Transferring company files from ABC Ltd to XYZ Ltd

Morning Community,

I am wanting to know if transferring a company file from one management entity (business) to another is as simple as taking a back up and then introducing the data (either via a hard drive or USB) once logged into the new entity?

To be more specific, lets say a client moves their business, and the old provider and the new provider both use Reckon Hosted: is the file transfer of data as easy as above?

And what is the recommended method of file transfer?

Thanks all.

Comments

Kris_Williams

If you just want to handover the reckon file yes just upload the backup to the new Reckon Hosted entity.

Debbie Lawrence

Thanks Kris.

I couldn't see that it would be a problem, but I just wanted to check I wasn't over simplifying.

Cheers.

😃

Robyn Kelly (Partner)

Debbie

If you are processing payroll think about STP and the fact that the entities will probably have different ABN's? What that means for STP is that the old business / ABN will probably need to finalise payroll / STP and the new entity will need to commence payroll / STP (notifying ATO of the SID).

I think a new file might be simplest, but you can export and import the lists (customer / supplier / COA etc).

If the business is not changing ABN then there is no problems I don't believe.

Regards, Robyn Kelly

Debbie Lawrence

Thanks for this, Robyn - no, none of the entities that this may apply to are employers - they are buildings, in essence - so the files are basically cashbook (expenses as they relate to keeping a building functioning).

Kris_Williams

My only other thought is that the existing data is relevant to one business tax wise and maybe a different business from handover date, so you may have to do 2 lots of financial reports for the accountant for each entity

Zappy

I am wanting to know why you would do this. A new company and new owners means the old information doesn't belong to you. I am suggesting setting up a totally new file.

Debbie Lawrence

The file is a cash management file for a building - the ownership of the building isn't changing, only the management entity managing the building, so the file, and its data, needs to be passed on to the new management company.

No new owners, no new financial entity...simply cashflow/cash management data around building expenses.

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