@marylanai wrote:
Yes but I believe her question was... or at least mine is...
when classifying that inventory purchase, where in the chart of accounts does it get assigned? Cost of Goods sold? Inventory asset?
Depends, if you have a subscription to QBO Plus, then you have inventory type items and should use them.
In company settings, turn on qty tracking (inventory)
and
in company settings you also turn on the items table and purchase orders.
Then when you enter an expense or bill, about half way down the left side is a title "item Details" click that and a table opens where you can select the item, qty and item total cost for purchasing inventory
You can not, not purchase inventory type items from a bank feed.
The workflow is, and has always been, make entries, download banking, match.
While advertised as a wonderful thing, the transactions dates for entries are wrong if you use banking to make them. A transaction occurs when you make it, not when it finally clears the bank.
LLC is not a tax type for filing taxes, you are taxed as a sole proprietor, partnership or corporation, and your accounting is governed by that type of business.
