I own a service company and I am purchasing a customer list from a competitor who is retiring. How do I record this purchase in QBO?

I can help you record your customer list purchase in QuickBooks Online (QBO), Brite. I'll guide you through the process.

Since the customer list is an intangible asset obtained from your competitor, you can create an asset account.

Beforehand, ensure you don’t have one in your chart of accounts to avoid duplicates.

Here's how to create an account:

1. Go to Settings ⚙, then select Chart of accounts.
2. Click +New.
3. In the Account name field, enter the name of the account (example: Customer List).
4. Select Other Assets in the Account type ▼ dropdown.
5. In the Detail type ▼ dropdown, select Other Current Asset.
   
   
6. Enter the opening balance amount in the Opening balance field. Then, select the starting date in the Date field.
7. Tick Save.

Then, make an expense or cheque and use the asset account created.

Furthermore, you'll want to organize your books and transactions by checking out this article: Reconcile an account in QuickBooks Online.

I'll be around if you need further assistance with purchase orders in QBO. I'm very eager to help. Take care always.