Inventory transfer from old to new company?

Apr 12, 2005 2 Replies
N

Last year, I converted from a sole proprietorship to an LLC and had to transfer inventory from one QB company file to a new one. The method I used was to enter an inventory adjustment into the new company file using the Inventory Asset and Member Loan accounts.



Now I'm running into all kinds of problems with COGS and entries on the Balance Sheet A/R category for Cash basis that I suspect may be related to this process.



Should I have used a different method to transfer the inventory? If so, how should I correct it?



Thanks, Neil Preston


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A

If you went from a sole proprietorship to a single member LLC then you probably should have just continued on with your current set of books.

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M

When creating a new inventory item put the quantity already in hand and its total value in the 'On Hand' field and 'Total Value' field respectively, appearing in the New Item window.

Mike Block - QuickBooks Tax Cut C.P.A. Intuit paid me to make QuickBooks better!

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