Quickbooks is enriched with various features and tools that make it one of the prominent accounting software for small and medium-sized businesses. while accessing the Quickbooks company file you may encounter several errors that might block you from condensing the “data file” in Quickbooks. In that case, you are required to take proper measures to troubleshoot this error. The Quickbooks Condense repair tool is one of the best ways to troubleshoot this error. it will provide the facility to optimize and utilize the Quickbooks company file in the best way.
While using the Quickbooks, if you are getting any issue while accessing the Quickbooks company file then you can troubleshoot this issue by changing the location of the Company file or by renaming the folder in Quickbooks.
In this blog, we will discuss what are the ways through which you can troubleshoot these errors using the Quickbooks Condense repair tool.
Introduction of Quickbooks Condense Repair Tool
Quickbooks Condense repair tool is one of the unique tools in Quickbooks that helps to troubleshoot issues that will allow you to reduce the size of the company file by removing the audit trail report but it will not make any changes to the detailed transaction data. avoid using the traditional file condense feature that delete the transaction data of the file.
If you have been trying to open a file but it’s taking too long then it might be because of the file size, you can use the Quickbooks Condense repair tool to minimize the size of the company file without any data damage or loss. you will get a better user experience in the latest version. Follow these steps to use the Quickbooks Condese repair tool.
- Open the Quickbooks software and go to the File menu.
- now click on the utilities option and then choose the Condense Data option.
- Now from the window, select the first option and then choose Next.
- After this, you will get a message on the screen that will say “Working on your file”. Wait until the process completes, you will get a message on the screen with all the information about the reduction in the company file.
Functionalities of Quickbooks Condense Repair Tool
In order to make the best use of the Quickbooks Condense repair tool, you must know about the functionalities of the tool because when you try to condense a file in this tool then you will get various sections. Hence, In order to get the desired results, you have to know about the features of this Quickbooks tool.
- Non-Reversible: Before condensing the company file, ensure that this is the best option for you ras the condensing process is non-reversible. Hence, make sure to check the other options available before starting the condensing process. The following are some of the reasons which can be considered to use the Quickbooks Condense repair tool.
- Recently Updated Quickbooks Accounting software.
- Large Company file in Quickbooks.
- You have tried all the alternative methods and this remains your last choice.
- the list limit is ending.
- Doesn’t Reduce File Size: While condensing the inventory files, the inventory items will not be reduced, however, some transactions may get condensed without affecting the file. One more thing that open transactions can’t be condensed without any deduction in the size of the file.
- Not Fix the Error: You might get this issue while using the Quickbooks Condese repair tool to troubleshoot a damaged company file. You might be able to repair a damaged company file. hence, you can use the Restore company file or create a new company file option to fix the error.
- Specific Reports: The Quickbooks Condense repair tool provides different results based on the type of reports. the condense feature in the Quickbooks Software operates differently on different types of files. for example, the reports that hold the account and item-related information will not face many changes while job costing and sales and purchase reports will be gone completely.
How to Use Quickbooks Condense Repair tool?
Quickbooks 2018 and Earlier Versions
Now as you know about all the functionalities and features of the Quickbooks Component repair tool then the next thing is about the usage of the tool. Follow these steps in order to condense the Quickbooks Company file in the best way.
Look For Non-Condensable Transactions: If you have Quickbooks Enterprise or Desktop edition, then you can run any of the Quickbooks reports to browse and locate the transactions that are not condensed. you can watch the unique link to open the transaction on your screen.
Run the Report: Follow the given steps to run the report in Quickbooks software.
- Open Quickbooks and click on the file menu and choose the “Utilities” option.
- now choose the condense data option and then update the date in the “transaction before specific date” field.
- now mark the option that says “Create a report reflecting transactions which can’t be removed.
- Now choose the next option and then click on the summarized inventory transactions option.
- now provide the type, how you want to condense the company file in Quickbooks, and then Choose Next option.
- After this, select the transactions that need to be deleted and then press the Next button.
- Now click on the “begin Condense” option and the selected transactions will not be condensed.
Prepare Quickbooks Company file
Follow these steps for Company File Preparation:
- In order to condense the Quickbooks Company file, you need to remove the closing date as it won’t allow you to condense the file for any periods after the closing date.
- Open Quickbooks software and click on Edit >> preferences.
- Click on accounting and go to the Company Preferences tab.
- now click on the set/date password option and then delete the closing date.
- after this click on Ok to complete the process.
- Check all the transactions before condensing the file in Balance sheet and Profit&Loss report. If there will be an issue in the transaction date then you won’t be allowed to make changes after condensing the file.
- after this arrange the list by sorting it.
- after this check, if there is any damage in the file by running verify and build data utility.
- now create a copy and backup of the company file, then save these files in a safe location.
Save the Report
after performing the condensing on Quickbooks company, you might lose some of your data forever. Hence, these comparison files can be used for the future to compare the files after using the Quickbooks condense tool. you can save or print these files for the future.
- Reports of Profit & Loss for all the dates.
- Balance sheet report for all the dates.
- Cash Flow.
- A/R and A/P details
- All Other Required Reports
Use Quickbooks Condense Repair Tool
after performing all the above steps now we can use the Quickbooks Condense Repair Tool.
- Open the Quickbooks software and go to the File menu.
- go to the utility window and open the condense data option.
- Now select the items from the list of transactions.
- after selecting, choose the “Condense Now” option.
Create Period Copy
If you have Quickbooks premier of Quickbooks enterprise edition then you can create the period copy in Quickbooks. it’s actually a condensed file that holds the data of transactions of a fixed period of time.
After performing the condensing of Quickbooks company file, now compare the files to check whether data reports are perfect or not.
In order to compare the files performing the following things.
Run the reports and files mentioned below and create a print copy of the files.
- Profit and Loss reports
- Balance Sheet reports
- Cash Flow
Now check both the reports of the file that are identical or not. As we have the “Accrual- based” reports, you need to ensure both the files are identical. If there is any kind of discrepancies then look for the following things.
- Look for the transactions that are affecting the transactions.
- After this, follow the restoration process of the backup file.
- Run the rebuild to repair the damaged company file and perform the condense operation again.
- Use the restored backup or build a New company file without condensing.
Here, We have explained the All about Quickbooks Condense tool along with its functionalities and usage. Ensure all the things mentioned above before condensing the Quickbooks company file to avoid any kind of error. If you have any doubts regarding this Quickbooks tool then get assistance from experts at Quickbooks.