Re: Los Angeles City Bank decrease by $109.50, Inventory Asset increse by $109.50, and Account Payable decrease by $109.50, please can you help me to fix it? Thank you,
Even the most savvy business owner's need Accountants. Without looking at your QBO account or viewing a snapshot of your concern, it is difficult to advise. In theory, you setup an Inventory item in Products and Services that was selected as an item purchased within a vendor bill, that you in-turn paid. This would result in money out of your bank account, an increase to your inventory asset on your balance sheet, and a decrease to your A/P liability balance.