When the business is being sold you need to take in consideration one of the following:
Method 1:
- Does a copy of Readysell need to be kept by yourself or does the old owner require a copy before clearing of any data. You may require a copy of readysell on a laptop so that it can be accessed or you may just require a back up of some sort.
- Readysell would need to construct scripts to delete the general ledger postings and balances as at a date.
- Readsell would need to run the task to refresh and recalculate all general ledger balances.
- The new owner would need to insert a manual general ledger journal for the balance of the accounts that need to be kept and reconciled as at the time of exchange of the business.
Method 2 :
- Does a copy of Readysell need to be kept by yourself or does the old owner require a copy before clearing of any data. You may require a copy of readysell on a laptop so that it can be accessed or you may just require a back up of some sort.
- Run a Profit & Loss appropriation role for year end up to date of exchange of the business.
This will clear all the Income\Cost of Goods and Expense general ledger accounts to the appropriate P&L appropration general ledger account. - You will need to speak to your accoutant about the figures in the year end journal
- Reconcile the main assets and liability general ledger account balances and make the appropriate adjustments.