Know the updated steps to create a QuickBooks Desktop Company file:

Creating a QuickBooks desktop company file might seem to be a complex task for users. As the company file carries all the financial information related to the company, entrepreneurs and new QuickBooks users are a bit dicey with the decision to create a company file in QuickBooks desktop on their own. QuickBooks desktop 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.

The procedure for the creation of a company file does not require any technical expertise; the only thing you require is a rudimentary understanding of the procedure that we’ll be sharing within this article. However, if you think you require any help from a certified professional, then we recommend avoiding putting your crucial data at risk and contact immediately to an expert. Simply give us a call at 1-800-761-1787, and our technical support team will be available there to help you.

Related article: Move files from QuickBooks online to QuickBooks Desktop for Mac

Steps To Create A New QuickBooks Company File from scratch

Before you begin with the process, keep in mind that if you are creating a new QuickBooks company file and another old company file is saved on your system, then ensure to use a different name for the new one in order to avoid any 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 are as follows:

  1. At first, you are required to open your QuickBooks Desktop accounting program.
  2. After that, opt for the option to create a new company in the no company open window.
No company file open windows - Screenshot
  1. You will now have two setup options:
    • The first option is to select the express start, for getting it started right away. You will have to enter only the business name, industry, and business type in order to create a company file. You can also enter the info later on.
      • The first step requires opening the QuickBooks Desktop.
      • And then, hit click on the option to create a new company on the no company open window.
      • Next, 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 QuickBooks will create for you per industry.
      • Next step is to hit a click on create company option.
      • You can start creating the chart of accounts, customers, and services after creating the company file, or you can also do it later by selecting the option to start working.
    • Selecting a detailed start is recommended if you wish to go for a complete setup, where you will have to enter all of the info from the start.
      • The first step is to open your QuickBooks Desktop.
      • And then, on the no company window, choose the option to create a new company.
      • Then hit a click on the detailed start.
      • Next, fill out the easy-step interview screen and hit next.
      • Moving ahead, choose the industry type 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.
      • It is required to setup the QuickBooks admin password and then hit on next.
      • Followed by selecting the location to save the company file and clicking on save.
      • The final 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, you 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 you to begin working in QuickBooks desktop.

Read this also: Features that are discontinued in QuickBooks Desktop 2022 and Enterprise 22

Starting A New Company File In QuickBooks Desktop

QuickBooks lets you 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 setup. Even though closing the company file at the end of every year is not compulsory, a few customers prefer it that way. Users 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’s performance.

How beneficial is it 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 prevents any changes in the previous year’s tax reporting data.
  • You can use this feature to restructure and clean up the current data by removing 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, it is important to make sure that you have an active subscription for any of the standard, basic, or enhanced payroll.

Things to do before starting a new company file

You will have to print the reports mentioned below on December 31st of the closing year. These reports will be needed when you 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 you are recording the opening balances for all the balance sheet account. Other than this, you might require to manually enter the outstanding banking transactions, stock status, and inventory values.

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

See Also: How to Change, manage or update your Intuit Account with CAMPs?

Steps To Create A New Company File In QuickBooks Pro and Premier

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

  1. First of all, 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 you can also create balance forward invoice for a lump sum customer balance.
  2. Now, from the vendors menu, 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:

  • It 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 Fix QuickBooks Error Code 80070057?

Professional assistance is a call away!!

As we’ve already said before, creating a QuickBooks desktop company file does not require any complicated math, and a precise steps can create the company file without any type of hassle. However, in case of any difficulty, do not hesitate in connecting with our accounting and bookkeeping professionals using our dedicated support line i.e. 1-800-761-1787. Listening to your issues, will help our QuickBooks support experts in providing you with the best and customized assistance.


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