New Company - New Books

by Christine
(Hamilton, ON)

Do I need to start a new set of books once I incorporate my sole proprietorship?

Do I need to start a new set of books once I incorporate my sole proprietorship?

Do I need to start a new set of books once I incorporate my sole proprietorship? Exporting your QuickBooks lists to your new company file speeds things up.

I have a client who has been in business for a few years as a sole proprietor. Now they have incorporated. The accounts are kept on QuickBooks.


Do I have to open a new company and treat it as a new business, or can I continue as if there was no change?



section divider



Christine, a corporation has it's own separate legal identity so ... yes you do need to start a new set of books in QuickBooks.

I would also encourage your client to open new bank accounts. Some banks like to just the name on the account but this makes it very difficult to separate sole proprietor cheques / deposits from the corporation cheques/deposits during that transition period.

You can save a bit of time by importing your lists from the old company QuickBook files to the new company QuickBooks files. Some of the lists that QuickBooks will let you export are:

- chart of accounts
- customer list
- vendor list
- employee list
- item list

... just to name a few. Click on the second picture above that I uploaded to show you all your choices.

Comments for New Company - New Books

Average Rating starstarstarstarstar

Click here to add your own comments

Sep 14, 2015
Rating
starstarstarstarstar
Thank you
by: Christine

Thanks for the timely answer. The QuickBooks advice is as I expected. The new bank account was a great tip that I'll be sure to pass along to my client. I hadn't thought of that.

Click here to add your own comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Learning QuickBooks.

Enjoy A Tea Break With
Me Today. Let's Chat!

Use the search feature to quickly find the
information you're looking for.

Like this page? Please let Google
know by clicking the +1 button.






 Keep Your  eDocuments Safe And Secure… $7 USD
Version 2 now out
Bigger and Better



SHORTEN
Your Learning Curve!

Buy Now



Warm up your tea cup and check out these chats ...

Click on image above to read the chat.






Purchasing These Products Through My Links Helps To Support This Site

Click on image above for my review.






Join Me On Facebook

Help support this site by "liking" me! Here's where I post current information.

Listed Under Websites NOT Local Business.
This website is not associated with the business operating in Bonnyville AB.






A Handy Reference

Buy Now