I have something similar to this as well. I have the fixed assets recorded. It's a service business, so there is no inventory. Most of the value of the business comes from the pre-existing customers. I don't understand how to enter the loan that the seller is financing. I have a liability account created, and know that I would credit that with the loan amount, but what do I debit? It seems like it should be an equity account, but Opening Balance Equity doesn't seem right. Please advise.
... View more