A New Feature in QuickBooks 2012 Accountant and Enterprise Editions
Most small businesses have moved to the electronic age and so have the Internal Revenue Service auditors. Now, there
is a new option available in the QuickBooks Accountant and Enterprise Accountant editions: the Period Copy. It is ideal for the accounting professional required to provide a file, on behalf of a client, which contains only a specified period by a third party, such as an IRS agent. The Period Copy shows only transactions that occurred during a specific date range. Period copies are also excellent for situations when a company needs to archive data for a past date, including balance forward, to create a smaller current working file and start fresh with a new company.
Note: Create a copy or backup* of the company working file before removing any data.
Navigate to File > Utilities > Condense Data
. In the Condense data screen, choose the option: Transactions outside of a date range (to prepare a period copy of the company file). Then choose to remove transactions before (Date 01/01/2010) and after (Date 12/31/2010). Choose: Do not create a summary.
This will remove all transactions before 01/01/2010 or after 12/31/2010, regardless of status, and does not replace
them with a journal entry. Note that a Balance Sheet prepared for 12/31/09 will have a -0- balance for all accounts. The result will have all the information only for the period specified.
You will also have the option to remove unused list entries including: Accounts, Customers, Vendors, Other Names,
Items, Done, To Do Notes and Classes.
Back up the new condensed QuickBooks file to give to the third party. They will have only the transactions for the
time they want to look at.
Note: You will now want to restore your backup file to bring your QuickBooks back to its original, full information
file.
Since most businesses do not purchase the high tier QuickBooks for Accountants edition, you can give your CPA a copy
of your file and have them complete this procedure for you.
*A backup file contains everything you need to re-create your company file and QuickBooks environment,
including all of the QuickBooks files (templates, letters, logos, and images) related to your company file. QuickBooks also backs up your Financial Statement Designer, Cash Flow Projector, Business
Planner, and Loan Manager files if you are using these features. The backup file has a .QBB extension. Certain payroll forms are restricted and are not included in the backup.
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