If you are a small-scale business owner like me or work in a mid to small category of business where often it is required to combine company data, or to transfer, and consolidate multiple companies then today we are in the right place. QuickBooks offers a professional function to merge QuickBooks company files. Here, users like me get a scope within QuickBooks. In the same piece, we are also going to discuss the merger of banks Read the full article to have a fair understanding.
A concise intro to QuickBooks
QuickBooks is a business accounting software for small-scale merchants across the USA and Canada to some extent. It integrates various prime mercantile components into one arena. For example, bookkeeping, taxation, payroll, inventory, etc. If the user has any difficulties merge QuickBooks company files, then they approach the customer care team and can also dial their toll-free handle.
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If you wish to merge company QuickBooks files:
While there is no built-in feature for merging two company QuickBooks files, you will have to buy a third-party merging service like BRC Transaction Copier. These third-party services will ensure that all the files have been merged correctly. If you are attempting this, both accounts cannot have the same name. For example, if one company file has an account with the name “Accounts Receive”, then the second company cannot have an account with the name “Account Receivable” of another kind. To resolve this issue, rename one of the accounts to “Account Recievable1”. Those accounts that will be added secondarily will be renamed by default. Beyond this, as we discussed above some data cannot be merged by combining two company files.
To merge QuickBooks data files:
If you wish to merge QuickBooks data files, some concise steps are referred below to merge QuickBooks files:
- login to the Company file as an admin.
- Out of the File menu, select the option Utilities.
- Click on Import and select the option Import IIF
- Select the IIF option you want to import and open it
- Click OK
If it is not feasible for you, then you may utilize a QuickBooks File Merge Service. Using a file merger service has many provisions such as creating more than one QuickBooks data file, creating a local data file, combining various company files together, etc.
Merge two companies in QuickBooks Online:
If you want to merge two companies in QuickBooks Online, then first both QB Online dataset needs to be converted to a QB Desktop version. After they are merged, it will require a new QB Online company file for uploading.
You can also upload the merged company file back to the QB Online account; however, the hosting account needs to be under 60 days old otherwise Intuit needs to grant you permission so that you can upload the merged file. If you cannot do so, you will have to create a new QB Online account.
Wish to transfer data from one company to another in QuickBooks:
If you wish to transfer data from one company to another company in QuickBooks, then directly it is not possible, therefore either you need to go by copy-paste method or must put data manually. On the contrary, you can use third-party software to export data.
A concise method has been given below:
- First, you need to create a fresh company backup file.
- Head to File and click on Utility.
- The next step is to Verify Data and Rebuild Data.
- Use Transaction Pro Exporter
- Now you are ready to export from one company to another.
Here, you can also divide the file size if it’s too large.
A user wants to consolidate multiple companies in QuickBooks Online:
For a quicker process, the user can use a secondary software called JustConsolidate in connection with QuickBooks.
If the user wishes to consolidate or combine multiple companies, in QuickBooks Online, the user can follow the guidelines given below:
- Out of the QuickBooks Reports menu, select Combine Reports from Multiple Companies
- Select Add Files, locate the other company file, then choose Open
- Under Select Reports for Combining, opt for the reports you want to combine
- Select the report’s from and to date range, then select a reported basis
- Select Combine Reports
If the user wants to merge two bank accounts in QuickBooks:
Absolutely, you can. You will be able to merge two bank accounts. Prior to the merging of two bank accounts, you need to deactivate the online services for both. Now you can create a new account for online banking, in the Edit Account option that will appear in a prompt.
You may follow the instructions cited underneath:
- First head to the Lists menu, now click on the Chart of Accountants option
- To match the account level, check out the Diamond symbol.
- Now you click on the accounts you want to merge. After that click on Account.
- Then click on the Edit Account option.
- Now you can change the account type. If the accounts do not match, then it will be impossible to merge bank accounts.
- You can now set an account name for the account where you want to merge.
- Finally, click on the Save and Close buttons. Now, hit Yes to apply.
Can you merge two QuickBooks company files?
Yes, you would be able to merge two QuickBooks company files. There is no inbuilt system for merging in most of the QuickBooks versions. For this, you may need to enter manually.
Can I transfer transactions from one QuickBooks file to another?
First, we need to understand, there is no file merging option in QuickBooks. Consequently, you can copy the transaction (checks, deposits, credit card charges, and credits, bill and bill credits, invoice and credit memos, etc.) file from one company file to another. You can first make a copy of transactions and then followed by importing/export it into another QuickBooks file.
How do I unmerge accounts in QuickBooks?
Alas! You cannot unmerge (bank) accounts in QuickBooks. The process of merging is irreversible. So, the answer is negative.
How to merge two companies in QuickBooks Online?
This ‘merge two companies in QuickBooks Online’ feature is currently not available like most of its versions. Each company is created as a separate file and can’t be merged. The endmost option is to put the data manually.
Things to observe:
There are some occasions where data merging is not allowed in QuickBooks software. Those are:
- Payroll checks
- Memorized transactions
- Bank reconciliations
- Customer fields
- Budgets and forecast
- Customer to-do list
Finally, we can say that the facility is a little complex process to follow. The user needs to be careful to understand its operation and its lateral execution. on the other hand, some data cannot be merged which is an accepted fact and some merges cannot be unmerged.
This article promotes the function to merge QuickBooks company profiles and several other merging procedures for combing data, transferring transactions, etc. Also gives us a clue about how to merge two bank accounts. Overall, it gives us the schemes.