Hi all,
i am looking for a bit of help..
I know how to work out the goodwill amounts but when doing the journal on the computer do you need to open a new nominal code for the goodwill to be posted to or do just use the partners capital nominal codes?
thanks Sarah
Hi Sarah,
In the chart of accounts you need to add Intangibles under Fixed Assets, then make a new account 0060 Goodwill.
DR Goodwill, CR Capital Account(s).
Regards,
Genevieve.