Hi. My husband was working as a Sole Trader and we have gone into Partnership together, (not Ltd.). How do I change the business type on QF settings? And also how do I set up a separate proprietor drawings account and retag some back dated payments?
You could in theory just add a new proprietor drawings account in the bank section. This will then allow you to distribute drawings separately to each partner.
For reporting purposes it is always better to open a separate QF account to keep the activity distinct, that way you won’t need to unpick the sole trader vs partnership figures from a single account when it comes to filing your tax returns.