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willea3015
Level 1
posted
‎October 05, 2021 10:40 AM
last updated ‎October 04, 2021 4:40 PM

What is required to change company structure in QB?

Hi All I have searched this topic in QB and it is suggesting just changing the structure under settings. Does anyone know if this is the correct way to do it. i would be reconciling and printing reports at the end of October then changing structure in QB on 1 november. Should I close the accounts of the sole trader using the 'closing accounts' option. and starting a new financial year with the new structure as 1 November will be its first trading date? then do the appropriate journals for the 'purchase' of the new company? I am thinking this will give me all the product codes and stock balances etc Can close of a financial year as a sole trader and then open a new year on november with the year end still being 30/6/22 or will it now give me an odd financial year being 1/11/21 to 31/10/22? i cant seem to find any complete information on this anywhere thank you in advance
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1 Comment 1
IntuitSheila
Level 8
‎October 05, 2021 11:29 AM

What is required to change company structure in QB?

Hi willea3015,

 


If the new business structure has a different ABN, it is best to create a new QuickBooks Online company file. In QuickBooks Online, one subscription is for one company file only.

 

You can start recording your transaction for the new business structure on Novemeber 1 under the new QuickBooks Online subscription. This way you can separate the books on the sole trader account from the new business structure.

 

Here's how to create or add another company file to QuickBooks Online:

 

  1. Visit https://quickbooks.intuit.com/au/pricing/.
  2. Click on the plan (Simple Start, Essentials or Plus).
  3. Click on Start free trial or Buy Now.
  4. Click on Add another company.
  5. Enter your User ID and Passsword.
  6. Click Add new company.

 

Once done, you can cancel the old account when ready. And can start recording transactions on the new business structure.

 

You can check this article to learn more about how to Create or add another company file to QuickBooks Online.

 

Message us back if you need more help with QuickBooks Online. We're here to help you.

 

 

 

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