Quickbooks End Of Year Maintenance

    Archiving QuickBooks

    1. When to archive
      1. Just after the end of the year
      2. Whenever the number of backup disks needed has gone up by two or more

    2. How to archive
      1. Archiving is a routine process similar to defragmenting your computer harddrive.
      2. This process is relatively easy. It should take less than an hour.
      3. Make a backup of your QuickBooks file. Remove the disks from your work area.
      4. [File]
      5. [Archive and condense data]
      6. [Condense transactions as of a specific date] Today's date.
      7. [Next]
      8. [Select additional criteria for removing transactions] Do not check any of these boxes.
      9. [Next]
      10. [Select unused list items to remove] Check all boxes.
      11. [Next]
      12. [Begin condense]
      13. Make a backup as suggested.
      14. QuickBooks will take over and archive the files. When done you will have:
        1. A leaner, meaner original working copy of QuickBooks.
        2. A working copy of the file before you archived it.
        3. The file name will include the word "Archive."
        4. You can open it and look up old information if needed.

    Test the results by backing up your QuickBooks file after you have archived it. If it takes fewer disks, then it worked. If not, then you have two choices:
    1. Tolerate it, or
    2. start completely over with a new QuickBooks Account.

    If you want to start completely over, then I say to you:
    1. May Heaven help you!
    2. Good Luck!
    3. Take one careful step at a time.
    4. You can do it.
    5. Call me when it's over.

      • This is a guide.
        1. It is a given that you are familiar enough with your QuickBooks to proceed.
        2. Shut yourself up from interruptions. Do it at night. Take the next day off.
        3. Expect that the process will take at least six hours.

      • Preliminaries
        1. Make a full backup and remove it from your work area.
        2. Print out the following lists:
          1. Trial Balance
          2. Open Invoices. If not too numerous, print them out individually.
          3. Unpaid Bills Detail. If not too numerous, print them out individually.
          4. Reconciliation Detail for each bank account.
          5. Print out a check register for each account. Select dates so that all it will include all of the uncleared items.
          6. Export all the lists that you use. I suggest that you call it "#killme.iff."

        3. Zero out your balances
          1. Archive your QuickBooks.
          2. But this time select [Remove ALL transactions].
          3. After so doing, test the results by backing up the file. It should take only one diskette.

        4. Start restoring the old data.
          1. Import the lists in #killme.iff.
          2. Reenter the open invoices.
          3. Reenter the unpaid bills detail.
          4. Reenter the uncleared checks and deposits.

        5. Compute the bank balances to enter:
          1. Enter the balance of each bank account from the Trial Balance:
          1. Enter the balance now shown for that account in the check register.
          1. Subtract line 2 from line 1. This is the adjusted balance.

        6. Prepare the Trial Balance for the final general journal entry.
          1. Focus now on the Trial Balance.
          2. Find and strike through these accounts:
            1. Accounts Payable
            2. Accounts Receivable
            3. Retained Earnings
            4. Opening Balance Equity
          3. Strike through the amounts shown for the bank accounts and replace them with the amounts from step #3 above.

        7. Making the final general journal entry.
          1. Make a large general journal entry using all of the lines on the Trial Balance after making the changes above.
          2. Charge the remaining difference to "Retained Earnings."

        8. Conclusion
          1. This procedure has flaws, but to write a procedure that covers every detail would be exhaustive and exceedingly difficult to follow.
          2. You do have:
            1. The unpaid invoices that customers owe you,
            2. a list of unpaid bills that you owe,
            3. bank balances that you can reconcile
            4. more-or-less correct Asset and Liability balances
          3. As you proceed through the first few months, you will probably discover little errors and adjustments that must be made. Expect it. What you have accomplished is not any different than when you first switched to QuickBooks.
          4. Find and delete the file named #killme.iff.