Forum Message

Input of Assets for sale of business

I started the business from the beginning and input everything from a loan of £2000. I recorded the £2000 being paid back to myself and now i am currently selling the business and have no record of assets. How do I record retrospectively the assets originally paid?


Posted by Andrew Coates on Jun 21, 2010 8:55 PM BST

Hi Andrew,

You can create an asset account by clicking menu File > New > Account (check the Account Type is 'Asset'). If your business owned the assets at the start of the financial year, set the opening balance of the account to be the value of the asset. Otherwise, record a Money Paid Out transaction allocated to the asset account.

Cheers,


Posted by Mark McLaren (Solar Accounts) on Jun 22, 2010 8:47 AM BST