Partial Sale of Business
(Canada)
Recording Business Entry On Partial Sale of Business
Just wondering how to record a partial sale of business in QuickBooks.
My client sold 25% of his company and I am not sure how to record the deposit for this money.
I know most people think this should be a simple entry ... but it's probably not.
You need to read through the legal papers regarding the sale to determine how to book it. It's important to get this type of entry correct soooooo ... my advice to you is speak with their accountant. S/he would probably be happy to help you record the entry/entries properly.
In the interim, book the deposit to your suspense account or your "ask my accountant" account.
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