Beginning Balance Transfer Utility

The Beginning Balance Transfer Utility allows you to take the ending balances in one QuickBooks file (as of any date) and make them the beginning balances in a new QuickBooks file.

Price: $129.00
 

Developer: Karl E Irvin, CPA

  • Silver Developer Applications have been tested and proven to work with QuickBooks.

Free Trial

The Beginning Balance Transfer Utility allows you to take the ending balances (as of any date) in one QuickBooks file and make them the beginning balances in a new QuickBooks file. This allows you to start a new file with the least number of transactions in it. The new file will normally be smaller than a file that has been condensed.

After transferring the beginning balances to a new file, you can transfer transactions from the beginning balance date to the current date using our Data Transfer Utility. This allows you to start a new file as of the beginning of a year even if your are several months into the year.

The Beginning Balance Transfer Utility can transfer the trial balance, open customer invoices, unpaid vendor bills and inventory balances as of any date selected by the user.

1. The Trial Balance is transferred as a single journal entry with the following changes:

a. The Trial Balance amounts for Accounts Receivable, Accounts Payable and Inventory are posted to the Opening Balance Equity account. Posting to the Opening Balance Equity Account avoids duplicating amounts when you transfer the detail for these accounts to the new file. The amounts posted to the Opening Balance Equity account (by the Trial Balance transfer) are offset to zero when you when you transfer the detail for these accounts (providing that the detail reports match the balance sheet).

b. A new "Sales Tax Payable (BegBal)" account is created and the Trial Balance amount for the regular Sales Tax Payable account is posted to this new account. This new account is required because posting to the regular account would require a breakdown by Sales Tax vendor which is not available. The new account will zero out when the opening balance amount is paid to the sales tax vendor(s).

2. The Accounts Receivable transfer creates a new Invoice for each unpaid Invoice as of the transfer date selected by the user. These Invoices will have the same transaction and due dates as the original Invoices but will have only one item on them. This item is an opening balance item which points to the Opening Balance Equity account.

3. The Accounts Payable transfer creates a new Bill for each unpaid Bill as of the transfer date selected by the user. These Bills will have the same transaction and due dates as the original Bill but will be coded to the Opening Balance Equity account. In addition, each Item Receipt transaction in Accounts Payable is converted to a Bill. The conversion is needed because QuickBooks doesn’t provide the ability to transfer the Item Receipt transaction type.

4. The Inventory transfer creates an Inventory Adjustment Transaction for each inventory item with an extended cost value as of the transfer date selected by the user. The Inventory Adjustment Transactions add the quantity, value and average cost to the new company and credit the Opening Balance Equity account.

With version 6.08 and later, uncleared checks and deposits at the beginning balance date can also be tranferred to the new file.