Residential property initially purchased as a flip. Didn't sell and instead
rented it out. It is no longer inventory, but a fixed asset. Recording as
inventory made the most sense as it matched the purpose of the purchase.
May have to two step this. Do an inventory adjustment to remove it from
inventory and take its value as an adjustment to an adjustment account.
Then create a journal entry to take the amount out of the adjustment
account and place it in fixed assets.
It is possible to do an inventory adjustment to the Fixed asset account.
QB will give you a warning message because the adjustment is not being
done to an income or expense account but you can just ignore it.
I have a similar issue. Our business is part hire and part sales. Currentlyall the stock is in inventory and I have to manually do hire outside and workout depreciation outside of the quickbooks program. Would you be able toexplain this in detail - I am able to reduce inventory but I can't get it to appear in the fixed assets. Please email back at the following (e-mail address removed)