FormerMember

Starting sole proprietorship set of books from corporation books

SUGGESTED
Posted By FormerMember

I am dissolving my corporation and setting up a sole proprietor business.  I want to use the same accounts, customers and vendors.  I need to zero out the amounts in the income and expenses, but not the bank amounts, account receivable or payables.  I need to know what my income and expenses are in my "new sole proprietor" business.  Example - some of my income for this year is from the corporation and some from the sole proprietor and i need to be able to show them separately.  Is this possible or do i need to copy all the accounts and enter the opening balances in the sole proprietor set of books.