I own a service company and I am purchasing a customer list from a competitor who is retiring. How do I record this purchase in QBO?

BriteWay · ‎November 08, 2024

Carneil_C

I can help you record your customer list purchase in QuickBooks Online (QBO), Brite. I'll guide you through the process.

Since the customer list is an intangible asset obtained from your competitor, you can create an asset account.

Beforehand, ensure you don’t have one in your chart of accounts to avoid duplicates.

Here's how to create an account:

Go to Settings ⚙, then select Chart of accounts.
Click +New.
In the Account name field, enter the name of the account (example: Customer List).
Select Other Assets in the Account type ▼ dropdown.
In the Detail type ▼ dropdown, select Other Current Asset.
Enter the opening balance amount in the Opening balance field. Then, select the starting date in the Date field.
Tick Save.

Then, make an expense or cheque and use the asset account created.

Furthermore, you'll want to organize your books and transactions by checking out this article: Reconcile an account in QuickBooks Online.

I'll be around if you need further assistance with purchase orders in QBO. I'm very eager to help. Take care always.

View solution in original post

Carneil_C

I can help you record your customer list purchase in QuickBooks Online (QBO), Brite. I'll guide you through the process.

Since the customer list is an intangible asset obtained from your competitor, you can create an asset account.

Beforehand, ensure you don’t have one in your chart of accounts to avoid duplicates.

Here's how to create an account:

Go to Settings ⚙, then select Chart of accounts.
Click +New.
In the Account name field, enter the name of the account (example: Customer List).
Select Other Assets in the Account type ▼ dropdown.
In the Detail type ▼ dropdown, select Other Current Asset.
Enter the opening balance amount in the Opening balance field. Then, select the starting date in the Date field.
Tick Save.

Then, make an expense or cheque and use the asset account created.

Furthermore, you'll want to organize your books and transactions by checking out this article: Reconcile an account in QuickBooks Online.

I'll be around if you need further assistance with purchase orders in QBO. I'm very eager to help. Take care always.

BriteWay

Thank you!

IrizA

It was our pleasure helping you with your concern, BriteWay.

I'm glad to hear that my colleague was able to provide you with information that helps you resolve your concern. Your feedback is greatly appreciated, and rest assured that we're always here to help if you encounter any challenges while using QuickBooks.

You can also view this blog to learn about Chart of Accounts: What is a chart of accounts and how to set one up [examples included].

Additionally, you can customize your chart of accounts to meet your business needs.

We're glad we could provide a solution to you, BriteWay. If you require any further assistance, feel free to visit the Community forum again. Have a great day, and take care!