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  #1  
Old 08-26-2015, 09:46 AM
allayit allayit is offline
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Transfer stock item to be a fixed asset?

Hello,

Want to take an item of stock for use in the business as a fixed asset.

Is anyone able to offer advice/best practice on the best way(s) to do this?

Please let me know if there is anything else you need to know.

Thanks for looking.


Regards

John
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  #2  
Old 08-27-2015, 05:56 AM
Rustler Rustler is offline
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Location: Texas - The Republic
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Assuming you are using desktop

create the fixed asset account in the chart of accounts

use inventory adjust, set the adjusting account to the fixed asset account you created, lower the qty of the item being removed from inventory, save.

In the US this would require a use tax payment for the value shown at the bottom right of the adjustment. I have no idea how this transaction would impact on your tax system or even if it would
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  #3  
Old 08-27-2015, 06:47 AM
allayit allayit is offline
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Thank you for the prompt reply.

I had considered using the stock adjustment but wasn't sure about which account to apply it to. Your response has me going "dooh!" - it's so simple when you see it in black and white in front of you.

Once again many thanks for putting me on the correct path. It is very much appreciated.
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  #4  
Old 08-28-2015, 05:48 AM
Rustler Rustler is offline
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You're Welcome
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