Business Acquisition - where to allocate?

Hi Cherylynn101​,

That’s a really good question! Business acquisitions can get a bit tricky, but it sounds like you’re handling things well so far. When you’re recording all the different assets you’ve picked up through an acquisition, it does take a bit of careful sorting in your chart of accounts, so it’s awesome that you’ve connected with your accountant. They'll be able to help you set everything up just right for your business. While we can’t give you tailored financial advice, I’ve list some helpful articles that break down best practices for loans and purchases:

• Loans and repayments
• Journal entry
• Creating items
• Asset acquisition basics for the new business owner

Hopefully, other members can jump in here and share their expertise when it comes to recording these kinds of transactions.   

Cheers,

Princess