The Critical Backup

We can’t emphasize this enough: Losing your financial data can be the beginning of the end of your company. You won’t know what you’re owed, so you’ll be unable to collect. You’ll miss vendor payments. Payroll will be impossible to reconstruct, and you won’t be able to submit payroll taxes. And how will you know what your income tax obligation is?

It can happen to you.

QuickBooks simplifies this process. Click File | Create Backup… You’ll be asked whether you want to back up locally — to a network folder or thumb drive, for example – or to the cloud, using Intuit Data Protect (fees apply). If you select the local preference, click on Options to designate a location in this window:

Figure 1: Choose from options in this window to create a backup profile.

Click OK, then Next. QuickBooks will ask when you want to save your backup copy and offer scheduling options. When you’re done, click Finish.

Warning: If you’re using Intuit Sync Manager, there are special rules about copying the company file. Let us help you handle this safely.

Just The Facts

Portable company files are more compact than backup files, so they can be easily e-mailed as attachments or copied onto another computer. But they don’t contain everything that backups do. They lack, for example, letters, logos, attachments, images and templates. Don’t use this option if changes will be made, since they can’t be merged back into the file.

Be sure to create a current backup before you begin to move your file.

To save a portable company file, click on File | Create Copy (you can do this to copy any kind of file, actually). This window opens:

Figure 2: Click File | Create Copy… to access any of QuickBooks’ three options.

Select Portable company file and click the Next button. In the following window, you’ll browse to a location for your file. QuickBooks will already have entered the name and will save your data in .qbm format. Click Save, then OK when QuickBooks tells you it must close and reopen your file first. Click OK again when you’re told that the file has been created.

Opening The File Elsewhere

When you’re ready to open the file at another location, click File | Open or Restore Company… In the window that opens, select Restore a portable file. The Open Portable Company File window opens; make sure that the file’s location is displayed in the Look in: field. Click Open. QuickBooks then asks where you want to restore the file.

The following step is critical. Rename your file unless you want to overwrite your current company file. You can add a date or some other identifying information like a version number

Click Save. QuickBooks will convert your portable file to a standard company file with a .qbw extension.

QuickBooks makes it easy to create copies of your data, but an error here can threaten your company’s future. We can help ensure that that doesn’t happen.

About Brenda J. McGivern, CPA

Brenda McGivern started her own certified public accounting and management consulting firm in October 2001. The full service CPA firm provides tax and accounting solutions to meet the needs of today’s small business and individual. Brenda McGivern has become a trusted advisor and valuable resource her clients rely on for timely, accurate assistance when they need it.

Before starting the firm, she worked as an accountant for three years at a local firm and prior to that five years at a large international CPA firm in Boston. She has performed the following tax services: federal, state and local tax planning, international tax planning, estate and succession planning, mergers and acquisitions, capital retention and IRS representation. She has also coordinated assurance engagements, such as financial statement audits, reviews and compilations from the planning phase through the reporting phase. She has prepared and reviewed regulatory filings for numerous regulatory agencies including the Security and Exchange Commission.

Prior to these positions she was selected from over 2,000 candidates into an eight-person intensive financial management program at an international technology company. The program consisted of graduate level classroom study and two six-month rotational assignments in financial operations.

She graduated cum laude from the University of Massachusetts at Amherst and holds a Bachelors Degree in Business Administration with a concentration in accounting. McGivern also holds a license in Massachusetts as a Certified Public Accountant and is a member of the American Society of Certified Public Accountants and the Massachusetts Society of Certified Public Accountants. She resides in Stoughton, Massachusetts with her husband Brian, and their sons Sean, Ryan and Conor and their dog, Davis.

This entry was posted in Business, QuickBooks Tips and tagged , , , , , , , , , , , , , , , , , . Bookmark the permalink.

Leave a Reply