Starting new Quickbooks file for an old company

US QuickBooks Premier : 2010: Manufacturing and Wholesale

I work with a family business and we are starting a new Quickbooks file on QB 2010. Our old quickbooks file was there simply to create invoices. No expenses or bills were tracked. We are now looking to put all income and expenses into the new QB file. I've exported customer and inventory lists from our old QB file. 2 questions:

1) I've already imported the customer list. I want to import the inventory list. We don't have exact inventory counts, so we are planning to enter all the items with 0 on hand counts and adjust the inventory in batches of 50-100 (there were about 1300 items in the old inventory list). We'd like to update all the counts right away, but it is a time consuming process and I don't see another way to do this. If we adjust inventory counts after importing, are there any things we should look for which may mess up the accounting numbers. Also, the cost and sale price of the some of the items are not accurate. Do we have to make sure they are 100% accurate before importing the list?

2) Although this is an old business with a new quickbooks file, we are actually closing the legal entity of the old company and starting a new company. We don't want any balances carried over from the old company. We essentially want to take the inventory from the 'old' company and put it into the 'new' company. Also, all the customers will start off with $0 balances. Is it as simple as that, or am I missing any key concepts?

Thanks in advance. I am new to accounting and quickbooks, but the tutorials were helpful. These are the two lingering questions I could not find answers to.

-nsheikh

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3 Replies

Rustler

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07/31/10 5:01am PDT

The solution

I sure am glad to read item 2

Do a physical inventory, set the total value for the qty on hand for each item.

create the inventory items, you can do that via excel and import them,

Bring up inventory adjust, set the adjusting account to opening balance equity, click through any warning boxes.

Enter the new total value for the item

then enter the new qty

do that for each item.

That will put the cost of the items in QB, and the total of inventory will be in opening balance equity as it should be.

Create all bank accounts and enter an opening balance - that also puts the asset value in opening balance equity automatically.

You will need to do journal entries to allocate opening balance equity to the owners, see this entry and the one that follows it in the tag list on the left

http://my246shop.com/Rustler/t...

If I've helped, mark it solved.

My QB tips Blog >> http://onsale-apparel.com/Rust...

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CodyKid

Contributor

01/14/11 5:04pm PST

My situation is very similar with the exception that we do not have an inventory. Nor am I interested in transferring balances or any figures. I am, however, interested in transferring customer and vendor contact information. Is this possible? Our company has many, many transactions per year and I am hoping that it will alleviate problems in the Mac version of QB. I have already had to have Level III repair my data once, now it looks to be happening again and they mentioned once before that my data file is very big. I wish I could condense the previous years and retain the balances but, to the best of my knowledge, QB does not allow that in either Mac or the PC version. Thanks to anyone that can advise.

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Rustler

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01/15/11 3:11am PST