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Thread: Baught a new company - Asset List

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    Baught a new company - Asset List

    Hey,

    A new retail business was bought. I have an asset list with values. I would just like to find out how do I bring the assets into Pastel? Do I use the suspense account?

    Thanks.

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    Bronze Member Elijah's Avatar
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    Were the assets part of the business that you bought? Or did you purchase the assets after buying the business? Did the seller provide you with Financials?

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    The only thing that was provided was an Income statement and an asset list of what is currently in the store. Now I want to bring in the current assets in the store into pastel.

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    Bronze Member Elijah's Avatar
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    Okay, this question has already been answered comprehensively in a previous post by Neville, see the post just below this one "Opening Balances"

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    I don't have a trial balance from the previous owners. The only thing I want to bring in is the opening stock and the assets. But if I do that the suspense account won't be 0?

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    Platinum Member Neville Bailey's Avatar
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    I suggest that, instead of using the suspense account, that you credit your loan account.

    If you paid cash for the business, then you can allocate the payment against your loan account.
    Neville Bailey - Pastel Accounting Consultant and Photographer
    neville@accountingsoftwaresupport.co.za
    www.accountingsoftwaresupport.co.za
    View Neville Bailey Photography

    *** 20% DISCOUNT ON PASTEL XPRESS / PARTNER SOFTWARE UNTIL 15 DECEMBER 2017 ***

    "Give every person more in use value than you take from them in cash value."
    WALLACE WATTLES (1860-1911)

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    Can I do the same with the Stock?

    Thank You

  8. #8
    Platinum Member Neville Bailey's Avatar
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    Yes.
    Neville Bailey - Pastel Accounting Consultant and Photographer
    neville@accountingsoftwaresupport.co.za
    www.accountingsoftwaresupport.co.za
    View Neville Bailey Photography

    *** 20% DISCOUNT ON PASTEL XPRESS / PARTNER SOFTWARE UNTIL 15 DECEMBER 2017 ***

    "Give every person more in use value than you take from them in cash value."
    WALLACE WATTLES (1860-1911)

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