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Create a Period Copy File in QuickBooks

It is a common practice to share the transaction information of the business with other important people however often owners do not wish to share the whole company file. This is where the Period Copy File feature of QuickBooks comes into play.

In QuickBooks, the Period Copy provides the golden opportunity to share data of a particular time-period with others like investors, banks, the Internal Revenue Service, etc.

Before this new feature was introduced, businesses had to deliver a copy of the complete QuickBooks file manually to the related parties, which was not the first choice for many owners. With the help of the Period Copy, you can now go to a specific file and select a particular time period to share.

Why do we need to create a Period Copy of the QuickBooks file?

One of the instances, when business owners are of the notion that the Period Copy of QuickBooks is important is when the IRS requests the Audit of all the transactions of the specific year.

In the absence of the QB copy, the user will only make a backup of the QuickBooks file and then will send it to the particular auditor. Once the user creates a period copy, it has the authority to choose and provide only specific information.

Once the complex decision of providing information has been done, a user can utilize the utility available in the QuickBooks Accountant version to prepare a period Copy of your specific data file.

Add to it, with the help of the Period Copy, you can prepare a new file when you encounter the following scenarios:

  • Large file size
  • Making a new business entity
  • IRS
  • Audi
  • Selling a particular business
  • Legal disputes

How to create a Period Copy File in QuickBooks?

  • Open your QuickBooks account and go to the File menu
  • In the Utility section, press on Condense Data
  • In the Condense Data window, you will see the Transaction. Click on it
  • Add the Date Range beside it
  • Press on Next
  • Choose to Create One Summary journal, and press next
  • Select Summarize Inventory Transactions and press Next
  • Choose all the specific transactions visible in the next two windows and press Next
  • Choose Begin Condense

Once the tool finishes creating a period copy of the company file, it is mandatory to reconfirm that all the balances plus the transactions are accurate in the company file.

Preparing QuickBooks Period Copy File calls for a deep understanding and comprehension of the condensed data. This is why, you might need the help of a qualified professional to complete the steps successfully, mentioned above.

It is highly recommended not to overlook the importance of company data, since it may give rise to specific corruption and ultimately will lead to data loss.

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