cancel
Showing results for 
Search instead for 
Did you mean: 
Not applicable

Inventory Moved to Fixed Assets - Posting Trouble

I have an item that was purchased and place in inventory last year.  It isn't selling and so we have decided to utilize it ourselves.  I need to move this to Fixed Assets.  I can GL the inventory $ amount from Inventory asset to the actual Fixed Asset Account but that still leaves the item on hand in inventory.  If I adjust inventory to remove the item from inventory, then I don't have an offset GL account to get the value onto the fixed asset account.  Any help would be greatly appreciated.  I'm probably overthinking this.

2 Comments
Highlighted
Established Community Backer ***

Re: Inventory Moved to Fixed Assets - Posting Trouble

You are close -

Make a single 'inventory adjustment' using the 'quantity and value' option

Set the new qnty & value to zero and the 'adjustment account' to the Fixed Asset gl.

The adjustment amount calculated and shown will be the current inventory book cost of the item(s).

QuickBooks Team

Re: Inventory Moved to Fixed Assets - Posting Trouble

I'm glad you came here for support, Margie19.

 

I agree with MikeinBC. You'll want to create an inventory adjustment for quantity and value. Then, select the new asset account (Fixed Asset) and change the New Quantity to zero.

 

Here are the steps on how to do it:

  1. Go to Inventory tab.
  2. Choose Adjust Quantity/Value on Hand.
  3. Select the Fixed Asset account from the Adjustment Account.
  4. Choose an Item.
  5. Enter a zero quantity from New Quantity column.
  6. Click Save & Close.

Learn more about how Fixed Asset Manager is used in QuickBooks Desktop through this article: Use Fixed Asset Manager in QuickBooks Desktop.

 

Should you need more help while working with inventories in QuickBooks, just leave me a reply below and I'm always happy to assist.

Need to get in touch?

Contact us