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Level 1

Earnest money paid

Hi,

 

  I'm purchasing an existing company, and have given them earnest money.

How do I enter it into QB?

 

  Scott

1 Comment
Level 15

Earnest money paid

create a current asset account called earnest money and use that as the expense (reason) for the payment

 

You need to get with a tax accountant on this too.  If the company is taxed as a c- or s-corp, then you buy it all, but if the company is not taxed that way, then all you are buying is assets, and lists.

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