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Changed from Sole Trader to a Company

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WhalePool
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WhalePool
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Changed from Sole Trader to a Company

I have just changed from sole trader to a company.  I want to start a new file for the company and keep, but not necessarily use, the file for the sole trader.  Is that possible?

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MYOB Product Team Haydes
6,147 Posts
MYOB Product Team
Australia
Haydes
MYOB Product Team

6147Posts

994Kudos

876Solutions

Re: Changed from Sole Trader to a Company

Hi @WhalePool

 

With creating a new Essentials file for the Company and keeping the older Sole Trader Data, I'm assuming you would not want to pay 2 Subscriptions to keep both files active and would only want to pay for the Company file.

 

With Essentials files, when a Subscription ends we set up a 60-day Restricted Access to the file that has ceased it's subscription. This will allow you to run and download reports from the Essentials file. These downloaded reports can be stored wherever you choose to open at any point.

 

You can also choose to keep using the current file with the older Sole Trader data and re-set this up for the new Company Structure - Including entering an ABN, adjusting your Chart of Accounts with an Accountant including setting up your GST Reporting settings.

 

As a small note; this will mean that if you re-print/send the older Invoices from when you were a Sole Trader this will print/send the current Company Details and not the Sole Trader information.

 

 

If you have any questions on this, feel free to post them!



Cheers,

Hayden
MYOB Product Team
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