transfer of non cash assets and liabilities to another organisation

[Deleted User]
[Deleted User] Posts: 0
edited September 2019 in Accounts Hosted
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

Comments

  • Acctd4
    Acctd4 Accredited Partner Posts: 3,366 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited September 2019

    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

    Write a reply

    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    *** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***

    * Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    shaz@accounted4.com.au

    https://accounted4.com.au

    (NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
  • [Deleted User]
    [Deleted User] Posts: 0
    edited July 2019
    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...
  • glendaveale
    glendaveale Member Posts: 176 ✭✭
    edited July 2019
    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".
  • [Deleted User]
    [Deleted User] Posts: 0
    edited July 2019
    Thanks Glenda, will have a look at that option