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Transfer of Assets to Shareholder account/Own Equity

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Miown
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Transfer of Assets to Shareholder account/Own Equity

Hi, I am wondering how to I transfer assest like a vehicle to shareholder account/Equity?

 

Do I create a new account list or journal?

 

Many thanks

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Neil_M
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Re: Transfer of Assets to Shareholder account/Own Equity

Hi @Miown 

 

This is something you will need to speak with your accounting advisor about. They will be able to advise you of their preferred way to record this transaction correctly

 

Generally speaking, a general journal entry can be used to transfer amounts between one account and another within the file – however your accounting advisor will be able to advise of how they would like it done and how the journal entry should look

Regards,
Neil

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