transfer of non cash assets and liabilities to another organisation

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We need to transfer all assets and liabilities to another organisation. Cash is easy but how do I transfer non cash items e.g. employee provisions
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Jo

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Posted 1 month ago

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Hi Jo

For each asset & liability, you will need to determine closing balances (values) in the original entity & set up/enter opening balances in these accounts under the new entity.

For each employee, you also need to determine their YTD amounts for each Payroll Item & "Setup YTD Amounts" in the new entity.  The "Hours available ..." for each of their different leave balances also needs to be entered under their applicable Leave tabs also.  

 

Shaz Hughes Dip(Fin) ACQ NSW, MICB

Reckon Accredited Professional Partner Bookkeeper / Registered BAS Agent (No: 92314 015)

Accounted 4 Bookkeeping Services

Ballajura, WA

0422 886 003

shazinoz2@bigpond.com

www.accounted4bs.com

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Jo

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Thanks Shaz
I perhaps should have been clearer, we need the original entity to show zero balance in these accounts as the closing balance, how should I account for that? Opening balances in the the new entity is easy...
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Glenda Veale

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Check with your accountant for the other side of the entry.  I would have zeroed balances in the asset or liability account and the other side would be to "sale of business".
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Jo

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Thanks Glenda, will have a look at that option