QuickBooks allows you to start a new company file from an existing file by using Condense Utility to delete all transactions.
Before starting a new file, you need to create reports to help you set up opening balances, inventory Quantities on Hand and value in the new company file. Also, you need to manually enter Asset Values, stock status and outstanding Sales Tax Liabilities. Save as PDF or print the following reports dated on the last day of the closing fiscal year:
From the Reports menu, select Customer & Receivables and click Customer Balance Detail.
From the Reports menu, select Vendors & Payables and click Vendor Balance Detail.
From the Reports menu, select Company & Financial and click Balance Sheet Standard.
From the Reports menu, select Sales and click Open Sales Orders by Customer.
From the Reports menu, select Purchases and click Open Purchase Orders Detail.
From the Reports menu, select Vendors & Payables and click Sales Tax Liability.
To create the new company file, you need to run the Condense Data Utility.