Changing Entity Type

Changing Entity Type

Some clients can be converted to a different entity at Year End. For instance, a partnership can be converted to an unincorporated client. In this situation, the nominal accounts that are held in the Fixed Asset Register are not automatically converted to the nominals used by the new entity. Accessing the Fixed Asset Register for the first time after converting prompts the message:

The nominal accounts on some Asset Classes are invalid and must be corrected before you can use the Fixed Asset Register.

On clicking OK you are taken into the Setup screen where the invalid nominals are highlighted in red. To speed up correcting them, click on View on the Ribbon to see the Master Asset Class nominals.