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QuickBooks ProAdvisor MBA PHR
QuickBooks ProAdvisor MBA PHR, Management Consultant, QuickBooks ProAdvisor, MBA, PHR
Category: Financial Software
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Experience:  QuickBooks Pro, POS Point of Sale, Online & Enterprise Solutions
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Hi there! I purchased a bunch of rebar and equipment for a

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Hi there! I purchased a bunch of rebar and equipment for a sign installation business I started. The person I bought it all from is accepting payments from me. How do I record this in Quickbooks? I want to show the assets so that they can be depreciated but I haven't paid for it all yet. I'm paying as I make money. So last year I made $2000 in payments but I have way more equipment and rebar than that.
Submitted: 11 months ago.
Category: Financial Software
Expert:  QuickBooks ProAdvisor MBA PHR replied 11 months ago.
Hi,


Congratulations on your new business!

What you will want to do is record the value of the items as Inventory, Fixtures, Fixed Assets, etc as appropriate. Generally as this is a new business the offsetting ledger account (for all double entry accounting) will be a new account you setup as a new loan. Meaning you will make a General Journal Entry recording the items as a Debit to the correct account, and a credit to Loan.

Then you will record the payments made as payments to the loan. QB will provide you with a running balance of the outstanding loan balance. As you "consume" or resell inventory items, you will need to make appropriate entries as such so that you are accurately tracking your remaining inventory. You will then begin to have an accurate running total of the inventory remaining.

Thank you for using JustAnswer and for taking the time to rate my service. I strive for total 100% Excellent customer service & it is my hope that you are completely satisfied. Please come back to me for future QB assistance.

Thanks!
Anna
QuickBooks ProAdvisor MBA PHR, Management Consultant, QuickBooks ProAdvisor, MBA, PHR
Satisfied Customers: 76
Experience: QuickBooks Pro, POS Point of Sale, Online & Enterprise Solutions
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