USA invoices and statements across two QB companies

[pdonoho]

I''m not sure if this is more of a general accounting question but it certainly has implications for how I handle my paperwork in QuickBooks Pro 2012 as well.

For background, I am an architect so I sell services and I start each client off with an estimate for the total lump sum fee to be charged per our contract and then bill monthly based on actual percentage of completion for each of my five phases of work.

I ran as an LLC for the last 8 years, i have just switched to a sole proprietorship. With the new bank accounts, tax licenses, etc... I have created a new QB company. Clients from the former company that I am still working with are to be 'migrated' over to the new company.

As I was partially through my service contracts with those clients, how do I write a new invoice showing (based on the estimate created in the old company QB file, with the old bank accounts, etc...) the previous percentages charged, new percentage charged? And then how will the statements of all transactions for their accounts work when some of the transactions took place in the old QB file?

 

[pdonoho]

nothing???

 

[Renuka Rana]

I''m not sure if this is more of a general accounting question but it certainly has implications for how I handle my paperwork in QuickBooks Pro 2012 as well.
For background, I am an architect so I sell services and I start each client off with an estimate for the total lump sum fee to be charged per our contract and then bill monthly based on actual percentage of completion for each of my five phases of work.

I ran as an LLC for the last 8 years, i have just switched to a sole proprietorship. With the new bank accounts, tax licenses, etc... I have created a new QB company. Clients from the former company that I am still working with are to be 'migrated' over to the new company.
As I was partially through my service contracts with those clients, how do I write a new invoice showing (based on the estimate created in the old company QB file, with the old bank accounts, etc...) the previous percentages charged, new percentage charged? And then how will the statements of all transactions for their accounts work when some of the transactions took place in the old QB file?

You should create new estimates for your new company file. These may be duplicates of your old original estimates.
Follow these steps-
- First, make sure the estimates feature is turned on.
- Now, go to the customers menu and then create estimates.
- Enter the line items.
- Save estimates.

 

[Samir]

To have any historical data from the previous company, you'll have to enter those in your new company too. To see a complete history for 8 years, you'll have to run reports from both your 'new' and 'old' company.

Frankly, I would not have changed to a new set of books when going from a single member LLC to a Sole Proprietor. As far as the IRS and almost all aspects of your accounting are concerned, nothing is different between the two. And this solves the issue of historical data permanently.