Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
Connect with and learn from others in the QuickBooks Community.
Join nowHi, Im new to Quickbooks and i recently started a new antiques business (LLC).
I have bought items for resale before i started my LLC and i want to add this to my COGS?
I used my personal bank account for this the past year. I would recon it is a start investment into the business?
Also I am not sure if Quickbooks inventory is suitable for unique single products.
Any help would be greatly appreciated - thanks.
-Alex
Solved! Go to Solution.
LLC is not a business type, sole proprietor, partnership or a corporation is
COGS means, when you file taxes, the cost of what inventory was sold
Up to you whether or not you use inventory items, but if you do not, then do not use inventory asset for anything.
The concept of periodic inventory (not using inventory items) is to add the costs of what you purchase for resale to an account, and periodically move the cost of what was sold to COGS using a journal entry.
if you use inventory items for your business, create the inventory item and set the starting qty to one and the cost.
If you do not use inventory items, then create a cash type bank account, "buy" the items from a dummy vendor you create. That will drive the cash account negative, enter a deposit for that amount and use owner equity , or better owner equity investment as the source account for the deposit.
After you sell an inventory type item, since it is a unique item, open the products and services list and make that item inactive to get it off some lists.
LLC is not a business type, sole proprietor, partnership or a corporation is
COGS means, when you file taxes, the cost of what inventory was sold
Up to you whether or not you use inventory items, but if you do not, then do not use inventory asset for anything.
The concept of periodic inventory (not using inventory items) is to add the costs of what you purchase for resale to an account, and periodically move the cost of what was sold to COGS using a journal entry.
if you use inventory items for your business, create the inventory item and set the starting qty to one and the cost.
If you do not use inventory items, then create a cash type bank account, "buy" the items from a dummy vendor you create. That will drive the cash account negative, enter a deposit for that amount and use owner equity , or better owner equity investment as the source account for the deposit.
After you sell an inventory type item, since it is a unique item, open the products and services list and make that item inactive to get it off some lists.
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.