Copy Chart Of Accounts In Quickbooks To A New Company
When starting a new company, it can be time-consuming to set up all the necessary accounts. However, if you have already set up a chart of accounts in Quickbooks for a previous company, you can easily copy it over to the new company. This will save you time and ensure consistency in your accounting records. In this article, we will guide you through the steps to copy a chart of accounts in Quickbooks to a new company.
Step 1: Create a New Company File
The first step is to create a new company file in Quickbooks. To do this, go to the File menu and select New Company. Follow the prompts to set up the new company, including entering the company name, address, and other relevant information.
Step 2: Export the Chart of Accounts from the Old Company
Next, you need to export the chart of accounts from the old company. To do this, open the old company file in Quickbooks and go to the Lists menu. Select Chart of Accounts, and then click on the Excel button at the bottom of the screen. Choose Export All Lists to Excel from the drop-down menu.
Step 3: Open the New Company File
Now, open the new company file that you created in step 1. Go to the Lists menu and select Chart of Accounts. Click on the Excel button at the bottom of the screen, and then choose Import from Excel from the drop-down menu.
Step 4: Map the Accounts
When you import the chart of accounts from the old company, Quickbooks will ask you to map the accounts to the new company. This means that you need to match the accounts from the old company to the accounts in the new company. Quickbooks will try to match them automatically, but you may need to adjust them manually.
Step 5: Check the Accounts
Once you have mapped the accounts, you should check that they have been imported correctly. Go to the Lists menu and select Chart of Accounts. You should see all the accounts from the old company in the new company file.
Step 6: Make Any Necessary Adjustments
If you notice any discrepancies or errors in the imported chart of accounts, you can make adjustments as needed. Simply go to the Lists menu, select Chart of Accounts, and make any necessary changes.
Conclusion
Copying a chart of accounts in Quickbooks to a new company is a simple process that can save you time and ensure consistency in your accounting records. By following the steps outlined in this article, you can easily import your existing chart of accounts into a new company file.