How to Create a New Company File from an Existing One (QB)

Struggling to create a new company file in QuickBooks for a fresh start? Here’s how you can clone your current company file to avoid starting from scratch.

Company files are a great deal in QuickBooks as they store your entire financial data, which might become concerning when you move your QB Desktop or switch between different versions. All the thoughts of data damage/loss, errors, and dealing with complicated procedures might start erupting in your mind. But what if we offer you a hassle-free approach? Instead of manually entering transactions and re-inputting your financial data, let QuickBooks create a new company file from an existing one. 

This blog explains how to create a duplicate company file in QuickBooks Desktop with your current file so that you don’t have to move your data manually and save yourself from redoing everything. Stay tuned with the blog to know what type of data is moved when you create a new QB file from an existing one, how to do it in different QB editions, and what type of hitches to expect so that you are prepared to tackle them. Let’s begin!

Here’s How to Create New Company File from Existing Company File in QuickBooks

QuickBooks Desktop company file can be easily copied so that you can easily migrate between different versions and have your QuickBooks already set up, rather than worrying about a manual data entry. You will have the following data on the new company file you create from your current one:

What gets copied

• Accounts
• Lists (Customers, Items, Vendors, etc.)
• Template Transactions
• Preferences
• Chart of Accounts
• Contact Info

Now, let’s guide you on a stepwise procedure to create new company file from existing company file:

Duplicate Company File in QuickBooks Desktop Enterprise, Enterprise Accountant or Premier Accountant

Mentioned below is a quick way to copy company file in QuickBooks Desktop Enterprise, Enterprise Accountant, or Premier Accountant:

1. Access your QB’s File menu and click New Company from Existing Company File.
   
   
2. Click the Browse option to specify the location of the QuickBooks company file you want to copy.
   
3. Single-click the file to select it and tap Open.
4. Assign any preferred name to the data file and click Create Company.

Duplicate Company File in QuickBooks Desktop (Other products)

here’s the procedure to set up a new company file in QuickBooks Desktop from an existing one:

Step 1: Copy the Company File you Currently Use

You need to begin by creating a copy of your existing company file. We have attached reference articles to make it easier for you. Follow these steps:

1. Launch your QB Desktop and open the company file you wish to duplicate.
2. Press F2 to open the Product Information window & find out the location of the company file in the File Information section.
   
   
3. Now, you need to create a backup of your company file. Follow the reference article and save the backup file somewhere easily accessible.
4. Now, you’ll restore QuickBooks Backup to get a copy of your original company file. Give the file a unique name and save it in a different location from your other QB files to avoid confusion. This gives you two company files on your system, the original one and its restored copy.

Step 2: Remove Transactions for the Current Year

You already have a chart of accounts, Lists, Templates, etc. in the restored copy of your company file. Proceed by condensing the company file to delete the current year transactions; follow the steps for a fresh start:

1. Open the restored copy of your company file in your QB Desktop and access the File menu.
   
   
2. Hover over Utilities and select the Condense Data option in the list.
3. Tap Yes if you see a message related to removing your budget data.
4. Click All Transactions in the Condense Data window and hit Next.
5. Follow the instructions on the screen to condense the file and remove current-year transactions.

If you want to delete selected transactions:

1. Go to the File menu, same as before, select Utilities, and tap Condense Data.
2. Click the Remove the transactions you select from your company file option and tap Next.
3. Select the transactions you want to remove and tap Next. Then, select how you want them summarized. Click Next again.
4. Select how you want to condense the inventory and tap Next.
5. Select the recommended transactions to remove, tap Next, and choose the list entries to be removed.
6. Click Next again and select the Begin Condense option.
7. Wait for the process to finish and tap Close once done.

Step 3: Review your Accounts

With all the transactions removed, your accounts must be empty by now. Still, create a Transaction list by date report to delete any remaining transactions. Here’s how:

1. Launch your QB Desktop and go to the Reports menu.
2. In the list menu, go to the Accountant & Taxes drop-down.
   
   
3. Click Transaction list by date and set a date range in which the prior date exceeds the oldest transaction you copied.
4. If any transaction record appears on the screen, edit and delete them.

Step 4: Configure Online Banking, Payroll & Other Services

In case you use additional QuickBooks Services and Features, you can set up all of them to include them with the new company file setup wizard. You must:

• Add your bank accounts to set up the bank feed
• Use Class Tracking to track account balances
• Configure Advanced Inventory in QuickBooks Desktop Enterprise
• Sign in to set up your payroll subscription & other services
• Link your payments account
• Back up the copied company file using Intuit Data Protect

Wrapping Up!

This blog helps you discover how you can have QuickBooks create a new company file from an existing one when migrating to a different QB version, expanding your business, starting your similar project on a different location, or simply while reinstalling QuickBooks. The procedure to duplicate a QuickBooks company file is mentioned in steps easy for you to understand and execute. We hope you followed the blog thoroughly and now have a duplicate QB company file, ensuring efficient financial tracking.

FAQs

Where are company files stored in QuickBooks Desktop?

You’ll find your current company file in C:\Users\Public\PublicDocuments\Intuit\QuickBooks\CompanyFiles.

If you can’t find your company file her, open the Product Information (Press F2) window in QuickBooks to see the file location in the File Information window, or you can run a search for *.qbw to find out their location on your system.

How to back up a company file before creating a new one?

Here’s a summarized procedure: Go to the QuickBooks File menu and select Back up Company. Click Create Local Backup and select Local Backup. Use Browse to set up a location for storing your backup file and click Ok. Finally, tap Save it now.

If you got confused, check out our detailed article to learn how to create a backup of your QuickBooks company file.

How to fix errors when copying a company file?

Foremost, you must run your QuickBooks in admin mode (right-click QuickBooks.exe > Run as administrator) to ensure it isn’t restricted or blocked by insufficient folder permissions. Also, ensure your QuickBooks is running in  single-user mode when duplicating the existing company file. Other than that, if you encounter problems due to a damaged or corrupt company file, use the QuickBooks File Doctor Tool or Verify-Rebuild Utility.

Can I have multiple company files in QuickBooks Desktop?

Yes, you can have multiple company files in QuickBooks Desktop, but you won’t be able to run/use them simultaneously. It is strictly not advisable to use two company files in QuickBooks, as it may lead to data discrepancies while recording the transactions and multi-user mode errors during hosting.

How to use the EasyStep Interview to set up a new company file?

You can find the EasyStep Interview easily by following this procedure.

Launch your QuickBooks Desktop and select the Create New Company option. Choose Detailed Start in the QuickBooks Desktop Setup window and enter all the info asked in the EasyStep Interview form. Follow the on-screen instructions further to setup your QuickBooks Desktop using EasyStep.