Accounts

Convert a partnership to a sole trade in Accounts Production Advanced

In Accounts Production Advanced, you can convert sole trade clients to partnerships and vice versa. This ensures that data can be imported into Personal Tax when the business type changes.

Steps for integrated clients with practice management

  1. Set up the client again in Practice Management as the new business type with a unique code.
  2. Add the proprietor/partners as appropriate. Assign the original proprietor/partner a start date corresponding to when they joined the original business.
  3. Open the client in Accounts Production Advanced.
  4. Select the
    Integration
     button and choose
    Unlink
    .
  5. In the Summary tab, select the
    General
     link and amend the client code to the new code as set up in Practice Management.
  6. Select
    OK
     to close the window.
  7. Close the client in Accounts Production Advanced.
  8. Select the
    Integration
     button and choose
    Share clients
    . A list of clients to share will appear.
  9. Tick the box next to the client name and select
    OK
    .
  10. Select
    Next
     until the option to choose Prompt when required appears. Select it and proceed to the
    Finish
     button.
  11. The resolve list window will appear. Verify entries in blue text by selecting the link before ticking the boxes and proceeding.
  12. Complete the client sharing process and select
    Close
    .
  13. Re-open the client in Accounts Production Advanced and ensure there is a green integration circle on the integration button.

Steps for non-integrated accounts data

  1. For a partnership being converted to a sole trade, in the last accounting period, clear the balances on the partners capital or current accounts that left the business to zero before creating the new accounting period.
  2. Create the new accounting period, which will be the sole trade, via the
    Summary
     tab,
    Accounting Periods
     window.
  3. Select the
    Financial Period Templates
     dropdown menu and choose
    Update period to new template
    .
  4. Select the required
    Practice Sole Trade Master template
     and confirm with
    Yes
    .
  5. The re-templating will occur with warnings, select
    OK
     to proceed.

This article applies to:

  • Product: Digita Accounts Production Advanced