Ask the Expert: Splitting Files

Q: I was wondering if you have any recommendations for a file that someone decided to put multiple entities and checking accounts all in one QuickBooks under different “classes”.  Of course, it was not noticed and it has been a year so it’s really difficult to break out the entities to get the correct balance sheet to the correct EIN number.  I am ultimately going to get them all back in their own QuickBooks, but for now, the Proadvisor number suggested a “date remover tool” or something similar “data extractor”? 

A: The problem is that those types of tools only let you remove transactions types for specific time periods, not only remove transactions for a specific class. In addition, it is quite common that when people have everything all in one file, there is a certain amount of co-mingling of data, i.e. one transaction coded to multiple classes. I have seen this to be true even when the client assures me they do not. So, usually what we do is work from the journal entry report to create separate import sheets by class (with intercompany transactions to make the entries balance as needed) and then use a data import tool (like Transaction Pro Importer) to pull it into new QuickBooks files. There are many issues with the approach, for example, payroll is not available to developers so if the client is using an Intuit Payroll Service, that set up will need to be done manually. The path of least resistance is usually to clean up the Balance Sheet and P&L by Class then start the new files for the New Year if you don’t want to get into the work and reconciliation time to pull them apart for the history. That way you can just import a single journal entry for comparison purposes without the challenge of dealing with the detail transaction by transaction. We have done several of these types of projects, and the best suggestion I can make is to make sure you estimate the time it will take higher than what you expect because it is a time consuming process to prepare the spreadsheets and reconcile the files after you do the import.

5 years ago by in Integrated Applications , QuickBooks Tips and Tricks | You can follow any responses to this entry through the RSS feed. You can leave a response, or trackback from your own site.

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