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Many companies use QuickBooks as their accounting software and handle their accounts. Usually, these company files grow in size by the time data is entered into it. Therefore, it is needed to reduce the size of the company file. QuickBooks provides its users with the QuickBooks condense data utility to reduce the size of the file. To use this utility you will have to use the QuickBooks condense data tool. You need to use this tool because it can help you to resolve the issues that you can face due to the larger size of the data files. In this blog, we have mentioned the details of the QuickBooks condense data tool. How to set up, install and utilize the QuickBooks condense data tool have been mentioned in the different sections of this blog.
Below is mentioned process to condense data in QuickBooks. Follow the stepwise process:
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The procedure to utilize the QuickBooks condenses data tool to condense your data file consists of various steps. We have mentioned all the steps in detail:
The very initial step is to check which transaction or data can be condensed and which can not be. You will have to open any transaction and see if you are getting an option to condense it or not.
The next step in the procedure is to run the reports. Carry out the steps mentioned:
Now that you are going to condense the data, it is going to eliminate some of your data. Therefore, we recommend you save the comparison reports in the form of a PDF so that you can compare if you lost any data or not. We recommend you keep Balanced sheets, cash flow statements, and other reports that you feel are important.
The last step is to condense the data. You will have to open QuickBooks, go to the File tab, click on utilities and then choose the method and click on the condense option. Wait till the process completes.
The last step is to make sure that the file before the condensing and after the condensing are similar. You will be needed to compare the balance sheet, and profit or loss reports and make sure they match the previous one. If you see that any transaction is missed, you will have to go to the missing transactions and restore the backup of the file that you have created. Once it is restored, you are required to condense the data again following the same process.
We hope that we have done justice to all your questions regarding the QuickBooks condense data tool and all the process to install, set up and use it is clear to you now. We believe that pursuing the steps as they are mentioned will make it easier for you to use the condense data tool in QuickBooks. If you feel like any of your query is not answered in the above sections of this article, you can reach us.