When to segregate your data into separate files
You would always want to use separate Money data files to segregate individual business's data in the case where you're keeping books for different corporations, different partnerships and different limited liability companies with multiple owners.
You would also often want to use separate data file if you're keeping the books for one owner limited liability companies--such as in the case when you've made an election to have the one-owned limited liability company treated as a C corporation or as an S corporation.
If you use Money for both personal financial management and for business accounting, however, you could in certain situations safely keep everything together. For example, you could probably keep both your personal financial records and records for a sole proprietorship in the same data file.
How do I create a new Money data file?
To create a new Money data file, choose the File menu's New command and then choose New File from the submenu. When Money displays the New dialog box, use its Save In box to specify the folder location and its File Name box to specify the name for the new file. After you have provided this information, click the OK button and Money creates the new data file.
NOTE The Save In box works like the Save In box in other Microsoft programs. Click the box's button to display a list of the folders you can use for saving the Money file. The File Name box works like a regular text box. You simply enter the name that you want to use for the data file in this box.
After Money creates the data file, it opens the data file and then starts the Setup Assistant. The Setup Assistant, as you may remember from Chapter 1, helps you create accounts, build a list of recurring bills, and identify important financial objective issues. If you have questions about how to do this, refer to Chapter 1 for the answer to the question, "How do I run the Money Setup Assistant?"
How do I switch between Money data files?
You can switch between files by choosing commands from the File menu. If you have a small number of files, perhaps only two or three, the File menu will actually list and number all the Money data files you have created. Therefore, in this special case, to switch to another data file, all you need to do is choose the data file from the list at the bottom of the File menu. The numbered commands at the bottom of the File menu-just above the Exit command-are actually Money data files. To open, or switch, to one of these data files, click it. If you want to open a Money data file that isn't listed on the File menu, choose the File menu's Open command. When Money displays the Open dialog box, use the Look In box to identify the folder location of the file. After you have selected the correct folder location, the area beneath the Look In box lists the Money files in the folder. To open a file, double-click it.
And one final note: Money lets you have only one data file open at a time. This means that when you open a new data file, Money also closes the old data file.
CPA Stephen L. Nelson is the author of do it yourself kits for Pennsylvania incorporation, Pennsylvania S corporation, and Pennsylvania llc formation
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