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GHISanitation
Level 1

The first check I wrote from our business account was to pay for the purchase of the business. Is there a way to enter that without it being classified as an expense?

Our Profit/Loss is off with this classified as an expense. I've already recorded the loan as a long term liability.
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Best answer August 16, 2020

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Rustler
Level 15

The first check I wrote from our business account was to pay for the purchase of the business. Is there a way to enter that without it being classified as an expense?

You bought a business, and as part of the documents you receive there should have been a balance sheet.  That is what you bought and the value of each.  The loan that was deposited in a bank or cash type bank account then pays for each of the items on the balance sheet.

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2 Comments
gayatriluthfias20
Level 6

The first check I wrote from our business account was to pay for the purchase of the business. Is there a way to enter that without it being classified as an expense?

Hi @GHISanitation , you could recorded as asset may be. Try to give the details what purchase is it. Comment back, cheers.

Rustler
Level 15

The first check I wrote from our business account was to pay for the purchase of the business. Is there a way to enter that without it being classified as an expense?

You bought a business, and as part of the documents you receive there should have been a balance sheet.  That is what you bought and the value of each.  The loan that was deposited in a bank or cash type bank account then pays for each of the items on the balance sheet.

View solution in original post

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