Brandon, MB -- (SBWIRE) -- 01/21/2020 -- A period copy is a Condensed version of a QuickBooks company file that only contains data for a specific period.
If the IRS is requesting an audit of the books for a particular tax year, users would simply create a backup of the entire QuickBooks file and send it to the auditor. This includes financial information for all years — years not even pertaining to the audit. The Period Copy feature is designed to allow users to make a copy of their QuickBooks file that includes only the data they wish to share.
The Period Copy is part of the Condense Data Feature, which is accessed from the File Menu under Utilities. As with any Condense Data activity, budget information may be removed during this process. For the purposes of the Period Copy this is not typically a concern.
A single summary journal entry is recommended but monthly entries can also be created. There is also an option to bypass the creation of summary journal entries altogether. This option will result in inaccuracies in the company's financial results and would require manual entry of beginning balances. You can also elect to summarize inventory transaction information and remove various types of other transactions and unused list entries.
If the CRA requests a copy of your QuickBooks data file for an Audit and you need a period copy of your data file for a legal or other requirement or if you are selling a business and only need to provide a data file with a specific date range, E-Tech offers a service to create a period copy of your data file with that specific date range.
This can be used for any of the above reasons, including divorce situations, legal disputes, and the like. Only transactions in the date range requested will be in the period copy with all other transactions removed. The Audit Trail will also be removed and as a result, the reviewer of the QuickBooks Period copy of the data file will not be able to see transaction entry or modification dates.
For more information, visit https://e-tech.ca/Quickbooks-Period-Copy-for-CRA-Audit.aspx
About E-Tech
Founded in 2001, E-Tech is the leading file repair, data recovery, and data conversion services provider in the United States and Canada. The company works to stay up to date on the latest technology news, reviews, and more for their customers.
For media inquiries regarding E-Tech, individuals are encouraged to contact Media Relations Director, Melanie Ann via email at Melanie@e-tech.ca.
To learn more about the company, visit: https://e-tech.ca/