Hi M Forum
I’m entering a years worth of entries for FY16.
My company has been dormant for many years and has bought a franchise licence.
I need to bring into the books a transaction which I personally made prior to the new business opening a bank ac. In essence the transaction is a Loan from Shareholder, and the other side of the entry is goodwill. No Tax is applicable. When I do a journal entry dr shareholder Loan, cr goodwill (Asset) the transaction flows through to the BAS statement and show a no tax sale and no tax purchase. Maybe I’m doing the wrong journal… bu how do I do the journal without effecting the BAS reporting?