Sale of business
We have recently sold our business, so I have some questions:
- How to enter the proceeds into Accountright. Should they be entered directly to an income account or be split up to income accounts & loan accounts (as spend money repayments)? I have tried to do this, but the repayments don't come up on the bank reconciliation so I can't reconcile.
- If income only, how to allocate the proceeds to the outstanding loan accounts of the owners that are already in MYOB?
- How to enter the disbursement of funds to the owners including the loan amounts?
- Should all balances then equal zero once disbursed?
For example, say we received a deposit of $20,000, but $9870 is owed to the loan account. So how do I enter this so it comes up on the bank reconciliation and then how do I enter the disbursement to the owner of the business?
