickBooks, you need to create a copy of your existing file in the first place. The next thing you need to do is to condense the file to remove all the transactions. It will create a basic framework that you can use for the new company file. But before getting started, you need to ensure the below-given points: 

  • If you use QuickBooks Desktop Payroll, Direct Deposit, E-file or E-pay, you need to ensure that the subscription is active for one company only. 
  • The data condense process has some limitations, and QuickBooks will not be able to remove all of your transactions if you have payroll data for the current year. 

Steps To Create New Company File From An Existing One In QuickBooks Desktop

To get the task accomplished, you need to follow the below-given steps with the full care and attention: 

Step 1: Create A Copy of Your Existing Company File

To create a copy of your current company file, perform the below-given steps: 

  • Launch QuickBooks and open the company file you want to copy. 
  • Press F2, and it will open the Product Information Window.
  • Now in the File Information section, look for the location on your computer where the company file is saved. 
  • Backup your company file to prevent permanent data loss. 
  • Now restore the company file that you have backed up. 
  • Give a suitable name to the file at the time of restoration and save the file to a unique folder. 

Now that, you know how to create a copy of a QuickBooks company file, move to the next step to create a new company file from an existing one in QuickBooks. 

Step 2: Remove Transactions From The File That You Have Copied

The company file’s backup that you have restored creates a new company file having the same accounts, lists, templates, and preferences. The make a fresh start, you need to delete the transactions copied in the restored company file. Follow the below-given steps: 

  • Open the newly created company file and review it.
  • Now go to the File menu and hover over Utilities to select Condense Data.
  • On getting a message about removing budget data, hit Yes.
  • Next, from within the Condense Data window, select All Transactions and then Next.
  • After that, follow the on-screen instructions carefully to remove the copied transactions.

Step 3: Check Your Accounts

This is the final step on how to set up a company in QuickBooks. Follow the below-given steps to create a new company file from an existing one in QuickBooks application: 

  • Go to the Reports menu and then click the Reports Center.
  • Locate the Account & Taxes section and open a Transaction List by Date report.
  • Modify your date range for the report so that it starts before the oldest copied transaction in the file. 
  • Now you need to ensure that no transactions remain on the list. However, if there remains a transaction, edit or delete it. 

Read MoreFail-Safe Guide to Update QuickBooks Company File

Need Further Guidance?

Following the steps discussed in this post, you can create a new company file from an existing one in QuickBooks. However, if you are having any kind of technical unease, discuss with experts by dialing our helpline number +1-888-300-3913. Creating a new company file from an existing one in QuickBooks under expert supervision can prevent you from any kind of technical distress.

How to Create Your Company File in QuickBooks Pro

During this QuickBooks Pro 2017 tutorial video, we will demonstrate how to setup a company file using the EasyStep Interview.

Like what you see? Get our complete QuickBooks Pro 2017 training course. Click here to learn more. >>

Video Transcript

Alright we’re working in module 2 which is the Getting Started module and this is going to be section 2 and the first part of section 2, Creating Your Company File.

Each time you create a file in QuickBooks it’s called a company. You can have as many company files in QuickBooks as you would like. So I want to show you how to go ahead and set up a company file and then how if you need to open a different one you’re able to do that.

This is the screen that you will always see when you first open QuickBooks. It should also be the last screen you see before you close QuickBooks for the day. This is where you’re going to be able to actually open an existing file. You would see it in the list here. You could also create a new company, which we’re going to do in just a second. And you could also open a restored company here. Now this open is really the same as this one. It just allows you if you don’t see the company file you’d like in this list you can go ahead and just search your computer for it. And briefly let me tell you what restore means.

We’ll talk a little bit later in another module about backing up your company file. If you ever need to use that backup you would have to go through an option called Restore and this is where you would get to that particular option. Also notice the sample files and there’s a down arrow because you’ll have several you can choose from. If you don’t know how to do something see how they did it in one of the sample files and that’ll help you out quite a bit. So everyone has these, just so you’ll know.

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What I want to do now is go through and create a new company file with you. Now this will be a onetime thing you have to do for each company file that you create. And it’s going to take a couple of minutes but once you get it setup you’ll be glad you went through it.

This is going to walk us through something called the EasyStep Interview. Now this first screen that comes up it always asks you if you’d like to go ahead and use the Start Setup option here or just notice also that down here you can actually look at some of these other options. Like sometimes people have other software packages they’ve been using to do their accounting and you’re able to convert some of that data into QuickBooks, like Quicken. That’s a popular one. Also if you want to open an existing file they give another choice to do it here or you can go through this Advanced Setup here. I’m going to go ahead and click on this Advanced Setup because sometimes this basic one doesn’t always give you everything you need to do a really good, firm setup. So I’m going to choose Advanced Setup and this walks us through what they call the EasyStep Interview.

You’ll notice on each of these screens that you have a Next and a Back option down at the bottom. So you can always go back. Here it asks you to put in information about your company. Now I’m just going to put in a fake company for now. I’ll call it My Company. You’ll want to go ahead and type in all the information that you can in these particular fields. Now notice the only one you have to put in is the company name. See the little red star? Now as you tab down it’s going to bring in the company name as the legal name. It also will ask you about your federal identification number. Be real careful about filling in some of the fields in QuickBooks because there’s a lot of information that are just there for you to hold information in those fields and it really doesn’t need it in QuickBooks. The less personal information you can put in, like social security numbers and FIN numbers and things like that the better off you’ll be. The only reason you would need a tax ID number in QuickBooks is one, if you’re going to actually create 1099s and also if you use the QuickBooks Payroll surface they’ll need it. But there’s really not any other options why you’ll need that.

Now you do want to plugin like a street address or wherever you want the mail to go to. So I’ll just plug in a P.O. Box here. And then you can put in city, state and zip. So you could fill that out. Also you’re going to see that it has a place for the phone number, the fax, email, and website. Again you don’t have to fill that in but if you’re going to send correspondence out to customers or vendors it’s going to pull from these fields so you’ll want to fill this information in. Yes you can go back and edit this information at any time and I’ll show you a little bit later how to do that.

I’m going to click Next and here it says Select your industry. Now there’s no wrong answer here. So you want to pick something close to what you do. You’ll notice that if you happen to be in lawn care or maybe you happen to be in manufacturing. Up at the top here I skipped over a couple like accounting and bookkeeping. It might be automotive, religious organization. There’s really a lot of different industries to pick from. There’s also the general product or service based business at the bottom. You can choose one of those. Don’t get hung up on this answer. Like I said, there’s no wrong answer here.

I’m going to click Next and now it asks How is your company organized? Now this is one that a lot of people get really stumped on. Here’s what I have to say about this screen. If you have an accountant that does your taxes for the business then choose Other or None. You don’t need to worry about any of this. What’ll happen is if you pick any of these options here when you’re entering different information in QuickBooks you’re going to see an additional field sometime that will allow you to put in a tax line on a tax form. You’re not going to have a clue what to put there if you’re not an accountant or a seasoned bookkeeper. And I don’t want you to get hung up on that so you can just pick Other or None so you don’t have to worry about it.

Alright I’m going to click Next at the bottom and it asks for us to select the first month of the fiscal year. I’m going to leave it on January but you could change that if yours happens to be different.

And then it asks about setting up your administrator password. Now we’re going to talk a little bit later in module 3 about working with users. In QuickBooks you have the ability to have up to five users without purchasing additional ones. You are the administrator so you are one of the users. And it’s asking you now if you want to go ahead and setup your password. It is very highly suggested that you do setup users in QuickBooks. I’m not going to set this up now but a little bit later you’ll see where this comes into play.

Here it’s telling us that we’re going to create our company file when we click Next. And this is like the Save screen. So you could really save this anywhere you want. I’ll go ahead and put it on the desktop and hit Save and then if you give it just a minute you’ll notice it’s starting to actually create your company file in the background.

You’re going to start seeing in just a minute there’s some icons that will appear on the left. You’re going to also see that it’s going to give you your home screen and that sort of thing. There you go. Now my icons are, let’s see where it puts them here. If they show up at the top that’s okay because I’m going to show you how to put them on the top or the left, whatever your preference happens to be. There you go. They’re on the left over here.

Alright I’m going to click Next and keep going.

Now as we go through here you may get some different screens if you’re trying to follow my video. The reason for that is because the next question is based on how you answered the previous questions. So just kind of hang tight if I’m behind you or ahead of you one and you’ll see that we come together shortly.

This says What do you sell? Services, products or both? If you don’t know, maybe in the future you’re going to sell products, turn the option on. It’s not going to hurt anything. As you go through these you’re actually just turning icons on or off on the screen. That’s all you’re doing.

I’m going to click Next and it asks Do you charge sales tax? Again all it’s saying is do you charge it? Yes or no? It’s not where we’re going to set up the tax or any of that.
Do you want to create estimates in QuickBooks? A great example of an estimate would be a construction company. If I want to have my kitchen remodeled I’m going to ask for a quote or an estimate from the construction company and that’s what this is. So I’ll say Yes here.
The next thing it asks about is using statements in QuickBooks. Remember that statements go out to customers typically at the end of the month and it’s just a summary of any invoices that went to the customer, payments made and what their balance is. Again I’ll just leave that on Yes and click Next.

This question is about progress invoicing and actually if I were setting up QuickBooks I would have put this question right after the question that asks if you want to use the estimate feature. What progress invoicing allows you to do is if you create an estimate you can invoice your customer for portions of the estimate, maybe a percentage of the estimate until it’s completely invoiced. So if you’re going to use estimates you probably do want progress invoicing.

The next thing is managing bills that you owe. Now you probably do want to keep track of your bills. A lot of people will actually get the mail and they’ll just have a pile on their desk where the bills go and you just pull out the ones that you think you might want to pay. That will work except if you really want to use QuickBooks you want to run reports that will show you the total of the bills that you’ve received. It’ll show you what’s 90 days, 60 days, all the way down the list. So you probably do want to keep track of the bills you owe.

So I’ll click Next and now it asks if we want to track inventory. True inventory means that I sell chairs and I’ve got six in the backroom, tell me when I have two left so I can order some more. You’re going to hear another term in QuickBooks called non-inventory. This might be physical things that you’ve purchased or you’ve bought and you don’t really need to track that you have so many in the backroom but you might want to run reports frequently to see how many of them you’ve sold or how many you’ve purchased. So again it doesn’t hurt to turn on the inventory option here.

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The next question asks about tracking time in QuickBooks. Now a couple of ways you can use this. You can actually use this if you’re in a particular business where you actually charge your customers by the time you spend working on a particular job for them. There’s actually a timer you can turn on and you can actually let it go and then when you’re ready you can turn the timer off and then invoice the customer based on that time. Another way to use this is for employees. If you need to track the time that they’re spending on a particular job then you can use that for your job costing. So I’m going to go ahead and leave it on Yes and click Next.

Now our timing is up to about ten-and-a-half minutes here so why don’t we go ahead and stop the video here and let’s go ahead and finish up over in part 2. I will see you shortly.

Setting Up Your QuickBooks Online® Company – Part One

So if you are just getting ready to sign-up for QuickBooks Online you may be wondering, “What version should I choose?” There are four versions of QuickBooks Online: Simple Start®, Essentials, Plus, and Advanced. You can start small and upgrade to a more complex version easily. If you start with Plus and later decide you don’t need all the features, you can also downgrade.

Intuit offers a great website where you can compare the four version side-by-side to help decide which one you need.

In a nutshell, if you’re the only user and you won’t be creating Vendor Bills and you don’t want to use Recurring transactions to save time, you can choose Simple Start.

If you need 2-3 users and Accounts Payable, look at Essentials.

If you want Class Tracking, will pass on your expenses to Customers for reimbursement, keep Inventory, or like to run reports, the Plus version is worth every penny.

If you have over 250 categories in your Chart of Accounts, thousands of customers, or need access for more than five employees, you’ll choose the Advanced version.

Signing-up for QuickBooks Online

Businesses can sign up for QuickBooks at the official Intuit QBO website.

As a bookkeeper or accountant, be sure to sign up for a free QuickBooks Online ProAdvisor Program1. Not only do you get a free QBO Plus account with Payroll, but your clients can sign up through you instead. Under your wholesale program, you can absorb the cost of their subscriptions, offer them a discount, or leverage a revenue stream.

Should You Import Your Existing File or Start Fresh?

Once you have a new QuickBooks Online account, you have to decide how you will start.

To help you decide whether you should convert your current file or start over from scratch:

  • Do you trust all the numbers you currently have in your QuickBooks file? Are there errors?
  • Have you been using the same QuickBooks file for years without cleaning it up or condensing it? If you have old Customers, products, services, and Vendors, a fresh start can make a big difference.
  • Do you need all historical transactions entered? Can you just use correct opening balances for all accounts to date, and enter new transactions going forward?

Always keep your old file for reference!

Converting an Existing File

If you’re going to import your QuickBooks Pro or Premier Desktop file into QBO, start by signing up for QuickBooks Online.

Immediately import your data! You only have 60 days after a QBO shell is created to replace the data.

To import your company from QuickBooks Pro or Premier, first make sure your desktop version of QuickBooks is up to date. Go to Help > Update QuickBooks. Choose Update Now.

The second step is to Verify and Rebuild your file. This affirms that you have no errors in your data. Go to File > Utilities > Verify. If necessary, then choose Utilities > Rebuild.

Then go to the Company Menu > Export Company File to QuickBooks Online.ExpandAliciaP_Art-004_G1_Export-QBD2QBO

QuickBooks Desktop Menu Options (1) Shown on-the-left: Updating QuickBooks from the Help Menu; (2) Shown on-the-right: Exporting a QuickBooks Pro/Premier Company File to QuickBooks Online

AliciaP_Art-004_G1_Export-QBD2QBO

Enter your username and password for QuickBooks Online.

It takes a few minutes to transfer your data to QuickBooks Online. You will receive an email when the file is ready.

When you get the email, click the link to log into qbo.intuit.com to view your new company file!

Your Customers, Vendors, and transaction history will have imported nicely.

To verify the data, run both a P&L and Balance Sheet report. Set the date range to “All” and the basis to “Accrual.” Do the totals match? If they don’t, there is something wrong with your Desktop file preventing the import.

Note that if you are running Inventory, your Inventory Asset value will be different because QuickBooks Desktop uses Average Cost and QBO uses FIFO (“First In, First Out”).

How to Create a QuickBooks Desktop Company File?

Get started with latest steps to creating a QuickBooks Desktop company file

Creating a QuickBooks desktop company file might seem one of the most daunting tasks for a user and also one of the most technical ones at the same time. As the company file carries all the financial information of the company, entrepreneurs and newbie QuickBooks users are a bit dicey with the decision to create a company file in QuickBooks desktop on their own. The company file stores all the financial information and continues to grow. QuickBooks accounting software allows or permits the users to save multiple company files for multiple businesses, as a separate company file is a must for every business.

Creating a company file doesn’t involve any rocket science, all it needs is just an awareness of the process, which we will be providing you in today’s post. However, if you still feel the need of a professional, then we would recommend you not to risk your data, and immediately contact an expert with renowned experience. No need to go far in search of a renowned team of certified accounting professionals. You can simply give us a call at 1-800-761-1787, and our support team will be there to assist you.

Reminder: Well, if you are a newbie, or using QuickBooks for the very first time, then we would recommend you playing around sample company file in order to experiment and get familiarized with the program. So, now you are aware of all necessary things, it is time for us to begin with the process.

Related article: How to use the Automated Password Reset Tool for QuickBooks desktop?

Steps to create a new company file from scratch

Before you begin with the process, keep in mind that if you are creating a new QuickBooks company file and if another old company file is saved on your system, then ensure to use different name for the new one, in order to avoid any sort of confusion. Using the same name for the new company file will override the current company file and the data in the current file will be lost. The steps involved in the process to create a new company file that too from scratch are as follows:

  1. At first, open QuickBooks desktop
  2. After that in the no company open window, opt for the create a new company option
No company file open windows - Screenshot
  1. The user will now have two setup options:
    1. First option is to select the express start, for getting it started right away. The user will have to enter only the business name, industry, and business type in order to create a company file. The user can also enter the info later on.
      • For this, the user needs to open QB desktop
      • And then, click on create a new company, on the no company open window
      • Moving ahead, the user needs to click on the express start option
      • Followed by, filling out the required information in the QuickBooks setup. The point to remember here is that to click the help me choose option to see a description for every business type and the chart of accounts that QB will create for you per industry.
      • The next step is to click on create company option
      • The user can start creating the chart of accounts, customers and services after creating the company file, or the user can also do it later by selecting the start working
    2. Selecting detailed start is recommended, if the user wishes to do a complete setup, where the user will have to enter all of the info from the start
      • The very first step is to open QuickBooks desktop
      • And then on the no company window, create a new company
      • And then click on the detailed start
      • The next step is to fill out the easy step interview screen and hit next
      • Moving ahead, the user needs to select the industry and hit next
      • Once done with that, identify the type of business entity and then hit next again
      • Now, set the fiscal year for which you want to create a company file and then hit next
      • The user is then required to setup the QuickBooks admin password and click next
      • Followed by selecting the location to save the company file and hit save
      • The last step is to customize the QuickBooks by clicking next or do it later by selecting leave
Create company file - Screenshot
  1. After picking any of the above option, the user will have to carry out the on-screen steps to complete the setup. Make sure to keep earlier mentioned point in mind i.e. giving the file a unique name.

Ending this process permits the user to begin working in QuickBooks desktop.

Read this also: How to restore backup files in QuickBooks desktop?

Starting a new company file in QuickBooks desktop

QuickBooks lets the user to create a new company file at the end of the year, so that there is no need to enter the data which is required in every initial company file set up. Even though closing the company file at the end of every year is not compulsory, but a few customers prefer it in that way. Customers select the option to close their company file so that if they do not close there will be a stockpile of transactions over the course of years that result in larger data files and hamper the system performance.

How beneficial is to create a new company file at the year end?

  • The first benefit is that the performance of the system will not be deteriorated due to large data files
  • It will also provide a layer of extra security against accidental data tempering i.e. it prevent any changes in the previous year’s tax reporting data
  • The user can use this feature to restructure and clean up the current data by removing the unused items, accounts, and names. (It should be noted that instead of creating the new company file you can also clean up the current data).

It should be noted that before moving ahead, the user needs to ensure that he/she is having an active subscription of any one from the basic, standard, or enhanced payroll.

Things to do before starting a new company file

The user will have to print the reports mentioned below on December 31st of the closing year. These reports will be needed, when the user will recreate the year end balances of the account receivables and account payable in the new company file. Moreover, these reports will be required when the user is recording the opening balances for all the balance sheet account. Other than this, the user might require to manually enter the outstanding banking transactions, stock status, and inventory values.

Customer balance detail report
  • Under this, the user needs to move to the reports menu
  • And then, navigate to the customers and receivables option and also select the customer balance details option
Vendor balance detail report
  • For this, the user is supposed to move to the reports menu
  • And then select the vendors and payables and also choose the vendor balance details option
Standard balance sheets
  • For standard balance sheets, the user needs to navigate to the reports menu
  • And also, select the company and financials and choose the balance sheet standard option

See Also: How to Fix QuickBooks Unexpected Error 5?

Steps to make a new company file in QuickBooks Pro and Premier

The set of steps to make a new company file QuickBooks Pro and premier might vary from that of QuickBooks desktop. So, here is guide to set up company file in Pro and premier.

  1. First of all, the user needs to move to the file menu and opt for the utilities option and then click on the Condense data
Clean up company data - Screenshot
  1. The next step is to rebuild all the outstanding balances in the accounts receivable either by recreating individual invoices or the user can also create balance forward invoice for a lump sum customer balance
  2. Now, from the vendors menu, the user needs to create all vendor balances along with the enter bills option
create all vendor balances - Screenshot
  1. The bills will be directly charged to the un-categorized expense account, as opposed to individual expense accounts
  2. It should be noted that the payroll users can not avail this feature due to critical payroll information in the payroll files
  3. Also, the same feature is not available for QuickBooks online banking users, due to the security and time related data from financial institution.

Some more steps to be followed:

  • The user is supposed to select file and new company option.
New company option - Screenshot
  • And then, choose the start interview option in the window of the easy step interview.
Start interview - Screenshot
  • Followed by, carrying out the on-screen instructions and entering the information for the new company file.
Entering the information for the new company file - Screenshot

See Also: How to Troubleshoot QuickBooks Error 6175?

Professional assistance is a call away!!

As we said before, creating a QuickBooks desktop company file doesn’t involve any rocket science, performing exact procedure can create a company file without any sort of error. However, in case of any difficulty, do not hesitate in connecting with our accounting and bookkeeping professionals using our dedicated customer support line i.e. +1-888-300-3913.

Listening to your issues, will help our QuickBooks support experts in providing you with the best and customized QuickBooks assistance.

Also Read :: How to Resolve QuickBooks® Reporting Problems?

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