I purchased inventory assets for my business and I wanted to set up the products for inventory tracking. It seems that in QuickBooks you have to create a "Bill" to set this up. I did this, but the problem is that I paid for these inventory assets personally. I want to reconcile this bill within QuickBooks, but in the "Pay Bills" feature, you can only designate a bank account as the "Payment Account". Since I paid this bill personally, I wanted to charge this payment to an equity account that I have set up for myself. Just to balance the books, I simple added a journal entry in my equity account and assigned the charge to "Accounts Payable". My "Accounts Payable" account is correctly balanced, but the problem is that the bill still shows up as unpaid.
Is there any way to flag this bill as paid so it doesn't constantly show up under the reminders? Otherwise, is there another way to set up inventory tracking for inventory assets without having to create a bill? Unless I'm missing something, the restrictiveness of QuickBooks is a total PITA.