Changing from Trust to Company

RefinedCabinet1

We are in the process of changing from a Trust to a Company. Do I need to have multiple MYOB accounts or is it as simple as changing our MYOB settings to reflect the name change? If I do the latter will this make this difficult with regards to separating the associated bank accounts for tax/BAS purposes?

Genreve_S

Hi @RefinedCabinet1, 

 

Welcome to the Community Forum. 

 

From what I understand, the usage of a file as a trust versus a company can have minor differences. If you plan to use the file functions the same way as when it was a fund, it's likely that you won't need to create a new file for the transition. Regarding bank accounts, you have the flexibility to add or remove them as needed within the application. However, I would recommend consulting with a financial advisor for this transition. The forum can assist with the process as advised by your accountant or financial advisor.

 

Please let us know if you need any further assistance.

 

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Thanks,
Genreve