Inventory transfer from old to new company?


N

Neil Preston

Last year, I converted from a sole proprietorship to an LLC and had to
transfer inventory from one QB company file to a new one. The method I used
was to enter an inventory adjustment into the new company file using the
Inventory Asset and Member Loan accounts.

Now I'm running into all kinds of problems with COGS and entries on the
Balance Sheet A/R category for Cash basis that I suspect may be related to
this process.

Should I have used a different method to transfer the inventory?
If so, how should I correct it?

Thanks,
Neil Preston
 
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A

Allan Martin

Neil Preston said:
Last year, I converted from a sole proprietorship to an LLC and had to
transfer inventory from one QB company file to a new one. The method I
used
was to enter an inventory adjustment into the new company file using the
Inventory Asset and Member Loan accounts.

Now I'm running into all kinds of problems with COGS and entries on the
Balance Sheet A/R category for Cash basis that I suspect may be related to
this process.

Should I have used a different method to transfer the inventory?
If you went from a sole proprietorship to a single member LLC then you
probably should have just continued on with your current set of books.
 
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