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Level 1

what happens to prior years reports when you change your entity type?

If I change my entity from a Partnership to an 1120S, what happens to my prior years financial stmts?  I do not process payroll online.

 

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Best answer March 24, 2020

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Level 15

what happens to prior years reports when you change your entity type?

When you created the s-corporation, you are required to get a new FEIN, and also you start a NEW company file.  File a closing income tax return (form 1065) for the partnership.

 

New corporation means a new QBO subscription.

View solution in original post

4 Comments
QuickBooks Team

what happens to prior years reports when you change your entity type?

Good day, Janice B.

 

Changing your business entity does not affect your financial reporting in QuickBooks. You'll want to check out this article on how to process the request: Update your FEIN with an entity change.

 

You can also reach out to our Customer Care Team via messaging for further assistance.

 

Here's how:

  1. Click the Help icon located in the upper right-hand corner.
  2. In the Help window, click the Contact Us button located at the bottom.
  3. Enter your question and click Let's talk.
  4. Select Start messaging.

 

Please let me know how it goes. You can always get back to us and leave a comment on this thread. Thanks.

Highlighted
Level 15

what happens to prior years reports when you change your entity type?

When you created the s-corporation, you are required to get a new FEIN, and also you start a NEW company file.  File a closing income tax return (form 1065) for the partnership.

 

New corporation means a new QBO subscription.

View solution in original post

Highlighted
Level 1

what happens to prior years reports when you change your entity type?

Our entity is changing from a Partnership to an 1120S Corporation, we will not need to change our FEIN.  We do not process our payroll through QB Online.  We only need to change the Entity type.

Highlighted
QuickBooks Team

what happens to prior years reports when you change your entity type?

Thanks for your prompt response, @Janice B.

 

Rustler is right, after following his recommendation, let's change your account's entity type. Under the Company settings, you have an option there to change from Partnership to 1120S.

 

Here's how:

  1. Go to the Gear icon and then select Account and Settings.
  2. Choose Company settings.
  3. Go to the Company type section.
  4. Choose the Form 1120s under Tax Form drop-down list.
  5. Hit Save.

To get a quicker overview that you can adjust with your company, you can refer to this video article: Edit company settings in QuickBooks Online.

 

If you wanted to print, email, and export reports, you can refer to this article: Run reports in QuickBooks Online.

 

Please let me know if you have further questions. The Community is always here to help you. Take care!

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