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Thread: Ideas????

  1. #1
    New Member
    Join Date
    Mar 2019
    cape town
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    I am a little bit lost at the moment on what would be best way forward. We are restructuring our company and changing the entity we are going to trade in. If I made a copy of the original entity on Pastel and deleted the info, I would have no transactions for my age and statements. If I created a new company I sit with the same problem. So I just change the details in the current company (name etc) or do I open a whole new company and recapture everything?

    The more I think about it the more confused I am getting. We work on Pastel so its easy to do either but a lot more work if I need to capture all the information again.

  2. #2
    Silver Member
    Join Date
    Aug 2018
    Thanked 33 Times in 29 Posts
    Are you taking on the entire entity as a going concern? If so, copy the company and just change the trading information under parameters.

    If you are only taking on the debtors/creditors/bank/assets/stock repeat as per above, then journal the rest of the balance sheet (and retained earnings) out to an intercompany loan (or shareholders loan) as applicable. That would then be the amount due either to the shareholders or the old trading entity, which could then be paid back over time.

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