Inventory to Fixed Asset

Discussion in 'Quickbooks' started by Michael Dobony, Jan 15, 2011.

  1. How do I move inventory to fixed assets? The journal entries are not
    working.
     
    Michael Dobony, Jan 15, 2011
    #1
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  2. Michael Dobony

    Laura Guest

    Michael Dobony wrote:
    > How do I move inventory to fixed assets? The journal entries are not
    > working.



    do an Inventory adjustment instead of a journal entry since you need to
    specify an Item to adjust. Point the offsetting account to Fixed asset.

    Just curious...why would you need to do this?
     
    Laura, Jan 16, 2011
    #2
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  3. On Sat, 15 Jan 2011 21:12:13 -0500, Laura wrote:

    > Michael Dobony wrote:
    >> How do I move inventory to fixed assets? The journal entries are not
    >> working.

    >
    >
    > do an Inventory adjustment instead of a journal entry since you need to
    > specify an Item to adjust. Point the offsetting account to Fixed asset.
    >
    > Just curious...why would you need to do this?


    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.
     
    Michael Dobony, Jan 16, 2011
    #3
  4. Michael Dobony

    Laura Guest

    Golden California Girls wrote:
    > On 1/15/11 3:17 PM, Michael Dobony wrote:
    >> How do I move inventory to fixed assets? The journal entries are not
    >> working.

    >
    > 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.
     
    Laura, Jan 16, 2011
    #4
  5. Michael Dobony

    Guest

    On Sunday, January 16, 2011 1:12:13 PM UTC+11, Laura wrote:
    > Michael Dobony wrote:
    > > How do I move inventory to fixed assets? The journal entries are not
    > > working.

    >
    >
    > do an Inventory adjustment instead of a journal entry since you need to
    > specify an Item to adjust. Point the offsetting account to Fixed asset.
    >
    > Just curious...why would you need to do this?


    Hello Laura,
    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
    Regards
    Brooke
     
    , May 22, 2014
    #5
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