New Business - Sole Proprietor - Opening Balances and allocation of Assets and Tools

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  • Maryke1
    New Member
    • Apr 2015
    • 8

    #1

    [Question] New Business - Sole Proprietor - Opening Balances and allocation of Assets and Tools

    Good day

    My daughter started a Grooming Business last year. For her provisional tax due end of the week, I opened a New Business on Pastel for her, and started simply with the Bank Accounts, Tax Invoices and some supplier invoices.
    I am now busy with her asset list, but I am not sure how to enter them correctly on Pastel.
    Like Tables and a Bath, would this be fixed assets and
    must the OB be entered for "last year" or can I use the month she started?
    On what account do I allocate her tools, like scissors, hair drier (mobile) hair cutting machines?

    I'd appreciate some assistance please?
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