Accounting for the purchase of a client list - information
i purchased a list of clients for a route based business for $36K. do you know how I should record this? I am paying the person I bought them from $1K/month for 3 years. thank you - Jacob
70
242
bZBedAY0ar3QjyacfA8pyY
1 Reply
CopperCanyonTax
Questions asked: 2
Questions answered: 648
Points earned: 1779
Questions answered: 648
Points earned: 1779
Allstar
Advisory council of community power users.
11/07/09 9:15am PST
Latest post
This is recorded as a fixed asset and amortized over 180 months. Your entry would be to debit a fixed asset account for Client list and credit a LT liability account for Note payable.
Marc Barnes
To learn more about Copper Canyon Tax, please visit our website.
Marc R Barnes
Copper Canyon Tax and Financial Services
coppercanyontax.com
Copper Canyon Tax and Financial Services
coppercanyontax.com
