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We are changing from partnership to corporation as of Aug. 1st. What is the best and easiest way to start a new set of books on AgExpert for the corporation?
Starting a new set of books is made really simple by using our setup wizard. Click on your File menu and choose New. Type in the name of the new file you want to start up and then click Save. Once you've done that, just follow the screens and keep clicking next to set up your new database.
You will probably be working very closely with an accountant over the next little while as assets and liabilities are valued and then transferred into the corporation. If you are currently working with a set of books that you created as a Sole Proprietor or as a Partnership, you will find it very useful to create a new Equity account called "Transfers To/From Corporation." When transferring assets out of the original books into the new corporate books, you will use that transfer account and an account called Shareholder Loans on the corporate books to complete all of your entries.
A quick example of this is I am transferring $500.00 out of my old chequing account into the new chequing account that was set up for the Corporation. In the Sole Proprietor/Partnership books, I will enter a withdrawal from the bank account and offset that withdrawal against the Transfers To/From Corporation account that I set up under Equity. Then I will switch over to the Corporate books and enter a Deposit to the Corporate chequing account and offset that against my Shareholder Loans account.
I've included some screenshots of our set up wizard for you below. There are lots of people out there going through exactly the same thing you are and lots that have already done so. It may seem a bit overwhelming starting out, but if you take it one transaction at a time, you'll be a pro in no time.