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Thread: Pastel partnership to Incorporated

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    Pastel partnership to Incorporated

    Good day, please could someone assist me. I have started with a new company and am setting everything up on Pastel and as at 01 March 2014 they were a Partnership with 2 bank accounts, then as from the 01 October they changed to a Company (same Owners). My question is do I have to run 2 separate sets of accounts, basically 2 companies in pastel? Obviously there is an overlap with some payments still going to the partnership bank accounts but intended for the Company?
    Thank you

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    Silver Member Christel's Avatar
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    Hi LGripper,
    Yes, that would be correct, two sets of accounts on Pastel. You can open a loan account for expenses that are paid by the partnership, but for the account of the Company. Just make sure that you balance the loan accounts in both set of books monthly.
    always fear when Christel is near....

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    Sorry took so long to thank you but really appreciated your assistance and was a big help

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