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Limburg
Level 2

Started a new business, add previously bought products?

Hi, 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
Best answer January 25, 2021

Best Answers
Rustler
Level 15

Started a new business, add previously bought products?

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.

View solution in original post

1 Comment 1
Rustler
Level 15

Started a new business, add previously bought products?

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.

View solution in original post

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