Entering Fee for Business Valuation
Hi all. I am in the process of getting my business valuated in preparation for selling it. I have paid an independent company to provide a written appraisal. My question is, how do I enter this fee (which includes GST) in Accountright? Is it an expense or does it get entered as a capital asset?
Thanks in advance.
Hi Luke1882,
That's an exciting step you're taking. I hope the valuation all goes smoothly. When it comes to recording the valuation fee in AccountRight, this one's a bit of a "depends on your specific situation" job. Whether it should go to an expense account or be treated as a capital cost can have tax and reporting implications, so it's not something we'd want you guessing on. Best bet is to have a quick chat with your accountant or bookkeeper. They'll know exactly how it should be treated for your business and can point you to the right account to use. Once they confirm that part, entering it into AccountRight is nice and straightforward.
Regards,
Sai
