What changes to be made on ADDA in case of below scenario: A Maintenance company/Builder was maintaining ADDA. Now it will be maintained by the newly formed Association. New Association wants accounts to continue uninterrupted and just this Entity change should happen.
To meet your requirement please ensure below checks:
1. All P&L Accounts need to be renamed to identify the new Entity’s Accounts. Best to rename the Old Accounts as those would anyway get deactivated after Audit is done.
4. Invoice, Receipts, Vendor Invoices, Vendor Receipts, Petty Cash Challans etc. should reflect New Entity in the Header from 1-April-2017.