"EDITED ONLINER DIALOGS"
TOPIC: Prior year QB File content DATE: November, 2001
TOPICAL OVERVIEW: Some views of how to efficiently set aside prior year QuickBooks (TM) (QB) files for both safety and necessary/needed access.
FILE: 2029-07 UPTD: March 09, 2012
Onliner One:What are the options for accessing QB file information from prior years? If we use the QB condensing process, we cannot view detail. If we back it up, can we then go back and "look" at the data without wiping out our current data?Onliner Two: When you condense, QB deletes transactions that you no longer need to keep current. For those it deletes, it adds new transactions that summarize each month's deleted transactions. It is my understanding that QB only deletes closed invoices and purchase orders, paid bills and reconciled bank statements. Many people have experienced problems with this process. Chances are you won't be able to open your file again. In my judgment, It is better to create a new QB company file for the new year and start fresh and keep all the old data for reference in the old file without tampering with it. The larger the data file the slower QB program runs. For that reason you are advised to make a new QB company file at least every two years. If you have a large file, then do it each new year. This gives you a chance to go to the new file and manually delete any old list entries that you no longer use.
You can create an export file (example: LISTS) of all of your lists, etc. - not the transactions - using the FILE: UTILITIES: File/Export command. Then you create a new QB file but don't let it make a QB Chart of Accounts for you; you then use the FILE: UTILITIES: File/Import command and select the LISTS file you just created. This will place these exact old QB file lists into your new QB file
. Then you just have to re-enter you Balance Sheet Trial balance in as of the first day of the new fiscal year. These numbers should be your final year end audited numbers with the QB Profit & Loss balances already closed into your Retained Earnings account.
I think this is preferable to condensing your file where you don't have the option of looking up old info and you might corrupt the data altogetherOnliner Three:That's a valid opinion.
On the other hand, if file size is not an immediate problem, it's very handy to have immediate access to the OLD QB file. While some users "have experienced problems" after condensing, most of us have not. Here's an alternative:
Before you can condense your data you are required to make a backup copy. After you have condensed, restore the backup copy named OLDER as you also change the Company Name (Company Information) to avoid confusion. Now you will have 2 files available - the condensed OLD file, and the OLDER file if you need to look at historical details.
I'm not sure what the previous Onliner means, "Chances are you won't be able to open your OLD file again." That has not been my experience. Even if it should happen that the OLD file is damaged in some way, you still have the backup OLDER copy anyway.
And, by the way, you should, no matter what, be following a good schedule of regular "multi-generation" backups
As most of you know, we here at www.bcidot.org dialog by email with Onliners regarding Ministry Finance (MinFin) matters. Above are what we call "Edited Onliner Dialogs", or edited version of actual dialogs with some of you, but we have honored your privacy and not used your name or that of your Ministry. Our purpose is to make topical MinFin information available to any interested Ministry Finance Team so you can learn from another Onliner's perspective. Thanx - Jim Bramer - Proverbs 9:10
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