Many times, the business calls for sharing some of their transactions with people such as IRS, banks, and other accountants. But, sharing the complete company file is something that isn’t the first choice for the owners. In this case, the QuickBooks Period File feature has been made available in Premier Accountant Edition and QuickBooks Enterprise Solutions. With the use of this feature, the data of a specific time period can be shared with third-party, and the choice of the data to be share is vested to the owner/administrator of QuickBooks. In this blog, we discuss the method to share the data by using the QuickBooks Period Copy feature.
What is the benefit of Creating Period Copy of QuickBooks File?
Without the use of the feature to Create QuickBooks Period Copy, the user will be actually creating a backup of the complete QB File and send it to the required person, for example, the IRS auditor. The Period copy gives the flexibility of data selection to be shared. Once the decision has been made to supply specific information, you can use a utility available in the Accountant version of QuickBooks or QuickBooks Enterprise Solutions Accountant to create a “Period Copy” of your data file.
Steps to utilize the feature of Period Copy in QuickBooks
1. Open the QuickBooks
2. Navigate to the File menu in QB.
3. Under the section of Utilities, hit the Condense Data option.
4. The screen of Condense Data will open up, select the Transactions outside a date range (to prepare a period copy of the company file).
5. The Data Range is to be entered next.
6. Click on the Next option.
7. Select Create One Summary Journal Entry (recommended), click on Next.
8. Choose the Summarize Inventory Transactions (recommended), hit Next.
9. Select all the listed transactions in the next two screens, and click on Next.
10. Hit the Begin Condense option.
11. After the tool creates a period copy of the company file, verify that all the balances and transactions are correct in the company file.
The usefulness and method to create QuickBooks Period Copy has been discussed in this blog, but we agree that many a time the user might require technical help to accomplish the same. The certified experts available on QuickBooks Desktop Technical Support Number 1.800.579.0391 can help you go through the steps and successfully perform the creation of Period copy in QuickBooks.