Add an inventory asset (reducing inventory) to another balance sheet asset class
I am a car dealer. We have cars as assets on the balance sheet. We also have an inventory of parts for working on the various cars. When we take a part (there are 100's of them) from our stock room and install it on a car, on QB the part's value needs to come out of "inventory" and move to the car's value on the balance sheet.
The cars in inventory are set up as classes. My bookkeeping team says there’s no way to do this in QuickBooks unless the part is sold, because 'invoicing' is how things get out of inventory. There must be a way to change asset classes from a "part in inventory" & increase the value by that exact amount on the "car" in inventory. FYI, we are using desktop QB 2019. Can anyone help?
Add an inventory asset (reducing inventory) to another balance sheet asset class
Do a manual back up first
Try using inventory adjust, set the adjustment account to the asset account for the car. I assume each car is in its own asset account. lower the qty of the inventory item and save, then check the car asset account value.
That should work, but if it does not, then restore from back up.
Try using inventory adjust, set the adjustment account to the asset account for the car. I assume each car is in its own asset account. lower the qty of the inventory item and save, then check the car asset account value.
That should work, but if it does not, then restore from back up.
That worked - thanks so much!
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