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Posted by Laura on December 31, 2007, 9:37 am
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> Our school completed the transition from being a corporation to a trust in
> November. However since the process had started much earlier, I was
> advised
> to start the books over on October 1 for the trust.
What is the actual date of the trust formation per the documents?
> Since many transactions took place after Oct 1 and before the date that I
> was told to retroactively label the transactions as belonging to the
> trust,
> I just carried on with the corporation until I had some time to spare to
> figure out the logistics. This is, supposedly, that time.
>
> I cloned the company by copying and renaming the .QBI, .QBW and .QBB
> files.
> It was my simple notion that I would just delete all of the transactions
> before Oct 1, but life does not turn out to be that simple. The biggest
> issue I have found so far is with partially paid student (customer)
> invoices that span the Oct 1 boundary. I don't want to delete invoices
> that
> were created before the trust but on which payments are yet to be made.
> There may well be other issues I haven't tangled with yet.
>
> My questions:
>
> Is there a better way to create a new company (trust) that has all of its
> default settings and partially paid invoices preserved?
Short of manually entering the transactions again, I can't think of one.
There are 3rd party utility programs but you still need to review each
transaction to see what belongs in what company file. Your method seems to
be the fastest.
> Is there a better way to resolve the invoice problem other than to
> retroactively change the amount on the corporation's invoices to the
> amount
> actually paid before Oct 1 and then to create new trust invoices for the
> balance?
If you have to split customer info between the 2 entities then you will need
to make invoices for the correct amounts in each file.
Are you a cash or accrual based company? Your answer will impact whether or
not you need to split these invoices into the 2 company files.
> Any help appreciated.
>
> Larry
>
>
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