take over of accounts
Posted: 16 Feb 2010, 16:16
Hi,
We have recently taken over another business. There are supplier accounts with existing balances that we the new business have paid for and will continue to pay for until they are paid off. I was wondering the best way I should account for these balances and payments in SAGE. Initially I was going to enter them as opening balances for the expense account therefore creating an entry in 9998. When the payment is received I was going to post this to 9998. I don't think this is correct however I am unsure of another solution and it would get quite messy as I have quote a few accounst to sort out??
We have recently taken over another business. There are supplier accounts with existing balances that we the new business have paid for and will continue to pay for until they are paid off. I was wondering the best way I should account for these balances and payments in SAGE. Initially I was going to enter them as opening balances for the expense account therefore creating an entry in 9998. When the payment is received I was going to post this to 9998. I don't think this is correct however I am unsure of another solution and it would get quite messy as I have quote a few accounst to sort out??