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Split Company file into two files

DebA

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

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.

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Kris_Williams

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

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

Charley

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

GerryWinter

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.

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Acctd4

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 😬

Kris_Williams

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

unknown

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DebA

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

GerryWinter

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

unknown

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