cancel
Showing results for 
Search instead for 
Did you mean: 
SCTVET
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 1
Rustler
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.

Sign in for expert help
Ask questions, post replies & join our community of QuickBooks users.

Need to get in touch?

Contact us