Has your QuickBooks company file size grown to a tremendous size for working over the past few years on the QuickBooks application? And now it is getting very difficult to handle the data. Well, then, QuickBooks Condense Data Utility is the best solution for you.
Also known as QuickBooks Condense Repair Tool helps you condense the size of your company file without compromising the quality of the data present in the file. It helps you to streamline your company data by summarizing old transactions, clearing audit trails for past transactions, and other features. This way, it becomes easy for you to handle your company file. Thus, follow the below-given blog to learn more about condensing QuickBooks Desktop File.
And for expert help in condensing your data, connect with us at TFN +1-(855)-955-1942
What Actually Happens When You Compress A Company File In QuickBooks?
Here is what your QB Desktop does when it condenses QuickBooks Desktop File:
Saving an Archive Copy of Your Company File:
When you condense data In QuickBooks, it starts the process by saving an archival copy of that file.
Removes Closed Transactions
As a part of the data condensation process, QuickBooks removes the old, closed transactions from the list of current working versions of the QB company file. However, all of these transactions are present in the archival copy of the company file. Just the working version of the company file gets cleaned up and remains free of old transactions.
However, if you are not clear about what closed transactions mean, then these are the transactions that are no longer needed to be tracked for details. These include an old customer invoice that has already been paid, an old check written to some vendor after it gets cleared by the bank, etc.
Summarizes the Closed Transactions
As the process removes the old, closed transactions from the data file, it also creates summary monthly journal entries for these old, closed transactions. These summary transaction entries are also placed in the current working version of the QB data file. This helps you to continue preparing your monthly financial statements with all the information.
Clears the Audit Trail
QuickBooks has a hidden feature of keeping an audit trail of transactions, which means details about who entered what transactions. However, when you condense a file In QuickBooks, it cleans up the audit trail, especially before the removed closed transactions on or before the date. In other words, it removes the audit trail for the period of time where it removed those old and closed transactions.
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How to Use Condense Data Utility Tool To Compress A Large QuickBooks File?
Here is a step-by-step guide to using the condense data utility in QuickBooks to compress the company file in QuickBooks Desktop. Go through the details before you condense QuickBooks Desktop File:
Check for the Transactions that Cannot be Condensed
You need to run the reports and check which data can and which can not be condensed using the utility.
Use the Condense Utility after the RUN is Complete
After you run the reports and check your data, you can proceed ahead with the condensation process:
For this, go to the File section, then click on Utilities.
Then, click on Condense Data Utility.
You will get a wizard tool coming up on the screen. You then need to select the Transactions before the specific date option and enter the accurate dates.
Then, you need to click on Next and then hit the Summarize Inventory Transactions option.
After that, you also need to select a method for condensing inventory.
Then, select the Transaction groups that you want to remove.
Lastly, hit the Begin Condense button to initiate the condensing process.
Preparing Your Company File
First, you need to delete the data file for the closing date.
Then, you need to go to the Edit button and click on the Preferences tab.
After that, select the Accounting option and then click on the Company Preferences option.
Now, mention the date in the given closing date area.
Then, remove the Date from the Closing Date Box given there and then click on OK.
Now, you need to run Profit & Loss and Balance Sheet to get a brief overview of the transactions. Once this is done, once run the Rebuild And Verify the Data Utility to ensure there is no damage to the data.
Lastly, copy the company file and create a backup of it.
Save the Comparison Report For Reference
To avoid the deletion of any information from your files, after condensing them, you must create a copy of all the important reports and save them in a PDF format.
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To Sum UP!
This was all about QuickBooks Condense Data Utility. For further details, connect with us at toll-free number +1-(855)-955-1942
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