QB Issue Resolution:
“inventory of $10,000”
Post inventory by actual count and name, if you intend to manage this as Inventory Items. Otherwise, that is an asset debit, if you are doing generic or periodic inventory management.
“equipment of $10,000, furniture of $15,000, and goodwill of $15,000”
Those are all Debits to various asset accounts. Equipment and Furniture is Fixed Assets. Goodwill is Other Asset.
The total Credit is Equity or the Bank payment (a check).
Ask your own CPA to help guide you.
Resolution for Issue 'How do I record the purchase of an existing business in QBO if I am a single member LLC and only purchased the assets of the existing business? The purchase price was $50,000 and I purchased equipment, furniture, inventory, and goodwill. I purchased inventory of $10,000, equipment of $10,000, furniture of $15,000, and goodwill of $15,000.' available: Yes (Solved).
Source: Intuit Community forum.
How do I record the purchase of an existing business in QBO if I am a single member LLC and only purchased the assets of the existing business? The purchase price was $50,000 and I purchased equipment, furniture, inventory, and goodwill. I purchased inventory of $10,000, equipment of $10,000, furniture of $15,000, and goodwill of $15,000.: 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.
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