Entity Change? When You NEED a New QuickBooks (Sole Prop → LLC → S-Corp)

In this video, Nick Grantham, CPA, walks you through the three most important QuickBooks Online reports — Profit & Loss, Balance Sheet, and Accounts Receivable Aging Summary. Learn how to read your reports, use them for your tax return, estimate quarterly payments, and know when an S-Corp election might save you money. Timeline: 0:00 Intro 0:25 Today's topic from a viewer comment 0:43 Common entity change scenarios 1:09 What most people do and why it's risky 2:04 When to create a new QuickBooks (Sole Prop → LLC) 3:26 Mid-year conversion & Texas franchise tax 4:53 When to keep the same QuickBooks (S-Corp election) 6:08 Accounting cleanup for S-Corp 7:28 How to update entity type in QuickBooks settings 7:49 Closing & thanks