2012 Period Copy and Starter Copy
Have you ever gotten a new QuickBooks client that came in with a messed up file? Ok -silly question - I know the answer is YES! Then your next step is having to make the decision about whether you start over or do you try to attempt to clean the file up? And...if you decide to clean the file up, on the late nights you are up trying to get 100s of transactions fixed, you then may be wishing that you could chop off the data you don't want and keep the transactions you want. Well...now you can!
In 2012 QuuckBooks Accountant you are able to now create a "period copy". This allows you to either select a portion of the data that you want to keep (i.e 1/1/2010 - 12/31/10) and delete all the rest, or delete prior years and just keep the current transactions to fix without having to recreate transactions like you would if you had started a new file. This new feature can be found under the Condense menu option. The added benefit is that you have 3 options of what you may want to do with the deleted data - either you can have QuickBooks create one summary journal entry for all of the history deleted or choose to have QuickBooks make monthly summary journal entries for the deleted history so that you still can prepare comparative financial statements. The final option is that you can have QuickBooks just delete the data with no entry and you create e beginning entry yourself. I think having this new option is going to save a lot of time when working with messy data files and needing to clean them up. It also will help when your clients may be requested to give their QuickBooks data for a certain period of time, whether for due diligence or any type of audit.
The other type of file you can create is a Starter copy. This will allow you to make a copy of a file without keeping a company's data or information in it. From an exisiting file, you can create a duplicate shell file with the same Chart of Accounts and Preferences. That way you don't have to spend time creating all of that again for a new client or a client that has multiple entities and needs a QuickBooks file created for each entity.
These time saving tools are really going to help us with saving time on tasks that are not necessarily value-added to the client so we can get to the billable, higher value work quicker! It is tools like these that can make it easier to estimate a fixed fee engagement so that we can value bill rather than be tied to hourly billing.
This blog
Amy Vetter, CPA, CITP is the CPA Programs Leader for Intacct Corporation responsible for leading the CPA/BPO Partners nationally, collaborating with CPA2Biz and working with Intacct BPO CPA Firms to help them grow their Outsourced Accounting Services Practices. Prior to Intacct, she was an Intuit Key Account Manager responsible Intuit's Major Accounts and Creator/Facilitator for the Intuit Practice Excellence Program (IPEP). Amy has had the privilege of serving on the AICPA’s Journal of Accountancy Technology Advisory Panel since 2009 and was recognized by The CPA Technology Advisor as an outstanding 40 under 40 technology-based accountant in 2006 and 2009. In 2007, she won the South Florida Business Journal’s Up & Comer award for her expertise in accounting and dedication to the community. She also was a participant in the Accountant and Advisor Customer Council for Intuit, Inc. during 2006-2008 and Intuit, Inc.’s Solution Provider Advisor Council for 2009. Amy ran a successful Outsourced Accounting Services Practice and is an accomplished author of accounting software reference materials. She has been a a national & local speaker for consultants & software application users at various accounting technology and user conferences throughout the United States. In her free time, she spends time with her family and instructs yoga classes.
