Inventory to Fixed Asset

do an Inventory adjustment instead of a journal entry since you need to specify an Item to adjust. Point the offsetting account to Fixed asset.

Just curious...why would you need to do this?

Residential property initially purchased as a flip. Didn't sell and instead rented it out. It is no longer inventory, but a fixed asset. Recording as inventory made the most sense as it matched the purpose of the purchase.

May have to two step this. Do an inventory adjustment to remove it from inventory and take its value as an adjustment to an adjustment account. Then create a journal entry to take the amount out of the adjustment account and place it in fixed assets.

It is possible to do an inventory adjustment to the Fixed asset account. QB will give you a warning message because the adjustment is not being done to an income or expense account but you can just ignore it.

Hello Laura, I have a similar issue. Our business is part hire and part sales. Currently all the stock is in inventory and I have to manually do hire outside and w orkout depreciation outside of the quickbooks program. Would you be able to explain this in detail - I am able to reduce inventory but I can't get it to appear in the fixed assets. Please email back at the following enquiries @alltf.com.au Regards Brooke