Change Corp Type & Fiscal Year

[jackcoate]

Our fiscal year has typically ended on June 30th. However, at the end of the calendar year we are changing corporate format from C-Corp to S-Corp and making the calendar year our fiscal year.

Other than the caveats spelled out in the Peachtree documentation on Rebuilding an Existing Company are there any other things to watch out for. How time consuming is the process in relation to a typical year-end close. And the big question, is how does one handle cutoff?… run the old and the new parallel and make entries in both?

[TheWolf]

The process can take from an hour or so in a small company to a few hours in larger companies. It is dependent on how familiar you are with import/export.

Tips:
make sure the defaults (employees, customers, inventory) are exactly the same in the new company as it is in the old. For lists, import in the minimum you need and try not to import/export custom fields.

If you run into specific problems post them here and we can all try to help with suggestions.

[dringstrom]

Best advice for rebuilding: back up after each import. If you import the vendor list, create a backup. Then, once you import customer list, create another backup, and so on. It's very easy for things to go great, then toward the end, you make a mistake or a problem occurs. If you've backed up after each import, then you can gracefully recover. Otherwise, you're starting over from ground zero.

By the way, I'm not clear on Thomas' advice to avoid importing custom fields. I've not had any difficulties in this regard. In any case, as long as you back up frequently, you shouldn't encounter too many problems.

Good luck!

[TheWolf]

Custom field in payroll seem to be a pain when trying to import that info in, is what I was indicating by custom fields. Yeah i forgot about the backup between imports as a tip. Have had a couple of hours of work down the drain because of that.