I have a client who has taken over an existing business, she is paying the owner £500 weekly over 2 1/2 years = £65000. How do I account for this in Solar Accounts?

Hi Annette,

Sorry I'm not familiar with the accounting rules where Business A buys Business B. However, if you know what transactions you want to record as a sequence of debits and credits then I can help you enter them into Solar Accounts.

Regards

Hi Annette
What you could do is as follows:
Debit: Goodwill, Stocks, Motor Veh, Machinery ie Assets with their respective values
and Credit BO(bought of) Joe Bloggs the liability value ie 65,000.00.

Then each week as you pay of Joe Bloggs 500.00 you will
Debit the BO Joe Bloggs and Credit the Bank

Hope that helps
Kieranz