How to Create Accountant’s Copy in QuickBooks
Managing financial records is a crucial aspect of running a business. QuickBooks, the leading accounting software, provides a comprehensive platform for businesses to track their income, expenses, and other financial transactions. One valuable feature of QuickBooks is the ability to create an Accountant’s Copy, which allows accountants to work on the company file without restricting the business owner’s access. In this article, we will discuss how to create an Accountant’s Copy in QuickBooks, along with answers to common questions regarding this feature.
Creating an Accountant’s Copy in QuickBooks:
1. Open QuickBooks and navigate to the ‘File’ menu.
2. Select ‘Create Copy’ from the drop-down menu.
3. Choose the ‘Accountant’s Copy’ option and click ‘Next’.
4. Select a dividing date that determines the transactions the accountant can work on. This date will also be the point where the business owner and accountant can merge their changes later.
5. Specify a password to protect the Accountant’s Copy. Share this password securely with your accountant.
6. Save the Accountant’s Copy file (.QBX) in a location accessible to both you and your accountant.
7. Inform your accountant about the creation of an Accountant’s Copy and provide them with the file.
Common Questions and Answers:
1. What is an Accountant’s Copy in QuickBooks?
An Accountant’s Copy is a version of the company file that allows accountants to make changes without interfering with the business owner’s ongoing work.
2. Why would I want to create an Accountant’s Copy?
Creating an Accountant’s Copy enables seamless collaboration between business owners and accountants. It allows accountants to review and make necessary adjustments to financial records without interrupting the business owner’s day-to-day operations.
3. Can I continue to use QuickBooks while my accountant works on the Accountant’s Copy?
Yes, you can continue to use QuickBooks as usual. However, there are certain transactions and features that are restricted in the Accountant’s Copy. QuickBooks will notify you if you try to perform a restricted action.
4. What restrictions apply to the Accountant’s Copy?
Restrictions include the inability to merge changes made in the Accountant’s Copy with the original file, limitations on payroll-related activities, and restrictions on inventory adjustments.
5. How do I merge changes made in the Accountant’s Copy with the original file?
Once your accountant has made the necessary changes, they can provide you with an Accountant’s Copy (.QBY) file. To merge these changes, open your original QuickBooks file and navigate to the ‘File’ menu. Select ‘Accountant’s Copy’ and then ‘Import Accountant’s Changes’. Follow the prompts to merge the changes.
6. How can I ensure the security of my Accountant’s Copy file?
It is essential to password-protect your Accountant’s Copy file to maintain its security. Share the password only with your trusted accountant using a secure communication channel.
7. Can I create multiple Accountant’s Copies for different accountants?
Yes, QuickBooks allows you to create multiple Accountant’s Copies for different accountants. Each accountant will receive a separate .QBX file to work on.
8. Can I create an Accountant’s Copy if I am using QuickBooks Online?
No, the Accountant’s Copy feature is only available in the desktop version of QuickBooks.
9. Can I make changes to my QuickBooks file while the Accountant’s Copy is being reviewed by my accountant?
Yes, you can continue working on your file. However, it is advisable to avoid making significant changes that may conflict with the accountant’s work.
10. Can I customize the dividing date for the Accountant’s Copy?
Yes, you can specify the dividing date at which the Accountant’s Copy begins. This date is crucial for determining the transactions that the accountant can access.
11. Can I create an Accountant’s Copy in QuickBooks for Mac?
Yes, the process of creating an Accountant’s Copy in QuickBooks for Mac is similar to the Windows version. The steps mentioned above can be followed on QuickBooks for Mac as well.
Creating an Accountant’s Copy in QuickBooks streamlines the collaboration between business owners and accountants. It ensures that the financial records are accurate and up-to-date while allowing accountants to make necessary adjustments. By following the steps outlined above, you can easily create an Accountant’s Copy and leverage the benefits of this powerful feature in QuickBooks.