Hi there, since setting up with Quickfile (which I absolutely love by the way) as a Sole Trader we have become a Ltd company.
Please advise what is needed to change this setting?
MT
Hi @Jackm,
It would be best to set up a separate account for when you became a limited company. There isn’t a way to just click a button for it to change as there are different nominals designed for the different types of accounts
Hi there, @QFBeth thanks for your quick reply.
So I need to set up a new account - we are already a limited company so would need to see if we can migrate the data across from when we became limited? (7th September)
You can download an account back up which will give you a lot of the data you’ll need for your new account ready to upload.
Bare in mind that your sole trader data does not carry over to your Ltd company. They are not the same.
@Paul_Courtier. Thanks for your comment. I’m not an accountant and I’m new to QuickFile - when you say data what do you mean?
I was hoping that my supplier and client details would be transferred, and all the ledger entries etc…
I realise that I may have to do a bit of editing to get the expenses in teh right codes etc.
Any advice you have, Id be very grateful. MT
Clients and suppliers can transfer, but not the previous ledger entries - the limited company is a separate legal entity from you as a sole trader, the company’s records are not your records nor vice versa. When you incorporate what you’re doing is creating a new legal entity (the company) which then buys the business assets, right to use the business name, etc off you (the sole trader).
I mean the transactional data, invoices, receipts, payments. Supplier info is fine. If you’ve already added payments received and expenses paid from after the date you become Ltd then you’ll need to work out how to seperate that and leave everything related to the sole trader behind.
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