New ABN, Same business

Jannet

We are changing our ABN due to a change in ownership from October 2021.  All the aspects of the business are unchanged, except opening a new bank account.  My questions are:

1.  Will I need to set up a new company file in MYOB?  

2.  If so, can I copy all the information from the current business to the new business?  Is that easy?

3.  How many company files can I have under a my current subscription of AccountRightPlus ?  Can I get 2 online files?

4.  How easy is it to set up STP in the new file?

Thank you.

Steven_M

Hi @Jannet 

 

Updating the ABN is something that you probably want to sit down with your accounting advisor and discuss, as there are two paths that you can do down; keeping the same company file and making the necessary changes OR starting a new company file.

If you are going to down that keeping the same company file, you would be looking at making changes to the ABN in Setup>>Company Information and for payroll reporting. There may be other changes that are required to be done to the accounts list and the company file, best discuss these with your accounting advisor.

If you are looking at starting a different company file, I would recommend setting a date to get the account and card balances as at. You can then create a new company file and enter that historical information in Setup>>Balances or through the Easy Setup Assistant. Once that file has been set up, you can look at re-adding the Live features to that file - Pay Super, Payroll Reporting, Bank feeds... On the topic of Payroll Reporting, you would typically want to finalise the employees in the old company file for the year and then enter any new pays for them in the new company file. 

 

Generally speaking, AccountRight Plus allows for one company file to be activated and that company file can use Live services. So if you are going to create a new file, my recommendation would be to start setting up the file locally and without activating it. This would allow you up to 30 days to get that file sorted and how you want it before you look at activating that file, deactivating the older one, and setting up the live services on the file/deactivating them on the old one.