QB Issue Resolution:
If you have the plus version of QBO turn on and use inventory
other wise you have to use the perpetual inventory method, there are two ways to do that:
1. post all purchases to an asset account you create called purchases or something ( do not use inventory asset as the name). periodically inventory what you have on hand and get a total value, subtact that value from the amount in the purchases account and do a journal entry
2. post all purchases to COGS, at year end and or monthly do an inventory and value what is on hand, subtract that value from the amount in COGS and do a journal entry
debit an asset account
on the first day of the next period (new year or next month if doing this monthly) do another journal entry
credit an asset account for the full value in the asset account
Resolution for Issue 'For inventory purchases of items that I plan to resell, which category should I designate for the transaction? Purchases (COS) or an expense account?' available: Yes (Solved).
Source: Intuit Community forum.
For inventory purchases of items that I plan to resell, which category should I designate for the transaction? Purchases (COS) or an expense account?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.Support for AR
Quickbooks Repair Pro will resolve it efficiently and affordably. Guaranteed resolution of your issue, or you pay nothing!
Error Recovery for AR [Canada]
E-Tech is the #1 Quickbooks data migration and Conversion service provider.
Additional Support Options: