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Join nowMy company purchased some pieces of outdoor furniture to put on the showroom floor as models. Do we account for this as inventory even though it is not meant to be sold?
Thanks for coming here, Mindyrussell7.
Items purchased but not for sale are considered to be non-inventory. In QuickBooks Desktop (QBDT), you can record the pieces of outdoor furniture as a non-inventory item.
Here's how to create an item:
For the report, you can run a couple of them. Here's an article for the list of reports that will help you review your weekly inventory: Balance Sheet and Inventory/Stock Valuation reports show different amounts for Inventory Asset accou....
Don't hesitate to let me know if there's anything else you need help with managing inventory. I'm here to help anytime.
Thank you for responding. We actually use a third party inventory program that posts to QB, so I am not sure I should set this up as a non-inventory item as you suggested.
I am trying to determine where this purchase would fall on the Balance Sheet. The store owner wanted it to be classified as a fixed asset, but I am thinking that if is not inventory, it should just be classified "Other Asset."
Do you have any additional thoughts? Thanks again!
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