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Ignore @ErwinQ 's response, obviously. It must be AI-generated.
Set up an Other Current Asset account called 'Investments' (and sub-categories if desired) based on how you would like to track the investments. Also, set up an Other Income account called 'Unrealized gain/loss on 'investments'. Then, record the appropriate investment account/sub-category to the payment made when acquiring the stock. When reconciling the value each month, make a journal entry: if the value of the stock has increased, debit the Investment OCA account and credit Unrealized gain/loss on investments for the increase; if the value of the stock has decreased, debit Unrealized gain/loss on investments and credit the Investment OCA account.
First, you need to activate the inventory feature in QuickBooks Online, Peter.
If you haven't, here are the steps on how you can turn it on to access the Products and Services settings in QuickBooks, please follow these steps:
Now you can add your inventory items as well as other products and services you sell into QuickBooks. Right after creating an Item, you can now proceed and record a bill for your vendor.
Here's how you can now create and send a Purchase Order:
Feel free to read this article for more scenarios and their respective steps on how to proceed to step 3: Set up and track your inventory in QuickBooks Online.
Moreover, I've added these articles for a more detailed guide:
Also, you can check this article to learn more about customizing sales forms: Customize invoices, estimates, and sales receipts in QuickBooks Online.
If you have more queries related to your transactions in QuickBooks Online, don't hesitate to reply to this post. I'm always available, Stay Safe!
Ignore @ErwinQ 's response, obviously. It must be AI-generated.
Set up an Other Current Asset account called 'Investments' (and sub-categories if desired) based on how you would like to track the investments. Also, set up an Other Income account called 'Unrealized gain/loss on 'investments'. Then, record the appropriate investment account/sub-category to the payment made when acquiring the stock. When reconciling the value each month, make a journal entry: if the value of the stock has increased, debit the Investment OCA account and credit Unrealized gain/loss on investments for the increase; if the value of the stock has decreased, debit Unrealized gain/loss on investments and credit the Investment OCA account.
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