Enter it in your Inventory or assets account first until you decide to sell it.i.e it will be showing on your balance sheet.
When you dispose or sell it afterwards then this will shift from inventory to COGS acc.(cost of goods sold) where according to tax men it becomes a write off in business.
this is how i do it,
Go to Lists -> Item List, click the Item, New, and select Inventory.
I create three accts – cost of goods sold,revenue account and inventory asset account.
on a purchase transaction (enter bills, write checks, enter credit card charges, etc.), it will automatically increase inventory.When you sell item on a sales transaction (create invoice, enter sales receipt, etc.), it will not only increase income but also increase cost of goods sold and decrease inventory automatically.
Yeah,you have to enter it in your inventory account present in your balance sheet.
Hi all,
We just purchased some new equipment (fixed asset) for our lab we are setting up.
How do I enter the cost of Installation for a particular piece of equipment ,
and also delivery fees (IF ANY)?
Where do the entries go? particularly in Quickbooks
Thanks,
DD
