How to set up a Sole Trader/Partnership Company

Introduction

This topic explains how to set up Sole trader and Partnership Companies in PTP Accounts Production.

Setting up the Business

1. From the Accounts Production toolbar, select Client | New

2. Select the CREATE a new client to be added to the database option and click Next.

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3. Complete the Business name, Type of business (select Sole Trader or Partnership) and Commenced fields in addition to any other relevant field.

4. Click Next.

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• This screen is optional and can be used to categorise clients according to Partners, Manager, and so on.

5. Click Next.

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6. Review the data entered on the above screen.

7. Click Finish to proceed or Back to amend the details.

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8. Enter a Client identifier reference for the client (maximum of 10 characters) and click OK.

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Setting up Involvements

1. Click the Partners tab (or Proprietor tab in the case of a Sole trader) and click New.

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2. Click the magnifying glass next to the Partner field.

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3. Highlight the relevant person, click Select and continue this guide from step 32.

4. If the involvement is not shown in the Client Browser screen, click New to add an involvement.

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5. Click Next.

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6. Complete the relevant fields and click Next.

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7. Click Next.

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8. Review the data entered on the screen above.

9. Click Finish to proceed or Back to amend the details.

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10. Enter a Client identifier reference for the client (maximum of 10 characters) and click OK.

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11. Click OK.

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12. Click OK to generate a letter or Cancel if a letter is not required.

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• The Personal Client Maintenance screen displays a summary if the details entered.

13. Review the details and click Save then Close.

• Any required amendments can be made by selecting the relevant tab.

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14. Highlight the relevant involvement and click Select.

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15. Enter the dates (if required) within the From and To fields.

16. Enter the account order number in the A/C order field and click OK.

• If no dates have been supplied deselect Record on history for affected client(s).

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17. If you wish to add another involvement repeat the steps above.

18. Click View to make any necessary amendments. Alternatively click Close.

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Setting up Partners’ Profit Shares

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• If this screen does not display, select Edit | Partners Profit Shares

1. Highlight the relevant line.

2. Click Shares.

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3. Enter the Date that partner net profit shares are to be effective from and click OK.

• The Date that partner net profit shares are to be effective from field can be left blank if it is from the start of the business.

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4. In the SHARE section select the relevant option to specify the partners’ profit share.

5. Select Joint capital account if a joint capital account exists. If a joint capital account does not exist, go to step 8.

6. If Joint capital account has been selected, click the magnifying glass beside the field.

7. Select the relevant options within the Partners screen and click Select.

• For further information on a joint capital account please refer to the How To Create a Joint Capital Account for a Partnership Client topic.

8. Select the relevant options within the section SPLIT of joint net profit share to split the profit between the joint partners and click OK.

• A joint partnership can only be set up when the joint partner has been allocated an order of zero. If more than one partner exists, repeat Steps 5 to 8.

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9. Review the details and verify that the Status reads All shares set and click Close.

• The Status of all the lines in the NET PROFIT SHARE DATES screen should read All shares set.

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Setting up a Posting File

1. From the Accounts Production toolbar, select Posting | New

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2. Select the relevant chart. E.g. EPST or EPSF and click OK.

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3. Enter a description for the posting file in the Description field.

4. Select the relevant currency from the Currency field.

5. Click the magnifying glass beside the Account period end date field.

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6. Enter the end date for the period in the New year-end date field and click OK.

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7. Highlight the relevant date and click OK.

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8. Click the magnifying glass next to the Previous account period end date.

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9. Select Trade Date if PTP is to remember and make reference to the trading date which should have been entered while initially setting up the client.

10. If Trade Date is not selected, select Enter Date.

• If the Trade Date has not previously been entered this can be enter by selecting Client | View in the Trading: Commenced field.

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11. Click Add.

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12. Enter the relevant end date for the period in the New year-end date: field and click OK.

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13. Highlight the relevant date and click OK.

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14. Review the details and click OK.

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15. Click the magnifying glass next to Document type.

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16. Highlight the relevant Document Type and click Select.

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17. Click OK.

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