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qbteachmt
Level 15

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I completely understand the process of the data flow. Before I started using QB, I used SyMax, the underlying SQL engine upon which the QB Relational database was changed to, in 2006. I have a programming background. I know all of these Tricks and understand all of this.

 

I didn't PoohPooh the concept; I pointed out the Flaw in the accounting that would be created. You have More Items instead of More accounts, so same difference. But that isn't the concern. It's a Functionality issue, now. That example attachment isn't even using the "Inventory item function" properly. There is no Check to enter for depreciation; it's not a Banking event.

 

I also would never make it part of Inventory in the accounts.  It should be its own Top Level account and Item; I recommend you Change the FX to Parent Level. You are making a mess out of that Parent Level Inventory item and account reporting.

 

To reduce the Value in an inventory Item, you would use Adjust inventory, not Check.

 

You can do this with Accounts:

Vehicles

Sublevel = actual Vehicle

two Subsubaccounts: Basis and Depreciation

 

You can do all the same details using items or accounts. But using Inventory Item is risky. Using Fixed Asset Items is not useful unless you have FAM. And you don't need Any of this, to manage Assets in QB, which was your first question.

 

Please see my attachment.

 

Please see my attachment.

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