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?
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.
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.
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.
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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