Thank you! If I am following correctly, I have 2 issues I need to resolve:
- I used 'Initial quantity on hand' to bring all my inventory into QBO. We were a Sole-Proprietor that become a Corporation. The inventory is coming from that “ownership” transfer into the new Corporation QBO data file. What is the proper method to bring this inventory in? Should I enter a Bill, Expense or Check? That could bring the inventory in - then how do I “pay” for it?
- If I am using Inventory Tracking, then it is recommended that I use Accrual method in QBO. If I switch methods in QBO, P&L and Balance Sheet will report Inventory/COGS accurately. We prefer to report to the IRS on Cash Basis, is there a work around? I ran Cash and Accrual reports and compared, the only section that has a difference is the COGS section on P&L and Inventory Asset on Balance Sheet.
Thank you!
Corina
