How To Transfer Chart of Accounts To A New QuickBooks File

How To Transfer Chart of Accounts To A New QuickBooks File

Transfer Chart of Accounts To A New QuickBooks File

Do you need to change your company’s QuickBooks files or want to add a QuickBooks file? For a third-party company with the same chart of items, customers, accounts, classes, vendors, etc. Importing lists and charts of accounts of vendors and customers are easy and fast. There is no need to invest hours in re-entering and recreating all the data in a tedious fashion.

You just need to follow a few steps for importing all the previous information into a new QuickBooks file. Here are the details for you:

Step 1: Create a backup copy

Before undertaking the import operation, don’t miss out on creating a copy of QuickBooks file for the company. The backup copy will prove out to be your savior in case the data is lost during the transfer procedure.

Step 2: Export the data

The easiest way of importing the information is by using QuickBooks’ utility. Before importing the data into the fresh QuickBooks file, you’ll need to export the data from the old file. For this, simply click on the File menu, and then go on Utilities, Export. And then click on Lists to IIF Files.

You will see a window will appear on the screen. Choose the lists that are to be included in the export file of the QuickBooks. Say, if the customer data need to be transferred from another QuickBooks file. Select Customer List in the dialog box, and then click OK. Now enter a filename and save the export file. You are done with exporting a customer list.

Intuit Interchange Format (IIF) files are actually text files that are used by QuickBooks for exporting and importing data. It is easier to export and import data to and from QuickBooks using IIF files. It is difficult to do the job with tab, CSV and Excel delimited files. IIF files QuickBooks are in formatted form, which makes the entire transfer process easier and faster.

Step 3: Importing the IIF file

The process of importing is much easier than exporting. The first step involves opening of QuickBooks Company where the list information is to be exported.

Now click on the File menu, select Import, and then choose IIF Files. An Import dialog box will appear on the screen. Now choose the newly created export file and then click on Open button. QuickBooks will add the information list to the current company file from the export file.

Here is an example of your guide. Say, the Customer list has Accountants A in the export file. The new company file’s customer list will also feature Accountants A as added by QuickBooks. If Accountants A is already there in the new Company file before the importing process takes place. QuickBooks automatically updates the data in the company file.

In case the address of Accountants A in the export file is listed as “20 Golf Boulevard”. And the address is listed as “64 Meldrum Road,” by the company file, QuickBooks will change the address to “64 Meldrum Road” in the company file. Consequently, when both the files may feature a number of duplicate entries. You need to make sure that the export file includes updated information for the entries.

Yaaay, just one last step ahead, and you are almost done with the transfer!

Step 4: Modify the charts of accounts as needed

If you have worked with other financial software, you must be well versed with the painstaking efforts needed for creating an error less company file. Often, modifications are necessary even if proper Chart of Accounts is available.

Make sure you create a prototype of the Chart of Accounts. This will make eliminate the possibilities of duplication and save you from unnecessary efforts, which are required otherwise. Plus, this is also crucial for standardization of your accounting practices.

Quick tips:
  • Follow the export and import procedure of transferring information between QuickBooks files carefully, or else there are chances of being stuck. This is important to save your time and efforts.
  • Creating a backup of the export file is crucial. This will come to your rescue in the event of any problem, which might crop up during the transfer process. Be sure the imported file contains updated information for the charts of accounts and respective lists.
  • You must log in as the QuickBooks Administrator to undertake the import and export of IIF QuickBooks files. If you’ve created roles and users in your company file. It should not be in multi-user mode. Single-user mode prevents doesn’t allow users to access data during the transference procedure.

You may take this article as your guide and use it for informational purposes. But user’s discretion is advised. The information included in this article is not be construed as accounting or legal advice. You may also consult your Certified public accountant or attorney for professional advice prior to the transferring the file.

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