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?
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,