COMPLETE STEP BY STEP ON HOW TO CREATE A NEW COMPANY WITH OLD FILE DATA INCLUDING PAYROLL

What QB Desktop edition and year version do you have? QB Desktop 2024 Pro Plus or else?

Good day, Brita2. I can certainly provide you with the complete details you need. Let's begin by creating a new company file from your existing file.

Here's how:
 

1. Open your existing company file.
2. Select the File menu and click New Company from Existing Company File.
3. Or, in the No Company File Open window, click the Create a New Company File box, then click the Other Options box and select New Company from Existing Company File.
4. Browse your .QBW old file in the Select Company File to Copy From box.
5. Enter your new company name.
6. Follow the on-screen steps, and it will automatically create your new company file and transfer data from the old file. Please note that not all data will be transferred. Only the Chart of Accounts list, Vendor list, Employee list, Other Names, Sales Rep, Item list, Price Level, Customer list, and Budget.
    

Once your new company file is created, let's proceed with moving your payroll information. Please note that there’s no option to import payroll-related details, you'll need to enter them manually into your new company.
 

Here are the steps to enter payroll information:
 

         1. From the Help menu, choose About QuickBooks.
         2. Press Ctrl + Alt + Y or Ctrl + Shift + Y to open the Setup YTD Amounts window.
         3.  enter the YTD in the Employee Summary Information, click the employees and enter the amount of their salary.
         4. Select Next until you reach the Enter prior payments section.

         5. In the Enter Prior Payments window, click Create Payment to input all prior payroll tax and non-tax payroll liability payments you’ve made during the current or previous years.

         6. Enter the Payment Date and For Period Ending date accordingly (in many cases, these dates will be the same).

         7. In the Taxes and Liabilities field, choose the payroll tax item that you’ve already paid and want to record in QuickBooks Desktop. Enter the amount. You can add a memo to remind you what the payment is for (Payments for prior quarters are entered as lump sums, and current 
          quarter payments are entered per payroll).

          8. Select the Accounts Affected button to choose how you want the payment to impact your Chart of Accounts (COA):

• Do not affect accounts: Use this option if your QuickBooks accounts have correct balances. Choosing this will cause the prior payment to not appear in the bank register.
• Affect liability accounts but not the bank account: Use this option if your checking account has the correct balance. This will prevent the prior payment from showing up in the bank register.
• Affect liability and bank accounts: Use this option if none of the account balances are correct. This will cause the prior payment to appear in the bank register
  9. After completing your first payment, Hit Next Payment. Repeat this process until all payments are entered. Then click Done to save your work.
  10. Select Finish to close the window.

However, If you're only concerned about the company file size, you can follow the steps in this article to reduce it: Create new company files from existing ones in QuickBooks Desktop. Please note that this process will not create a new company file from scratch, it will only reduce and create a unique copy of your original file.

If you have specific questions about transferring your payroll subscription to the new company file, I recommend contacting our QuickBooks Desktop Payroll Live Support team. They have the tools and expertise to securely process the transfer in the system and provide you with suitable options.

Please don't hesitate to leave us a response if you have other questions or concerns.

Hi, @Brita2 

Just checking in to see if the solution we shared worked for you.

Please let us know if everything is now working smoothly or if you're still experiencing any challenges.

We'll be glad to assist further if needed.