How to Create a Period Copy 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 Accounting Software comes into play. In Accounting Software, 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. In this article, read how to create a period copy in Accounting Software Desktop accounts.

Why is it Necessary to Create a Period Copy of the Accounting Software File?

One of the instances, when business owners are of the notion that the Period Copy of Accounting Software 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 Accounting Software 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 Accounting Software 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

Steps to Create a Period Copy in Accounting Software Desktop

To create a period copy in Accounting Software Desktop, go to the File menu > Utilities > Condense Data. Choose “Transactions outside of a date range,” then set the desired start and end dates. This creates a condensed file containing only data for that specific period.

• Open your Accounting Software 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, then 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.

Read More: Fix Accounting Software Condense Data Error

Conclusion

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 Accounting Software 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.