Entering Opening Balance for a fixed asset

I need to eneter a fixed asset Of £12500.00.

I haqve found where to enter this as a journal entry and know what nominal code to use.

However what nominal code do i use to balance the entry?

The simple answer is wherever the funds came from to pay for the asset. How did the asset come into your business, and if it’s something you previously owned personally is the business a sole trader/partnership or is it a limited company?

This topic was automatically closed after 7 days. New replies are no longer allowed.