XPA does not allow you to edit the Entity Type of a ledger once it has been finalised.
Before converting a ledger you must consider the effect on the current Equity structure and how this will be presented under the new Entity structure.
When converting a file there is the option to remove historical data, this will delete all history retaining the current year opening balances.
Ledger conversion options available:
Company to Partnership
Company to Sole Trader
Sole Trader to Partnership
Unit Trust to Discretionary Trust
* The option to convert a Partnership to Sole Trader is not available.
Steps to convert a ledger
1. Ensure the user has access to convert the file to a Discretionary Trust via JOE Admin
Go to System Admin Console, JOE admin
Select User Group or user
Click on View, JOE Rights
Scroll down to XPA, File Options, Transform Ledger Type Allowed
2. Converting the ledger:
Important: This process alters the content of several tables holding data in your XPA ledger. Before commencing, ALWAYS save a backup copy of the ledger.
Open the file details, File, File Details
On the Ledger Details form menu, select Convert File.
Confirm you have a backup of the ledger.
Note: APS recommends the file is always duplicated before changing the entity type of the ledger.
To report historical data in the correct entity type the backup file will need to be used.
For existing companies, where there are two convert to choices, a form requests which Entity type to convert to.
The next screen asks about history deletion.
Note: Deleting History will
Delete all Entries, Historical Entries, Balances, Budgets, Profit, Asset Balances and Distributions with a date or year number before the start of year 0.
Delete all asset movements for sold assets.
Update the Last Year Balances Held and Last Year Transactions Held from Details.
The next screen asks for the new mandatory accounts.
Important
The new accounts for the converted entity type must be entered.
Where history is being retained, the existing Company Retained Earnings will become the new Opening Balance, and the Profit and Loss account will become the new Share of Profit/Loss account.
We recommend the new Opening Balance and Share of Profit accounts do not exist in the new ledger.
If these exist before converting the ledger type, we recommend you translate these accounts prior to conversion.
Manual Equity adjustments may be required once the above process is complete.
The Ledger screen now shows the new entity type.
Click OK to save the new entity type or Cancel to undo all the changes.