Chart of accounts. Stock

KBford · ‎May 13, 2020

I have changed over to Quickbooks Essentials from Sage 50. After importing the data I have a Chart of accounts item called "Stock" with the value of the stock I had. When increasing or decreasing my stock, how do I increase or decrease this value? Thanks

Ashleigh1 · ‎May 14, 2020

Hello KBford,

The only way would be is to create a stock asset account yourself and journal all the balances in if you don't need to do the actual stock.

View solution in original post

Ashleigh1 · ‎May 13, 2020

Hello KBFord,

Welcome to the Community page,

In order to do the increase or decrease in the stock value, you will need to upgrade from essentials to our plus package as the plus package is the only one that allows you to track stock items. To upgrade the package if you go to the cog wheel>account and setting>billing and subscription it will give you the option in there to upgrade to the plus account.

KBford · ‎May 14, 2020

Hi

I don't think I need to keep track of stock items at the moment, but I believe there needs to be a stock value in the Balance Sheet/ Profit and Loss reports at year end. I was just wondering where this needs to be entered.

Thanks

Ashleigh1 · ‎May 14, 2020

Hello KBford,

The only way would be is to create a stock asset account yourself and journal all the balances in if you don't need to do the actual stock.

Topics

Training

Community

Resources

Chart of accounts. Stock