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Old 08-18-2003, 01:54 AM
nusource nusource is offline
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How to enter year end inventory

I am not using QB Pro 2002 to track my inventory. How do I enter the value of inventory at year end? Thru journal entry?? and in 2003 when the entire 02 inventory is sold, how do I record the transaction?
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Old 08-18-2003, 02:20 AM
nusource nusource is offline
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Further clarification

My business is trading. So whatever I buy would be sold entirely. The only inventory situation is at year end when I purchased goods in Dec 2002 and goods were shipped in Jan 2003.
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Old 08-18-2003, 04:47 PM
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RCollier RCollier is offline
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If I am not mistaken you would count your year-end inventory and determine its cost-value. Use this amount and make a journal entry debiting the inventory asset account and crediting COGS. You will then need to reverse this entry on the first day of the next year (Jan 1st). This will show the value of the inventory on hand at year-end as well as putting it back into COGS sold for the following year.
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Old 08-18-2003, 05:01 PM
lustbergcpa lustbergcpa is offline
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INVENTORY

In your situation the easiest way to record ending Inventory is to do a journal entry. The adjustment would be the amount of the increase or decrease in inventory. For example:

Inventory at 12/31/02 - 10,000
Inventory at 12/31/03 - 6,000

You would debit "Cost of Goods Sold" for $4000 and credit "Inventory" for $4000. If your Inventory had increased $4000 ($14,000) you would debit "Inventory" and credit "Cost of Goods Sold".

This assumes that when you purchase items during the year, you expense these purchases directly to Cost of Goods Sold.
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