Transition in Quickbooks from LLC to S-Corp
We have been using Quickbooks since 2023. We started as a sole proprietor LLC with no employees and gradually expanded from there. We have had a payroll now for about a year and a half and it is FINALLY working seamlessly after many frustrations with set up.
We are making the switch this year with the IRS to be an LLC electing S-Corp status. So the question is whether we have to create a new file with quickbooks or whether we can simply change the settings under advanced accounting and keep right on going.
How is the best way to handle this transition in Quickbooks online?
Thank you for your help.