My business entity has changed. What do I need to do?

If you have changed the setup of your firm for eg, from Sole Trader to a Company, there are a few things you may need to do:

  1. Change details for Smokeball records - Subscription Invoices/Statements etc
  2. Update your letterhead/s in Smokeball to reflect change of name / ABN
    • Most letterheads (Document Containers) are setup with fields, so when you change your Firm Details in Smokeball they will flow to your Containers.
    • If your details are part of an image, or hard typed, this will need to be replaced manually within the Document Containers.
  3. Change to new trust account (if applicable). If you have created a new Trust Account (or intend to), we recommend these steps - In Order:
    • Decide the date you are to finish up in the existing Trust account (Trust Acc 1) and moving everything to the new Trust account (Trust Acc 2)
    • Complete a Trust Bank Reconciliation as at the final date of transactions in Trust Acc 1
    • Physically transfer all funds from Trust Acc 1 to Trust Acc 2
    • Update Trust Account Details in Settings (see below) to Trust Acc 2 Details
    • Continue transacting in Trust Acc 2 and entering in Smokeball as normal
    • When next ready to reconcile, it will be for the Trust Acc 2 .

Important Notes:

Some states, and/or circumstances, require certain steps to be undertaken in relation to moving funds from one trust account to another (such as client permission). Please ensure that you are complying with all requirements. Smokeball cannot advise on this, please contact your governing body and/or Trust Auditor to confirm. 

If you have to run two trust accounts for a period of time (ie whilst permission is being obtained), you will have to keep manual records for one or both Trust accounts during this time. We recommend doing the changeover as noted above when you begin transacting in the new Trust Account.  The old Trust Account will need to be reconciled manually (ie Excel) for audit purposes - however please check your Trust Requirements to ensure compliance.

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