QB Issue Resolution:

QuickBooks enables you to create a new company file:

Eliminating the data entry required during the initial file setup.
Providing an extra measure of security against accidental changes to data for a previous tax-reporting period.
Enabling clean up or restructuring of your current data by removing unused items, names, and accounts.
Controlling the size of your data file.
Enhancing the performance of your data file.

Please be aware of the following limitations:

Due to critical payroll information contained within payroll files, this feature is not available to payroll users. Time entries (like time sheets and individual time activities) will not be removed from a data file by condensing/cleaning up data, either.
Due to security and time related data from the financial institution, this feature is not available to QuickBooks Online Banking users.
You will not be able to run comparative annual reports if you choose to create a new company file for every new year.

See article HOW12161 for more information about the Condense Data utility.
Before creating your new file

You will need these reports to set up opening balances and inventory Quantities on Hand and value in the new company file. You will also need to manually enter , Asset Values, stock status, outstanding Sales Tax Liabilities. Print the following reports, dated on the last day of the closing fiscal year:
Customer Balance Detail report.

Select the Reports menu.
Select Customer & Receivables and select Customer Balance Detail.
Click OK.
Click Print or File > Save as PDF.

Vendor Balance Detail report.

Select the Reports menu.
Select Vendors & Payables and select Vendor Balance Detail.
Click OK.
Click Print or File > Save as PDF.

Standard Balance Sheet.

Select the Reports menu.
Select Company & Financial and then select Balance Sheet Standard.
Click Print or File > Save as PDF.

Inventory Valuation Summary report.

Select the Reports menu.
Select Inventory and then select Inventory Valuation Summary.
Set the Dates to All.
Click Print or File > Save as PDF.

Open Sales Orders report.

Select the Reports menu.
Select Sales and then select Open Sales Orders by Customer.
Click Print or File > Save as PDF.

Open Purchase Orders report.

Select the Reports menu.
Select Purchases and then select Open Purchase Orders Detail.
Click Print or File > Save as PDF.

Unreconciled Transactions report.

Select the Reports menu and then select Custom Reports and then select Transaction Detail.
On the Display Tab, set Dates to All and Total By to Account List.
On the Filters Tab, set Accounts to All bank accounts and Cleared to No.
Click OK.
Click Print or File > Save as PDF.

Sales Tax Payable report.

Select the Reports menu and then select Custom Reports and then select Transaction Detail.
On the Display Tab, set Dates to All and Total By to Item Detail.
On the Filters Tab, set Item to All sales tax.
Click OK.
Click Print or File > Save as PDF.

Create your new company file

Condense Data.

In the menu bar, select File and then select Utilities.
Select Condense Data.
Select All transactions and click Next.
Click Yes on the message that follows.
Click Begin Condense.
When complete, you will need to set up your opening balances.

Notes:

As a precaution, QuickBooks will prompt you to back up your original company file. In addition, QuickBooks automatically creates an archived copy of your original file in the QuickBooks directory and names it “Archive Copy MM/DD/YY [your company file name].” If need information from your previous company, you can open the archive copy or you can restore from the backup..

Your new company file retains your lists, preferences, templates and service subscriptions, but no transactions.

You may begin entering opening balances for Balance Sheet accounts by selecting Make General Journal Entries from the QuickBooks Company menu.

To rebuild the outstanding balances in accounts receivable, you can either create balance forward invoices for a lump sum customer balance, or you can recreate individual invoices.

The Enter Bills option in the Vendors menu enables you to recreate vendor balances, charging these bills directly to the Uncategorized Expense account, as opposed to individual expense

Resolution for Issue 'Start a new company file: use the Condense Utility to delete all transactions.' available: Yes (Solved).
Source: Intuit Community forum.

Start a new company file: use the Condense Utility to delete all transactions.: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

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