Convert an Accountant’s Copy to a Regular Company File in QuickBooks

As a business owner, you understand the importance of maintaining accurate financial records and collaborating with your accountant. QuickBooks, the leading accounting software, offers a powerful feature called Accountant’s Copy that allows you to securely share your company file with your accountant while continuing to work on your books. However, there may come a time when you need to convert the Accountant’s Copy back to a regular company file. In this article, we’ll guide you through the simple steps to make this conversion, ensuring a seamless transition and maintaining the integrity of your financial data.

Understanding the Accountant’s Copy Feature

Before we dive into the conversion process, let’s briefly explore the Accountant’s Copy feature in QuickBooks. This innovative tool enables you to create a special version of your company file that you can send to your accountant for review and adjustments. While your accountant works on the Accountant’s Copy, you can continue to use QuickBooks for day-to-day transactions, ensuring uninterrupted business operations. Once your accountant completes their work, they’ll send you an Accountant’s Changes file, which you can then import into your company file to update it with the latest modifications.

Step 1: Receive the Accountant’s Changes File

When your accountant finishes working on the Accountant’s Copy, they will send you an Accountant’s Changes file (.qby). This file contains all the adjustments, corrections, and updates made by your accountant. To begin the conversion process, save the Accountant’s Changes file to a location on your computer where you can easily access it.

Step 2: Open Your QuickBooks Company File

Launch QuickBooks and open your regular company file. If you have been working on the file while your accountant had the Accountant’s Copy, ensure that you have saved and closed all open windows before proceeding with the conversion.

Step 3: Import the Accountant’s Changes

1. In QuickBooks, go to the “File” menu and select “Send Company File” > “Accountant’s Copy” > “Import Accountant’s Changes.”
2. Browse to the location where you saved the Accountant’s Changes file (.qby) and select it.
3. Click “Open” to initiate the import process.

QuickBooks will now begin importing the changes made by your accountant into your company file. This process may take a few moments, depending on the size of your file and the number of changes made.

Step 4: Review the Changes

Once the import is complete, QuickBooks will display the “Accountant’s Changes” window, summarizing the modifications made by your accountant. Take a moment to review these changes to familiarize yourself with the updates. If you have any questions or concerns about the changes, consult with your accountant for clarification.

Step 5: Convert the Accountant’s Copy to a Regular Company File

1. In the “Accountant’s Changes” window, click the “Convert to Regular Company File” button.
2. QuickBooks will prompt you to create a backup of your company file before proceeding with the conversion. Choose a location to save the backup file and click “Save.”
3. After the backup is created, click “OK” to start the conversion process.

QuickBooks will now convert the Accountant’s Copy to a regular company file, incorporating all the changes made by your accountant. This process may take several minutes, depending on the size and complexity of your file.

Step 6: Verify the Conversion

Once the conversion is complete, QuickBooks will display a confirmation message indicating that your company file has been successfully converted to a regular file. To verify the conversion:

1. Open your company file in QuickBooks.
2. Navigate through various sections of your file, such as the Chart of Accounts, customer and vendor lists, and financial reports.
3. Ensure that the changes made by your accountant are accurately reflected in your file.

If you notice any discrepancies or have concerns about the converted file, reach out to your accountant for assistance.

Benefits of Converting an Accountant’s Copy to a Regular Company File

Converting an Accountant’s Copy to a regular company file offers several advantages for your business:

1. Seamless Collaboration: By using the Accountant’s Copy feature, you can collaborate effectively with your accountant, ensuring that your financial records are accurate and up to date.
2. Uninterrupted Workflow: While your accountant works on the Accountant’s Copy, you can continue using QuickBooks for your daily transactions, minimizing disruptions to your business operations.
3. Secure Data Exchange: The Accountant’s Copy feature provides a secure method to share your financial data with your accountant, protecting sensitive information from unauthorized access.
4. Simplified Reconciliation: By incorporating your accountant’s changes into your company file, you can streamline the reconciliation process and maintain the accuracy of your financial statements.

Conclusion

Converting an Accountant’s Copy to a regular company file in QuickBooks is a straightforward process that ensures seamless collaboration with your accountant and maintains the integrity of your financial data. By following the steps outlined in this article, you can successfully import your accountant’s changes and update your company file with ease. Embrace the power of QuickBooks and its Accountant’s Copy feature to streamline your accounting processes, save time, and focus on growing your business. Trust in the reliability and security of QuickBooks as you navigate the exciting world of financial management.