How To Use QuickBooks Condense Data Utility?
The Condense Data tool is one of the most recent updates to the QuickBooks Desktop software. You can use this function to get rid of the audit trail, which will reduce the size of the file without changing the accuracy of your transactions. The Condense Data utility fixes various problems with your files and merges company files at the same time. This QuickBooks feature is very important because it lets users compress their crucial data files. Businesses all over the world have been conforming to this tool to cut down on their data size. While we guide you through the benefits of the tool and the steps to use QuickBooks Condense data utility, if you stumble upon any issue, feel free to call our experts at +1-800-761-1787.
Benefits of using the Condense Data Utility
This composite tool comes with innumerable benefits, which include the following:
- This tool makes it quite easy to get rid of audit traces, which makes the Company File smaller.
- It gives a full picture of complicated transactions while getting rid of unnecessary ones and keeping the integrity of the important ones.
Also read: fix QuickBooks Error 6155
Steps to use the Condense Data Utility
Follow the step-by-step walkthrough given below for using the QuickBooks Condense Data Utility.
1st step: Find any incondensable transactions.
The first and most important step is to find all of the files that can’t be compressed. To use this feature, click the Run Any Report button. Then, make sure to check the boxes next to each Transaction that won’t be merged.
2nd step: Condensing QuickBooks file for running the report.
- Choose Utilities from the File menu.
- After that, go to the Utilities menu and choose “Condense Data.”
- You will see an option for the Wizard tool. Select on it.
- Next, choose Transaction before a certain date and fill in the dates.
- Choose Next.
- Then, choose the option to Summarize Inventory Transactions.
- After that, choose the method of reducing inventory.
- Choose the Transactions group you want to get rid of and put a checkmark next to it.
- Then, click the option to Start Condensing.
3rd step: Finalizing the company file
- In this step, you need to first close the date on files.
- For that, go to the Accounting option and then click on “Company Preference.“
- Type the day of the week in the “Closing date” field.
- After removing the date from the closing date box, click the OK button.
- You can check the profit and loss report or the balance sheet.
- After that, use the rebuild and verify tool to make sure the data is not damaged. The next step of tracking the comparison report comes after that.
4th Step: Tracking the comparison report
Compressing a company file could cause a number of problems, such as data loss, bad data quality, and other problems. Before you can save the comparison report, you must first make a PDF copy of each important report listed below:
- Payable and Receivable Accounts,
- Profit and Loss Statement,
- Balance Sheet, and
- Cash Flow Statement.
5th step: Condensing the QuickBooks company file
- First, open the Condensing Data tool.
- Next, go to the file menu and choose “”
- Under “Condense Data,” choose the options that make sense for you.
- Start with the Condensing option when the process is done.
- After that, choose Utilities from the File menu.
- Click “Summarized Data.”
- Choose Transaction outside of a data range to get rid of transactions that don’t need to be there.
- Choose exact dates if you want to get rid of transactions before and after a filter.
- Look at the data to see how the Pre and Post Condensed files are different.
After the company file has been compressed, the user must make sure that the quality performance metrics before and after the condensed data report are the same. Follow the steps below to do that check:
- Choose “re-run” to print all of the reports.
- To keep the balance sheet up to date, choose Profit and Loss and then type in dates.
- The results will then be shown in the reports that are based on the accrual method.
- In any case, you should look into any reported transactions that could be the cause of any differences you find.
- To restore the backup file, choose Repair broken transactions and then Re-run compress data.
- You can either make a new company file or use the recovered file instead of selecting “re-run compress data.”
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We wind up hoping that the steps to use the QuickBooks Data Utility should be easily understandable to you. If you have any doubts or queries, you can reach us out at the helpline +1-800-761-1787. Our certified QuickBooks experts will make every effort to get your QuickBooks issues resolved. With years of experience, we have catered to clients around the globe.