My LTD has ended with the financial year (31/03/2017) and I have gone back to being a sole trader. I only now realised that I have to create a new Quickfile account. I understand you will be able to move contacts and other setting across. But what about the account activities since 01/04/2017? Basically the whole setup should remain (be transferred) but changing from LTD to Sole Trader. What will be transferred and what might be lost?
Thank you
Stephane
Hi @Stephane
We’re only able to transfer clients, client contacts and suppliers. Unfortunately we’re not able to transfer any invoices or other entries.
How many invoices do you have to copy over?
There are about 10 outstanding invoices, an invoice template, a number of recurring invoices and of course all the account transactions and paid invoices and expenses since April 17. As well as all the Paypal stuff and I have also signed up for Yodlee.
We can transfer your subscriptions from one account to another (e.g. Power User + Yodlee), we can also migrate your client and supplier lists.
For all the existing transactions (e.g. invoices & payments) you could in theory just export the bank statement from the LTD account and import into the Sole Trader account. You can then tag all the items to create the invoice backing records.
However you need to be careful here as payments that went into the LTD company account cannot be considered as financial activity for a sole trader. The LTD is a separate legal entity.
If you have any doubts I would have a chat with your accountant who should be able to recommend the best approach.
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