Proprietorship and Corporaton shared bank accounts during long changeover. Help!QuickBooks Canada
It took several months to get my new bank accounts and credit cards setup, when converting from proprietorship to Corporation. The bank manager was constantly sick.
So now I have serveral months olf the Corporation income and expenses mixed in with a couple of dozen proprietorship, wrap up entries (post propitorship returns, warranty repairs etc). The corporation now has it own credit card and bank account, but what I though was only going to take a week, took two and a half months.
I would like to have the bank and visa opening balance to reflect the actual statements, to make reconcillation easier. So I need a mechanism to enter a starting balance, with the responsibility for that balance being paid by the old corporation, and the ability to code old company transactions to some sort of account; and still have the shareholders equity to come out proper.
I realse that is probably a complex journal entry, and just need a little direction to get started on the best way to do this.
I should also note, that the corporation was setup with a new company file in Quickbooks.