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Thread: Journal posting in pastel v11

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    Journal posting in pastel v11

    In trying to post data take on balances using the general journal, the Amount column has disappeared, anyone with solution?

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    Platinum Member Neville Bailey's Avatar
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    Click on the Batch button at the bottom and then click on "Restore Columns".
    Neville Bailey - Pastel Accounting Consultant and Photographer
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    New Member Deaana's Avatar
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    Hi Neville. I'm dont know how to start a new question on the forum so hope fully you can help me from here.

    My client sold their business on 1st March for R180k. The new owner will be paying them off R6k per month no interest.
    What is the journal entry for this purchase price of the business? I understand that it should be a loan acc but not what the contra should be...

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    Platinum Member Neville Bailey's Avatar
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    Hi Deaana,

    In whose books do you want to process the journal? The client's books or the new owner's books?
    Neville Bailey - Pastel Accounting Consultant and Photographer
    neville@accountingsoftwaresupport.co.za
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    *** 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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    New Member Deaana's Avatar
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    Hi Neville,
    thank you for your quick reply. I want to do it in the new owners books.

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    Platinum Member Neville Bailey's Avatar
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    Hi Deaana,

    I would process the following entry in the new owner's books:

    Debit: Goodwill R180,000
    Credit: Long Term Loan (Seller) R180,000

    The monthly repayments of R6,000 will be processed as a cashbook payments journal and allocated to the Long Term Loan (Seller) 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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    New Member Deaana's Avatar
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    thank you very much Neville

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