I am in the process of changing from a Sole Tradership to a general partnership (i.e not a Limited Liability Partnership or Limited Partnership).
In the company settings my account shows as a ‘Sole Trader’ account and I can’t seem to find a way to change this.
My question is: do I need to change my account type, or could I just create an additional partner’s investment and drawings account and continue using Quickfile as I currently do? If I do need to change my account type, perhaps someone could tell me how I do this?
I know the process from Sole Trader to Ltd Company is create a new account and transfer everything.
While I’m not a QF Genie, or an accountant, I’d imagine the process would be the same, seems you have the option of either when you first set up your account.
Thanks for the reply, I’m hoping I don’t have to close down and re-open if I can avoid it at all!
I know with Sole Trader to Ltd there will be a need to shut down and re-open, because all of the nominal accounts will be different, but with a Sole Trader to Partnership, both are unlimited, and the accounting processes are identical I think?
I’ll take a look through the article you posted just in case - so thanks for that!
Sole traderships and Partnership accounts in QuickFile are very similar, much more so than sole trader vs limited company accounts. You shouldn’t need to start a new account.
Every Sole Trader account comes with a proprietor drawings accounts, the main difference between a sole trader and and non-limited partnership is that with the latter you would need multiple drawing accounts for each partner.
You can add these yourself here (in the bank section):
I’ve asked my colleague to look for any other differences and will let you know. However once the above is complete we could probably just change the status of the account our side.
Thanks for your reply - this is definitely what I was hoping to hear!
I have created a new drawings account (NV Partner’s Drawing Account), and have renamed the ‘Proprietor’s Drawing Account’ to ‘BR Partner’s Drawing Account’ - however, the renamed account still shows as ‘Proprietor’s Drawing Account’ on the Chart of Accounts, will this change over when my business type is altered?
I am not legally making this change until the first day of the new tax year (6th April), so am I better holding off making these changes until then, so that I can complete all of my end of year bits in ‘Sole Trader mode’?
