Our son is taking over our business but starting his own company file. How do we migrate the file.

mzohn

Good afternoon,

Our son will be taking over the business and has been advised to create a company file in his own name (as expected). He will be using Reckon Hosted, just like we currently do. I’d like to know the simplest way to transfer all the data from our existing file to his—this includes the chart of accounts, payroll, staff information (including leave details), supplier lists, customer information, etc.—without losing any of this data. However, we still need continued access to our current file for tax purposes until our taxes are finalized. He has been instructed to start fresh, so he does not need past invoice details or similar information. And how does he get set up and linked to STP reporting to report his staffs wages in his first week. Can all of this be set up before he takes over on 1st July as he doesn't need any of the information just all of the data apart from payroll or do we need to just enter this information manually once the file is open affective 1st July.

Jason_Z

Hi @mzohn

You can use the Export lists feature to export these lists to another file. Then when you have created the new company file, import the lists back in.

Here is a guide on exporting lists:

https://community.reckon.com/discussion/7679725/migration-how-to-export-lists-data-from-reckon-accounts-hosted

Kris_Williams

if you want all the data in the file you would be better off making a copy of the file and let him change the company details, ABN, address, phone number etc.

If you don’t want figures and only lists, you can export an iif file with chart of accounts, customer and supplier lists, and any other lists you require. This iif file will have all the lists you select in the one file. After the new file is created you can then import this file into it and you will have a fresh start with zero dollars. You will have to edit the bank account and enter the balance, and adjust the employee details to suit.

Jason_Z

Hi @mzohn,

Also, could you confirm if your son will be registering a different ABN for the company once he takes over the business?

mzohn

Hi @Jason_Z

He will be setting it up as a company with an ACN.

Jason_Z

Good Morning @mzohn,

I had a discussion with my team, and it seems there might be an issue with using an ACN with Reckon. From our conversation, it appears that the software only accepts ABNs when it comes to Single Touch Payroll submissions

mzohn

Wow! Are you saying @Jason_Z that as a company our son can't use Reckon? Thats is just bizarre?

Kris_Williams

easy to apply for an ABN - no cost just do it online

Jason_Z

Hi @mzohn

Yes, based on my understanding, if he plans to use only an ACN, it won't be accepted by the software. You will need an ABN,

mzohn

I have just spoken with our accountant, he will have both and ACN and an ABN @Jason_Z

Acctd4

@mzohn Yes, ALL business have an ABN however only ("Pty Ltd") company entities also have a ACN ☺️