Min2021
Level 1
‎10-03-2024 07:45 AM
Sold business goodwill on $500,000.00, paid 250,000.00 on cash and  promissory loan $250,000.00 in 3 years. the cost of goodwill: $1,106,000.00 accumulated amortization :$927.000.00. how to post the goodwill sold in Lacerte?
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abctax55
Level 15
‎10-03-2024 10:44 AM

You may be able to do it thru the depreciation screen.  But I think, as it is an instalment sale, you have to go thru the dispositions screen.

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Min2021
Level 1
‎10-03-2024 10:48 AM

Thank you for the reply - I think the cash payment should be trade as principle payment on current year. 

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abctax55
Level 15
‎10-03-2024 11:05 AM

That, AND any principal payments received on the note in the current year.

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