Sole trader to Partnership - best way to do it in Sage

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Monsoon
Monsoon Registered Posts: 4,071 Beyond epic contributor 🧙‍♂️
I've got a client who is a sole trader, but who took on a partner. Books are kept in Sage.

I'm umming and arring over whether to keep the existing Sage file or start a new one from the start of the partnership. From my point of view the latter would be easier in many ways but then all the supplier/customer accounts are all set up in the exisitng file (can you export & import these? Not worked with a new version of Sage in ages)

Would welcome any thoughts... Thanks :)

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  • jilt
    jilt Registered Posts: 2,903 Beyond epic contributor 🧙‍♂️
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    I may be wrong but can't you change the year end date in Sage. Couldn't you end it when the partbership started run a year end then start the new period as the partnership. That way you'll keep all the account details but the profits will be in the correct period.

    Just a thought, but then my brain ain't be working too well lately as you have witnessed!
  • Sue
    Sue Registered Posts: 217 Dedicated contributor 🦉
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    Hi Monsoon

    The way I would set up a new company in Sage which had the same details as a previous company would be to back up the original company. Set up a new company and restore the data from the original company.

    Make sure you are in the new company (very important because once you have rebuilt you can not go back) - perhaps change the company name and ensure the original company is still available.

    Then go to File>Maintenance>rebuild Select to keep the Customer and Supplier records and if the Nominal Ledger has not changed then the Nominal Ledger and Chart of Accounts, also anything else on the Sage list that has not changed then select 'ok'.

    Sue
  • Monsoon
    Monsoon Registered Posts: 4,071 Beyond epic contributor 🧙‍♂️
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    Thanks both.

    Jill that would work except the year end will stay the same (I think; not made a firm decision on this yet) - there's just a partner joining part way through the year.

    I know I could keep it in the same Sage file and take a TB to Month 3 to run the sole trader accounts, and then subtract these figures from the year end M12 TB to get the first partnership period, but this seems a bit potentially messy to me.

    Sue that's helpful thanks - when you rebuild data as you mention, does this wipe all entries in the audit trail and set the balance and activity on all nominal codes to zero?
  • Sue
    Sue Registered Posts: 217 Dedicated contributor 🦉
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    You have to chose which details to keep. So you can chose whether to keep the Nominal Account Records and Transactions. If you chose to remove the transactions it would wipe the balances back to zero.

    I have used the option before when I have had two very similar businesses with the same suppliers, which saved me setting up supplier records and a chart of accounts but I removed all other records.
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