Question
Splitting one company into two
As I started taking over the books, I noticed that the previous people set up a company incorrectly. They set up two companies as one company. So they have been reconciling the bank accounts under this one company. Now I have been told that we need to split the company or rather start over from day one. The company right now is doing the accounting on a cash basis so I would just need to pull the data related to the bank accounts. What is the best way to split the companies? Is it possible to bring the data from one company into another?