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How to Share your QuickBooks File with a Buyer

Introduction

Once you’ve gone under LOI with a potential buyer for your business the buyer will begin to conduct their due diligence. Sharing access to your QuickBooks file can make this process much faster and easier for bother parties. In this article we’ll be showing you just how to do that. 

QuickBooks Desktop

When sharing a QuickBooks Desktop file for an acquisition we recommend do so via a QuickBooks Accountant Copy.

The benefit of sharing the file this way is that you can freeze the books at a specific timeframe, such as the end of the month, quarter, or year. This allows you to continue to operate in the file while you run your business while the buyer can still get in and perform their due diligence without interrupting you. 

To send an accountant transfer file follow these few easy steps:

  1. Open your QuickBooks Desktop file
  2. Go to the File menu and hover over Send Company File
  3. Hover over Accountant’s Copy and hover over Client Activities.
  4. Select Send to Accountant and then Next.
  5. Select Accountant’s Copy and then Next.
  6. Enter the end of the last complete month. Then select Next.
  7. Enter your email address and the email of the Buyer’s financial due diligence provider. 
  8. Create a file password for the file. Make sure to share this password with the Buyer as they will need it in order to open it.
  9. When you’re ready, select Send

QuickBooks Online

If you utilize QuickBooks Online sharing access to your account is even easier.

To do so follow these simple steps.

  1. Sign into your account as the primary admin.
  2. Select the gear icon for Settings and then select Manage Users.
  3. Select the Accountants tab.
  4. Finally, enter the email of the buyer’s financial due diligence provider and select Invite.

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Disclaimer

The content contained in this blog post is intended for general informational purposes only and is not meant to constitute legal, tax, accounting, or investment advice. You should consult a qualified legal or tax professional regarding your specific situation.

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