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Brighter Bee

Moving clients books from sole proprietorship to corporation

Posted By

Hi everyone! 

I am a new bookkeeper taking on a client who has moved from a sole prop to a corporation. I have all his account balances from his sole prop quickbooks account and have transferred the chart of accounts to the Sage file for his corporation but I am struggling with what account balances to keep and what to start from $0.00. His sole prop was dealt with by a different bookkeeper and completed so I don't need to do any work in there. 

Can anyone provide any insight? 

His accountant has already told me to create a Shareholders Loan Liability account for the equity that he has carried over from the sole prop to the corp but other than that I am reluctant to move forward without more information as I do not want to mess it up! 

Thank you in advance

  • 0

    Hi Brigther bee,

    This ain't a Sage question but more of an accouting question. Everything will depend of how did your client and his accountant did the move. Is it a fiscal roll over or did he create a corporation and now the operation goes there. Maybe the accountant ask you to put everything in a Shareholder loan so he can figure it out at the end of year. For now, the best advice I can give you is to keep the end trial balance of is sole prop and the opening trial balance of the corporation and document all the work you did for the end of year.

    I'm open to help you more if you have any further question, just contact me.

    Thank you

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