Client sold their liquor license and i cant make the balance sheet balance because they have never had to do one before. help

Forum|Forum|6 years ago
December 6, 2019
3 replies
19 views

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ProSeries Professional

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Best answer by IRonMaN

Sounds like you have three accounts potentially involved - cash, an asset for the license (?), and a gain on the sale. Which part of the puzzle are you missing?

IRonMaNAnswer

Level 15

Sounds like you have three accounts potentially involved - cash, an asset for the license (?), and a gain on the sale. Which part of the puzzle are you missing?

Slava Ukraini!

S

sdegraafAuthor

Level 2

I guess an asset for the License. This is the first time I have come across something like this so I'm a little confused. I have cash and a gain on the sale.

abctax55

Level 15

I'll be as polite as I can...but you don't seem to understand the basic accounting formula that is the basis for the Balance Sheet. Assets - Liabilities = Equity.

I suggest you either get professional help (if you're doing your own return), or find a mentor if you are trying to help a client. Or pass this client off to someone with more experience in entity returns/balance sheets.

HumanKind... Be Both

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