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Start a new company each year?

I have been thinking that it may be a good idea to start a new company each year. In other words you would have MyCompany2004, MyCompany2005 etc. Since I "upgraded" to QB2005 as others have noted it is very slow and my backup file is larger. I have always been able to backup on one disk and since I "upgraded" it is now two. As I remember there used to be an option to start a new company using a previous company's data such as vendors, customers, accounts etc. I cannot find that option now. If the company data is archived a lot of the details are lost. I do not have a need to search back frequently but by making a new company and retaining the old company I could go back to previous records if needed.If I did this I would only have to enter bank balances and do some extra work to reconcile the bank statements the month after the changeover. I have thought about making a copy of the company and renaming it to NewCompany2005 but that does not get rid of all the old information which is slowing things down. Any Thoughts?

Reply to
Gordon
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Use the Archive and Condense feature under the File menu. It will make a backup of your existing file, so you can access details like invoices and bills from the archived period. Rename the new (condensed) file as you suggest so it's easy to determine which file is which.

After the Archive & Condense is complete, re-open the original file. Edit the Accounting preference in Company Preferences to set a closing date far in the future so you are reminded if you accidentally try to enter a current transaction in the old file. The other thing you can do is to change the company name in Company Information to something like "MyCompany 2004 FINAL" to also alert you as to which file you are looking at. Finally rename the file similarly so you can find which file you want to refer to when you have several years condensed. Each time you upgrade Quick Books, you either need to upgrade each file (which can be done when and if you need to refer back) or keep a copy of the old QuickBooks version on your computer.

Reply to
Thomas Healy

If your entire backup fits on only two disks then your data file is very small and cetainly what you propose is a waste of time.

As I remember there used to

Reply to
Allan Martin

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