How to change company type? (Sole ownership vs corporation)

Sage 50 does not have a capability to change company type (sole ownership vs corporation).

Workaround I: Rename Retained Earnings account and change the necessary accounts

1. As long as the fiscal year remains the same, then Sage recommends you rename the Retained Earning account to the proper naming.
2. Change the other necessary owners equity accounts accordingly.
   • Please work with your accountant in transitioning the accounts.
3. Make any necessary general journal entries affecting owners equity accounts.
   • Please work with your accountant in transitioning the accounts.

Workaround II: Create a new company file

1. Make a backup of the current company file.
2. Create a new company and start entering the opening balances.