I'm Used car Dealer and setting Quickbooks for the first time. I have been in business since 2006 and getting my taxes and accounting done by CPA. General Ledger from last year shows one car in inventory from last year how do I set up QB to show this. Fo
r some reason when I try to Edit Inventory Asset account I'm not seeing the option to set opening balance. Please advise
This entry explains how the inventory asset account actually works in QB
http://my246shop.com/Rustler/u...
You have to create an inventory item to represent the car, when you do that you can set qty and cost. But that cost is part of the equity in your general ledger, so keep that in mind when creating your equity accounts, cause when you add the car and a value, the other side of the entry goes to opening balance equity by default.
I did that but it than shows a balnce in Accounts Payable, which I dont want because I received item and paid for it in 2008. But sold it in 2009.
If you did that the way I said then it did not make an entry in accouts payable, something else did that. Bring up the account list, right click on the accounts payable account and select quick report, that will show transactions that affect it, double click on a transaction in the report to bring it up.
Thank you once again for your advise. In the Accounts Payable it is showing the balance under "Item Receipt". So does that mean I must have not done the way you asked me to do ? I did it via "Enter Inventory without Bill" . Should I remove the item and re do the way you are advising ?
Thank you
When you did the without bill thing, QB sets a payable and expects you to tell it later you got the bill and will pay it.
