Change of Business Structure

AnitaK Member Posts: 5


Newbie here so please be gentle!

We use Reckon Accounts Hosted and we are currently operating as a sole trader. We are in the process of becoming a company (PTY/LTD) due to business growth with new business name/ABN/bank account etc. I called Reckon help earlier this week seeking advice and was told I could just update our business details from old name/ABN to new name/ABN but this just didn't seem right. Reading through some threads (for Reckon One) advice is to create a new data file - I presume this will be the same for RAH? Are there any guidance notes on how to create a new data file and transfer chart of accounts/item lists etc over to new file. Any other tips greatly appreciated. Also, do we need to purchase new licences (we have two for two users) or do these transfer with the new file?

Thank you in advance,


Best Answer

  • Acctd4
    Acctd4 Accredited Partner Posts: 3,181 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    Answer ✓

    Hi Anita

    As a new entity has a new ABN, it has its own assets, liabilities, income & expenses that need to be reported. It will also have separate accounts with the ATO & with ASIC too. That’s why you need to have a new company file.

    However, you can just create a new company file in your existing RAH program. You can purchase new licences but you don’t have to. (I actually wouldn’t recommend cancelling your current subscription as you may lose access to the sole trader data!) 😬

    You can easily export all lists/names out of the sole trader file & import them into the new one.

    It’s fairly straightforward but feel free to get in touch with me direct if you need any assistance with the process ☺️

    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

    [email protected]

    (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!)


  • AnitaK
    AnitaK Member Posts: 5

    @shaz hughes

    Thank you for your answer, thought I was on the right track but just looking for professional confirmation.