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Post Info TOPIC: Franchise Purchase
linda19


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Franchise Purchase
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Which N/C would i put the payment for a Franchise on the actual franchise accounts system? Its something i have never dealt with before?

Thanks 



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NikkiJ


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Would the franchise itself be considered an asset? Or would it be a fee?

Not a helpful comment I know, I'd be interested to know this too.

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Figurate


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The fee for the franchise itself would be capital - intangible asset.
But check what the fees cover - for example, it may also include equipment, stock, stationery, training etc... which, of course, wouldn't be intangible assets...

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linda19


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Hi i have been advised to code this to intangible assetts? 



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Figurate


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Yep - that's as I've said, above - "Capital - Intangible Asset" biggrinbiggrin
Depending on your software, you might need to set up a new code and adjust your chart of accounts.



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Louise @Figurate   Tel: 01604 288024
web: www.figurate.co.uk - Chartered Management Accountants
blog: www.happyaccountant.com - free info on accounts, bookkeeping & tax plus the occasional meandering 
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