Quickbooks was designed in a manner so that multiple can access and use the same account. If you are a business owner who wants to give access to your accountant, for instance, you can create a special “accountant’s copy.” As the name suggests, this is a shortened version of your company file that an accountant can use to make changes while you (or the respective business owner) continues to work on it.
You might be wondering what benefits there are to using an accountant’s copy. After all, can’t you and your accountant work on the same company file anyway? While it’s true that two or more users can work on the same company file, opting to use an accountant’s copy streamlines the process of making changes. Instead of having to wait for the other person to finish his or her changes, both workers can update and make changes to Quickbooks simultaneously.
So, how do you create an accountant’s copy? Assuming you are using Hosted Quickbooks or Desktop Quickbooks, you can create an accountant’s copy in just a few easy steps. After logging into your account, choose File > Accountant’s Copy > Save File. Next, choose Accountant’s Copy > Next > choose a dividing date > Save. This will automatically create an accountant’s copy, saving it in the specified location. You may then transfer the accountant’s copy (file extension .qbx) to your accountant. Sorry if you were expecting more, but that’s all it takes to create an accountant’s copy.
The great thing about having an accountant’s copy is that it allows both you and your accountant to make changes at the same time. Of course, you’ll want to reconcile your Quickbooks account on a regular basis to ensure there are no discrepancies present. With multiple people having access to your account, conventional wisdom should lead you to believe that there’s a greater risk of error. Reconciliation, however, will catch most of these errors, preventing them from negatively impacting your financial information.
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