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If I have purchased inventory and supplies before starting my sole proprietorship, what transaction do I record for this transfer?

 
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QuickBooks Team

Re: If I have purchased inventory and supplies before starting my sole proprietorship, what trans...

Hello, @janet24.

 

I knew a few steps that'll help record your purchases in QuickBooks Online (QBO).


You can either set an initial/beginning quantity and value when setting up your products and services or manually record the purchases in QuickBooks. Let me walk you through the process:

 

To set up the item with initial quantity and value:

 

  1. Go to the Gear icon.
  2. Select Products and Services under Lists.
  3. Click on New to add a new products/services.
  4. Select the item type you want to set-up under the Product/Service information.
  5. Fill in the required information and add the quantity beside the Initial quantity on hand section.
  6. Add the price under Sales price/rate.
  7. Click on Save and close.

For further details about setting up products under the Products and Services, you can check this article: How to create and use a products and services list.

 

On the other hand, you can enter/record a bill or an expense if you wish to record the purchases for your inventory and supplies manually.

 

For additional reference, you can check these articles:

 

The steps provided should help record your transactions accordingly. If you have further questions about the steps provided, just add a comment below. I'll always be here to help you. Have a great day ahead!

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