Re: Transition to a New Company

Good luck - and I monitor this thread regularly.  Always glad to help!

Dale "Cork" Gindlesperger, CPIM
Senior Business Analyst
Cell:  814-442-1291
________________________________________
From: mapics-l-bounces-Zwy7GipZuJhWk0Htik3J/[email protected] [mapics-l-bounces-Zwy7GipZuJhWk0Htik3J/[email protected]] On Behalf Of Jeanne Schrader [[email protected]]
Sent: Tuesday, May 04, 2010 8:11 AM
To: mapics-l-Zwy7GipZuJhWk0Htik3J/[email protected]
Subject: Re: [MAPICS-L] Transition to a New Company

Dale,

No, we are not a publicly held company.

Thank you for the great information, now I can put my plan together for
this weekend and hope all goes smooth!

Jeanne Schrader


________________________________________________________________________
_________________________________________________________________
Jeanne,

You can do what you are asking, but there's some issues that you haven't
mentioned. First, is this going to be a publicly held company? If so,
Sarbannes-Oxley requirements will probably dictate a lot of stuff you
will have to do. In my experience, the "how to" on these is dictated by
the accountants.

I've gone through this at a prior company, and what we did was create
two new environments ("ME" and "MS", for example), do a backup
<http://archive.midrange.com/mapics-l/201005/msg00002.html#>  at the
close of business
<http://archive.midrange.com/mapics-l/201005/msg00002.html#>  on your
last day of business as the old company (assuming it's the "MM"
environment), then restore it to the "ME" and "MS" environments. Lock
down security
<http://archive.midrange.com/mapics-l/201005/msg00002.html#>  in the
"ME" environment to a VERY select few that would be responsible for
closing the old business, and TOTALLY lock down the "MS" environment, NO
changes. That gives you a clean snapshot of the close of business. This
DOES assume you have plenty of disk available (but disk is cheap
nowadays).

ME is the environment you use to close out the old company, MS is the
snapshot you can refer back
<http://archive.midrange.com/mapics-l/201005/msg00002.html#>  to to get
"point of sale
<http://archive.midrange.com/mapics-l/201005/msg00002.html#> " questions
answered.

You can then close out the books on the old company (ME), while
continuing to run the new company as "MM". The only issue is that you
may have to make manual journal entries in "MM" if closing out the old
company impacts the financials for the new company.

That's one option. Another one (mentioned by someone else), which is
equally valid is to create the new environment and run the new company
as the new environment. Which option you choose is actually up to what
the accountants are most comfortable with.

This is, of course, pretty simplified, but using this approach lets you
cover about every contingency.

Dale "Cork" Gindlesperger, CPIM
Senior Business Analyst
<http://archive.midrange.com/mapics-l/201005/msg00002.html#>
Cell: 814-442-1291




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