Hi, I'm new to Quickbooks and just opened up an jewelry business with another person so it is a partnership. We both used personal funds to purchase supplies to make the jewelry. How do I account for the expense of purchasing the raw material supplies to make the jewelry?
Raw material that you use to make what you sell is not an expense, it is inventory, an asset.
QBO does not do manufacturing.
The amounts each partner invested is just that [name] equity investment and you deposit to a cash type bank account. Then enter the purchases from the cash type bank account.
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