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Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2309
Experience:  Certified Public Accountant
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I just created a new qb account and entered in old data in

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I just created a new qb account and entered in old data in my checking accounts; however, I need to remove two inventory assets as they were not used in my business name. I want to separate my personal purchases from business purchases
JA: The Financial Software Technician will know how to help. Is there anything else important you think the Financial Software Technician should know?
Customer: I have an LLC where I flip houses. I purchase a house as inventory then renovate it and then sell. My CPA told me to enter the purchases as assets under inventory. My first two houses were in my personal name but I mixed funds. So I need to remove these assets out of my business records

Hi, my name is Mark. I will be happy to help you with your questions. You would remove the homes through a journal entry.

The entry would be the following:

Inventory......................................................xxx,xxx

Capital - Distributions...........xxx,xxx

Mark Taylor and 2 other Tax Specialists are ready to help you
Customer: replied 1 month ago.
Is capital - distributions under equity?