Year end / change business type

[pdb646]

I have just completed my first full years accounts with Quickfile. Do I need to lock the year end period or is this an automatic feature? I am now letting residential properties how do I convert my Quickfile account to a “Landlords” account ?

[QFSteve]

Hello @pdb646

Do I need to lock the year end period or is this an automatic feature?

The year end process can be run from Account Settings > All Settings > Year end process

https://support.quickfile.co.uk/t/simplified-year-end-tool/8906

I am now letting residential properties how do I convert my QuickFile account to a “Landlords” account ?

You can not change business types once set up.

You would have to create a new account with the business type set to Landlord then start with opening balances.

[ian_roberts]

When you say “completed my first full year” do you mean you’ve submitted accounts / tax returns or do you just mean that you’ve reached your first year end date (31st March or 5th April or whatever)? The year end procedure that Steve refers to is not something you have to do immediately at the end of the year, you can (and almost always will) keep adding new transactions for the next year before you’ve locked down the previous one. You only run the year end once you know that everything for that year is complete, all the right invoices/purchases have been entered, you’ve done any journals for accruals/prepayments to apportion things across years, you’ve dealt with any “use of home as office” type allowances, etc. etc.

I usually only end up running my year end many months after the actual year end date, once I’ve got the adjustments back from my accountant.