Changing Entities in EvolveGo

This article applies to the following scenario

• You have established a new business entity

Procedure

Your P&L will automatically be cleared out as at the end of the Financial Year. 

See this guide for further details on EOFY: End of Financial Year Closing.

Any new P&L transactions dated from 1 July will belong to the new company.  

We recommend following the steps for locking the Trust and Office journals for the financial year period to prevent transactions from being backdated. 

• Your balance sheet will remains as is and your balance sheet balances are inherited by the new company.
  
  
• Create the new Office Bank account under your current Office Journal, this will allow you to still receipt debtors against the old or new Office bank accounts.
  
  
• Create the new Trust Bank account under your current Trust journal.  You will need to transfer trust funds from the old trust bank account to the new trust bank account via a payment and receipt, allocating to each relevant matter.
  
  
• From 1 July, as you wind down your 'old' entity, you can make the relevant journal entries against existing balance sheet accounts.
  
  

Further information for creating bank accounts can be found here: How do I create a new bank account?