Re: Transition to a New Company

Jeanne,

I would do the opposite, I would establish a new environment for the "new" company. From an accounting and audit standpoint you will need to show the establishment of the new company coming out of receivership.

Accounting will need to create a journal entry showing the creation of the new company, which will establish the opening balance sheet on the G/L. The CO's and PO's can be copied over since there is no G/L affect. The MO's will be a little more difficult as to how many there are and how many items are issued to them and what kind of history you want.

Thanks,

Ted Vollrath
Plant Controller
HayssenSandiacre
T (864) 486-4135

-----Original Message-----
From: mapics-l-bounces-Zwy7GipZuJhWk0Htik3J/[email protected] [mailto:mapics-l-bounces-Zwy7GipZuJhWk0Htik3J/[email protected]] On Behalf Of Jeanne Schrader
Sent: Monday, May 03, 2010 3:21 PM
To: mapics-l-Zwy7GipZuJhWk0Htik3J/[email protected]
Subject: [MAPICS-L] Transition to a New Company

Good Afternoon Group,
 
Our company was just purchased out of receivership, with the transfer of
ownership in five days.
 
I need to create a new environment for the 'old' company data.  Close
out payroll and save the W2 information for the 'old' company.  We need
to keep AP, AR open for a time.
 
We want to run the current environment as the 'new' company, our CO's &
MO's will stay with the new company.  What happens with our GL?
 
Does anyone have ideas that will help, a 'cheat sheet' for what to make
sure gets closed, transferred, etc. when doing this?
 
Thanks in advance,
 
 
Jeanne Schrader
IT Manager
Milwaukee Forge
Phone: 414-489-7067
Fax: 414-489-7090
email: [email protected]
 



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