Split Company file into two files

DebA
DebA Member Posts: 33 Reckoner Reckoner

Hi

We currently have one Reckon file which covers basically two entities.

However, our accountant wants us to split our Company file in two, ie have two company files (one for each entity). We want to do this sometime in 2021 before 31/12/2021. We're thinking of creating two new company files.

Obviously, this will be a big job, so looking for advice about this process and the easiest way to go about this. eg:

. date to split - suggestions, reasoning, ie 1/7/21 or other date in 2nd half of year eg 1/8/21 or 1/9/21. our EOFY is 31st December.

. any advice from people who've done this before (do's & don'ts)

. where to look for good advice on the process which is not a huge cost

. checklists (I've started a list eg. memorised transactions, reports etc)

Thanks

Debbie

Comments

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  • GerryWinter
    GerryWinter Accredited Partner Posts: 1,350 Personal Range Elite Expert Personal Range Expert

    I would simply create a copy of your existing and rename one copy to reflect what you want, start using each file and modify them to give you the info that is required from each, this is the simplified answer.

    Gerry id 6376

    Gerhard Winter

    Ph. 0418907140

    Reckon Store Next Door

    "Always at your Service"

    Email: gwinter0808@gmail.com

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  • Kris_Williams
    Kris_Williams Member Posts: 3,649 Reckon Accounts Hosted Elite Expert Reckon Accounts Hosted Expert

    I would Take Gerry’s advice and then go into the lists, customers, suppliers, items, memorised transactions etc and make inactive the irrelevant ones in each. At 31/12 do a journal into each file and take out irrelevant amounts

  • GerryWinter
    GerryWinter Accredited Partner Posts: 1,350 Personal Range Elite Expert Personal Range Expert

    You are good Kris. i know where to come now.

    Gerry id 6376

    Gerhard Winter

    Ph. 0418907140

    Reckon Store Next Door

    "Always at your Service"

    Email: gwinter0808@gmail.com

  • Charley
    Charley Member Posts: 549 Reckon Star Reckon Star

    Debbie, listen to Kris but always go from financial year to financial year

  • GerryWinter
    GerryWinter Accredited Partner Posts: 1,350 Personal Range Elite Expert Personal Range Expert

    I did the same process when i closed my P/L company and started as a single trader, all my history was in both files allowing me to see what i had done in the past.

    Gerry id 6376

    Gerhard Winter

    Ph. 0418907140

    Reckon Store Next Door

    "Always at your Service"

    Email: gwinter0808@gmail.com

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  • Acctd4
    Acctd4 Accredited Partner Posts: 3,781 Reckon Accounts Hosted Elite Expert Reckon Accounts Hosted Expert

    I’d only recommend separation if the 2 entities have separate ABNs.

    If not, having 2 separate files will be problematic for Activity Statement lodgements & STP submissions 😬

    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    *** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***

    * Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    shaz@accounted4.com.au

    https://accounted4.com.au

    (NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
  • Kris_Williams
    Kris_Williams Member Posts: 3,649 Reckon Accounts Hosted Elite Expert Reckon Accounts Hosted Expert

    Charley Member Posts: 558 ✭✭ 6:35PM

    Debbie, listen to Kris but always go from financial year to financial year


    she said her financial year ends on 31/12

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  • DebA
    DebA Member Posts: 33 Reckoner Reckoner

    Hi

    thanks for all the advice. Much appreciated. The two entities have separate ABN's.

  • GerryWinter
    GerryWinter Accredited Partner Posts: 1,350 Personal Range Elite Expert Personal Range Expert

    it wont be difficult for you as i guess some clients and suppliers etc. may be common to both.

    Gerry id 6376

    Gerhard Winter

    Ph. 0418907140

    Reckon Store Next Door

    "Always at your Service"

    Email: gwinter0808@gmail.com

  • This content has been removed.